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Emmvee Photovoltaic Power IPO | Important Dates, Price, and More
Author
Shoonya Team
Emmvee Photovoltaic Power Limited has launched its ₹2,900 crore IPO, which opened for subscription on November 11, 2025. The issue will close on November 13, 2025. The shares are proposed to be listed on both BSE and NSE, with a tentative listing date of November 18, 2025.
The IPO is a book-built issue, comprising a fresh issue of 9.88 crore equity shares aggregating up to ₹2,143.86 crore, and an offer for sale (OFS) of 3.48 crore shares worth ₹756.14 crore.
The price band for the IPO is fixed between ₹206 and ₹217 per share, with a lot size of 69 shares. The minimum investment required for retail investors is ₹14,973 (69 shares). For sNII investors, the minimum bid is 966 shares (₹2,09,622), while bNII investors must apply for 4,623 shares (₹10,03,191).
Here are the quick steps to apply for the Emmvee Photovoltaic Power Limited IPO!
Emmvee Photovoltaic Power Limited | IPO Details
| IPO Details | Information |
| IPO Type | Book Built Issue |
| Issue Size | ₹2,900 crore (Fresh Issue + OFS) |
| Price Band | ₹206 – ₹217 per share |
| Face Value | ₹2 per share |
| Lot Size | 69 shares |
| Minimum Investment (Retail) | ₹14,973 |
| IPO Opening Date | November 11, 2025 |
| IPO Closing Date | November 13, 2025 |
| Allotment Date (Tentative) | November 14, 2025 |
| Listing Date (Tentative) | November 18, 2025 |
| Listing Exchange | BSE, NSE |
| Book Running Lead Manager | JM Financial Ltd. |
| Registrar to the Issue | KFin Technologies Ltd. |
Emmvee Photovoltaic Power Limited | Company Overview
Emmvee Photovoltaic Power Limited was incorporated in March 2007. It is an integrated manufacturer of solar PV modules and cells. The company specialises in producing bifacial and mono-facial TOPCon modules, TOPCon cells, and Mono PERC modules.
Emmvee has an installed solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW, making it one of India’s largest integrated solar power manufacturers. The company operates 4 manufacturing units across two locations in Karnataka, spread over 22.44 acres, including its TOPCon solar cell facility in Dobbaspet, Bengaluru.
Emmvee serves a wide range of customers, including independent power producers (IPPs), commercial and industrial clients (C&I), and EPC service providers. Its key customers include Ayana Renewable Power, Hero Rooftop Energy, Aditya Birla Renewables, KPI Green Energy, Clean Max Enviro Energy, and Zodiac Energy, among others.
As of March 31, 2025, the company employed 611 full-time staff and served over 525 clients in FY23–24.
Emmvee Photovoltaic Power IPO | Key Details
- IPO Opening Date: November 11, 2025
- IPO Closing Date: November 13, 2025
- Allotment Date: November 14, 2025
- Price Band: ₹206 – ₹217 per share
- IPO Size: ₹2,900 Crores (Fresh + OFS)
- Refunds Initiated: November 17, 2025
- Shares Credited to Demat: November 17, 2025
- Listing Date: November 18, 2025
- Cut-off Time for UPI Mandate Confirmation: 5 PM on November 13, 2025
Emmvee Photovoltaic Power IPO | Financial Overview
Emmvee Photovoltaic Power Limited has showcased exceptional financial growth over recent years. Between FY24 and FY25, the company’s revenue grew by 147%, while profit after tax (PAT) surged by 1,177%.
Here’s a snapshot of its financial performance:
Amounts in ₹ Crore
| Detail | 30-Jun-25 | 31-Mar-25 | 31-Mar-24 | Change (FY25 vs FY24) | Change % |
| Assets | 4,347.72 | 3,913.94 | 2,189.99 | +1,723.95 | +78.7% |
| Total Income | 1,042.22 | 2,360.33 | 954.44 | +1,405.89 | +147.3% |
| Profit After Tax (PAT) | 187.68 | 369.01 | 28.90 | +340.11 | +1,177.0% |
| EBITDA | 347.38 | 721.94 | 120.44 | +601.50 | +499.5% |
| Net Worth | 718.79 | 531.41 | 162.77 | +368.64 | +226.5% |
| Reserves & Surplus | 608.83 | 529.37 | 160.73 | +368.64 | +229.3% |
| Total Borrowing | 2,032.11 | 1,949.69 | 1,441.30 | +508.39 | +35.3% |
Emmvee Photovoltaic Power IPO | FAQs
he total issue size of the Emmvee Photovoltaic Power Limited IPO is ₹2,900 crore, consisting of a fresh issue of ₹2,143.86 crore and an offer for sale (OFS) of ₹756.14 crore.
The Emmvee Photovoltaic Power Limited IPO price band is fixed between ₹206 and ₹217 per share, with a face value of ₹2 per share.
The Emmvee Photovoltaic Power Limited IPO opens on November 11, 2025, and will close on November 13, 2025.
Retail investors can apply for a minimum of 69 shares, amounting to ₹14,973 at the upper price band in the Emmvee Photovoltaic Power Limited IPO.
The Emmvee Photovoltaic Power Limited IPO allotment will be finalised on November 14, 2025, and the shares will list on November 18, 2025, on BSE and NSE.
JM Financial Ltd. is the book-running lead manager, and KFin Technologies Ltd. is the registrar to the Emmvee Photovoltaic Power Limited IPO.
Disclaimer: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.
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