- Issue price
- ₹217per share
- Issue size
- ₹2,900 Cr13,36,40,552 shares
- Face value
- ₹2per equity share
- Lot size
- 69 sharesMin. ₹14,973 at the upper price
- Anchor biddingMon, 2025
- OpensTue, 2025
- ClosesThu, 2025
- AllotmentFri, 2025
- ListingTue, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 9,87,95,483 shares (₹2,143.86 Cr)
- Offer for sale
- 3,48,45,069 shares (₹756.14 Cr)
- Total issue
- 13,36,40,552 shares (₹2,900 Cr)
- Face value
- ₹2
- Listing at
- NSE, BSE
- Promoter holding
- 3.64% → 3.12%
Source: ProspectusUpdated
Reservation
Share of the total issue- Anchor45.0%
- QIB ex-anchor30.0%
- Retail10.0%
- Small NII10.0%
- Big NII5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 1,33,64,055 | 10.00% | — |
| Non-institutional investors (NII) | 2,00,46,082 | 15.00% | — |
| Small NII (₹2–10 lakh) | 1,33,64,054 | 10.00% | — |
| Big NII (above ₹10 lakh) | 66,82,028 | 5.00% | — |
| Qualified institutional buyers (QIB) | 10,02,30,415 | 75.00% | — |
| QIB, excluding anchor | 4,00,92,166 | 30.00% | — |
| Anchor investors | 6,01,38,249 | 45.00% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹217 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 69 | ₹14,973 |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25, pre-issue- EPS (basic)
- ₹6.22
- EPS (diluted)
- ₹6.22
- P/E (At Floor Price (FY 2024-25))
- 33.12×
- P/E (At Cap Price (FY 2024-25))
- 34.89×
- RoNW
- 69.44%
- NAV per share (At Offer Price)
- ₹41.35
- NAV per share
- ₹8.95
- Debt to equity
- 3.63
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 30 Jun 20253 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 1,027.82 | 2,335.61 | 951.94 | 618.13 |
| Total income | 1,042.22 | 2,360.33 | 954.44 | 644.37 |
| EBITDA | 347.38 | 721.94 | 120.44 | 56.27 |
| Profit after tax | 187.68 | 369.01 | 28.90 | 8.97 |
| Net worth | 718.79 | 531.41 | 162.77 | 133.97 |
| Reserves and surplus | 601.75 | 526.01 | 157.97 | 129.70 |
| Total assets | 4,347.72 | 3,913.94 | 2,189.99 | 840.79 |
| Total borrowing | 2,032.11 | 1,949.69 | 1,441.30 | 519.62 |
FY 2024-25 vs FY 2023-24: revenue +145.4%, profit after tax +1176.9%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company manufactures solar PV modules and solar cells, primarily using TOPCon and Mono PERC technologies, with four manufacturing units across two locations in Karnataka. It sells mainly to business-to-government and business-to-business customers, including independent power producers and C&I buyers.
- Incorporated
- 2007
- Industry
- Solar Photovoltaic Manufacturing
- Sector
- Energy and Power
- CIN
- U26101KA2007PLC042197
- Website
- emmveepv.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Suhas Donthi Manjunatha | Promoter | 1.82% | 1.56% | — |
| Sumanth Manjunatha Donthi | Promoter | 1.82% | 1.56% | — |
| Manjunatha Donthi Venkatarathnaiah | Selling shareholder | 47.79% | 38.46% | 1,74,22,535 |
| Shubha Manjunatha Donthi | Selling shareholder | 47.79% | 38.46% | 1,74,22,534 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Repayment or prepayment of certain borrowings of the company and its material subsidiary EEPL | 1,621.29 |
| General corporate purposes | 438.71 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Waaree Energies Limited | ₹68.24 | 50.47× | 20.34% | ₹329.96 |
| Premier Energies Limited | ₹21.35 | 51.30× | 33.21% | ₹62.61 |
| Vikram Solar Limited | ₹4.61 | 70.97× | 11.26% | ₹39.24 |
| Saatvik Green Energy Limited | ₹19.09 | 27.49× | 63.41% | ₹30.14 |
| Websol Energy Systems Limited | ₹36.66 | 33.83× | 55.65% | ₹65.88 |
| Emmvee Photovoltaic Power LimitedIssuer | ₹6.22 | 34.89× | 69.44% | ₹8.95 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Second largest pure-play integrated solar PV module and cell maker in India by production capacity as of March 31, 2025, per the Crisil report.
- Early adopter of TOPCon cell technology with a 2.94 GW cell capacity as of June 30, 2025.
- ALMM-listed module manufacturer, enabling supply to government-linked and grid projects.
- Order book of 5.36 GW as of June 30, 2025 across utility, PSU and C&I customers.
- Revenue and profit have grown strongly over FY2023 to FY2025.
Risks
- Top 10 customers contributed a large share of revenue, so losing any of them could hurt results.
- Dependence on a limited number of products, mainly TOPCon and Mono PERC modules.
- All manufacturing units are located in Karnataka, exposing the company to regional risks.
- Company has pledged 51% of its shareholding in its material subsidiary EEPL for loans taken by EEPL.
- Substantial borrowings and high debt-to-equity ratio, with reliance on repayment from the offer proceeds.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹217) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Emmvee Photovoltaic Power IPO open and close?
According to the Prospectus, the issue opens on Tuesday, 11 November 2025 and closes on Thursday, 13 November 2025.
What is the Emmvee Photovoltaic Power IPO price band?
The final issue price is ₹217 per share.
What is the lot size of the Emmvee Photovoltaic Power IPO?
One lot is 69 shares, which is ₹14,973 at ₹217 per share.
Where will Emmvee Photovoltaic Power shares list?
On NSE and BSE. The tentative listing date is Tuesday, 18 November 2025.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Emmvee Photovoltaic Power IPO allotment status?
The basis of allotment is expected to be finalised on Friday, 14 November 2025. After that, search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹1,621.29 Cr for repayment or prepayment of certain borrowings of the company and its material subsidiary EEPL, ₹438.71 Cr for general corporate purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.