Emmvee Photovoltaic Power to Launch ₹ 2,900-cr IPO on Nov 11 at ₹ 206-217/ Share

Makers of solar photovoltaic modules and solar cells Emmvee Photovoltaic Power Ltd on Thursday announced a price band of ₹ 206 to ₹ 217 per share for its ₹ 2,900-crore initial public offering (IPO).

At the upper end, the company is targeting a valuation of over ₹ 15,000 crore.

The company's initial share-sale will be open for public subscription on November 11 and conclude on November 13. Shares will be allocated to anchor investors on November 10, according to its public announcement.

The IPO comprises fresh issue of shares worth ₹ 2,143.86 crore and an offer for sale (OFS) of shares valued at ₹ 756.14 crore by promoters, aggregating the issue size to ₹ 2,900 crore.

Proceeds from the fresh issue worth a little over ₹ 1,621 crore be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary and a general corporate purposes.

As of March 2025, the company's borrowings stood at close to ₹ 1,950 crore, the draft papers showed.

Emmvee Photovoltaic Power will make its stock market debut on November 18.

The company is the leading pure-play integrated solar PV (photovoltaic system) module and solar cell manufacturing company. It has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW as of May 31, 2025.

According to a Crisil report, India's solar PV module and cell manufacturing capacities have surged from 21 GW and about 3.2 GW, respectively, in March 2022 to 82 GW and 23 GW, respectively, by March 2025, driven by government policies to reduce reliance on imports, market dynamics and a growing commitment to renewable energy.

By the end of FY30, domestic module and cell manufacturing industries' nameplate capacities are expected to reach 175-185 GW and 85-95 GW, respectively, the report added.

According to the company, 75 % of the issue size has been reserved for qualified institutional buyers, 15 % for non-institutional investors and the remaining 10 % for retail investors.

Investors can bid for a minimum of 69 shares and in multiples thereof.

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are the book-running lead managers for the IPO.