Solar Giant Emmvee Sets IPO Price Band at ₹206–₹217; Plans Expansion and R&D Push
Emmvee Photovoltaic Power Limited to Raise ₹2,900 Crore via IPO; Listing on NSE and BSE Planned
Emmvee’s ₹2,900-Crore IPO Opens Nov 11: CEO Says Company Poised to Lead India’s Solar Revolution
Emmvee Photovoltaic Power Limited IPO to Open on November 11; Price Band Fixed at ₹206–₹217 Per Share
Plans to raise ₹2,900 crore through fresh issue and offer for sale; aims to strengthen position as India’s leading solar manufacturer
BILKUL BAZAAR
Ahmedabad | 08 November 2025
Emmvee Photovoltaic Power Limited, one of India’s leading integrated solar photovoltaic (PV) module and cell manufacturers, announced the opening of its Initial Public Offering (IPO) on Tuesday, November 11, 2025, with the Anchor Investor Bidding set for Monday, November 10, 2025. The issue will close on Thursday, November 13, 2025, offering investors a chance to participate in India’s fast-growing renewable energy sector.
The price band for the IPO has been fixed at ₹206 to ₹217 per equity share of face value ₹2 each. Investors can bid for a minimum of 69 equity shares and in multiples thereof.
The IPO comprises a fresh issue aggregating up to ₹2,143.86 crore and an offer for sale (OFS) of ₹756.14 crore by the promoter selling shareholders — Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi. The total issue size amounts to approximately ₹2,900 crore.
Speaking at a media interaction in Ahmedabad on Friday, Suhas Donthi Manjunath, Whole-Time Director, President & CEO of Emmvee Photovoltaic Power Limited, said, “We are proud to be at the forefront of India’s renewable energy transition. With over 18 years of industry experience, Emmvee has been driving innovation and quality in solar module and cell manufacturing. This IPO marks a new chapter in our growth journey, enabling us to expand capacity, strengthen R&D, and enhance our global footprint.”
He further added, “India’s solar manufacturing sector is witnessing an exciting phase of growth backed by strong government initiatives and global demand. Emmvee is well-positioned to capitalize on this opportunity with advanced technologies like TOPCon and a robust domestic as well as export presence.”
Pawan Kumar Jain, Chief Financial Officer of Emmvee, said, “The proceeds from the fresh issue will help us optimize our balance sheet and support our strategic expansion in solar cell manufacturing. We believe this offering will create long-term value for all stakeholders.”
Sagar Mehta, IIFL Capital Services Limited, one of the Book Running Lead Managers (BRLMs) for the issue, noted, “Emmvee’s proven track record, scale, and technology leadership make it one of the most promising companies in India’s renewable energy space. The strong fundamentals and sectoral tailwinds are likely to attract robust investor interest.”
Company Overview
Emmvee Photovoltaic Power Limited is India’s second-largest pure-play integrated solar PV module and solar cell manufacturer, with module production capacity of 7.80 GW and cell production capacity of 2.94 GW as of June 30, 2025. The company has a strong presence in India, Europe, Africa, and the Middle East, and is among the first in India to adopt high-efficiency Tunnel Oxide Passivated Contact (TOPCon) technology for solar cell manufacturing.
Established over 18 years ago, Emmvee is also a pioneer in solar water heating systems and solar pumps. Its products comply with leading international certifications, including IEC 61215, IEC 61730, ISO 45001, and BIS, ensuring global quality and safety standards.
Issue Structure
The IPO is being made through the Book Building Process in compliance with SEBI (ICDR) Regulations.
Not less than 75% of the offer shall be available for allocation to Qualified Institutional Buyers (QIBs).
Up to 60% of the QIB portion may be allocated to Anchor Investors on a discretionary basis.
Not more than 15% will be available for Non-Institutional Bidders (NIBs).
Not more than 10% of the offer will be available for Retail Individual Bidders (RIBs).
All bidders (except Anchor Investors) must apply through the ASBA process, with UPI being mandatory for retail investors applying through the UPI mechanism.
Listing and Lead Managers
The equity shares are proposed to be listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).
The Book Running Lead Managers (BRLMs) to the issue are JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Jefferies India Private Limited, and Kotak Mahindra Capital Company Limited.
Disclaimer: This news is for informational purposes only. Please refer to official offer documents and consult a financial advisor before investing.
Kindly Like the shared links and Subscribe BILKULBAZAAR channel. https://youtube.com/shorts/dZyd-pBQNgc?feature=share https://youtu.be/kbKfLuWbjNc