What are the open and close dates of the Emmvee Photovoltaic Power IPO ?

Emmvee Photovoltaic Power IPO will be open between 2025-11-11 and 2025-11-13.

What is the allotment date for the Emmvee Photovoltaic Power IPO ?

Emmvee Photovoltaic Power IPO allotment date is 2025-11-17. For Emmvee Photovoltaic Power IPO allotment status check, you can visit the website of the registrar of the IPO.

Who is the registrar of Emmvee Photovoltaic Power IPO ?

For Emmvee Photovoltaic Power IPO, the IPO registrar is KFin Technologies Limited. You can check Emmvee Photovoltaic Power IPO allotment status on the website of the registrar.

Where is the Emmvee Photovoltaic Power IPO getting listed?

The shares are proposed to be listed on the BSE and NSE.

When will Emmvee Photovoltaic Power IPO shares be credited to your demat account?

The Emmvee Photovoltaic Power IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.

What is the lot size and minimum order quantity of the Emmvee Photovoltaic Power IPO ?

The Emmvee Photovoltaic Power IPO lot size is 69 and minimum order quantity is 69.

What is the price band for the Emmvee Photovoltaic Power IPO ?

Emmvee Photovoltaic Power IPO has set the price band for its IPO at 217 per equity share with a face value of 2.

0.97x

subscribed

Emmvee Photovoltaic Power IPO

listed

₹14,214Min. investment

Pre-apply
7 Nov
Bid start
11 Nov
Bid end
13 Nov
Allotment
14 Nov
Release of funds
17 Nov
Demat transfer
17 Nov
Listing
18 Nov

Emmvee Photovoltaic Power Limited IPO Details

Issue size

₹2,900Cr

IPO type

Mainboard

Price range

₹206 – ₹217

Listing ExchangeBSE, NSE

Lot size

69 shares

Red Herring Prospectus

Read

Price range₹206 – ₹217

IPO type

Regular

Lot size69 shares

Issue size₹2,900Cr

Red Herring Prospectus

Read

Emmvee Photovoltaic Power Limited IPO Overview

Emmvee Photovoltaic Power Limited IPO date

Emmvee Photovoltaic Power Limited IPO will open for subscription on November 11, 2025, and the closing date for the IPO is November 13, 2025. After this, investors are expected to be updated about the allotment status on November 14, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on November 17, 2025. The shares will be listed on the NSE and the BSE on Tuesday, November 18, 2025.

Emmvee Photovoltaic Power Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹206 to ₹217 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹2,143.86 crore and an offer for sale of ₹756.14 crore. Emmvee Photovoltaic Power IPO listing price will be determined on November 18, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Emmvee Photovoltaic Power Limited IPO lot size

Emmvee Photovoltaic Power Limited IPO details have been declared. The minimum lot size for an application is 69 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹2,900.00 crore.

Checklist

Quality analysis

Revenue growth

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Earnings expansion

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Objectives

Repayment of loans

75.62%

General corporate purposes

24.30%

Strength and Weakness

Second largest pure-play integrated manufacturer

The company is India’s second largest pure-play integrated solar PV module and cell manufacturer as of March 31, 2025, with 7.80 GW solar module and 2.94 GW solar cell capacities. It has end-to-end integration, which also allows participation in the DCR (Domestic Content Requirement) market and ALMM-listed government projects.

Track record of delivering quality products

The company is an ALMM-enlisted solar PV module manufacturer, with a 5.1% market share in terms of ALMM-enlisted module manufacturing capacity as of May 2025. It offers a product warranty of 12 years on its Mono PERC and TOPCon solar PV modules and has had very few warranty claims. Further, it is the only Indian company among four global players to have passed all 7 tests through a single product type under the Kiwa PVEL prod

Early mover advantage

The company is among the first Indian players to manufacture high-efficiency TOPCon solar cells and operates one of India’s largest TOPCon facilities (2.94 GW) at Dobbaspet, Bengaluru. Further, its collaboration with Fraunhofer ISE (Germany) has accelerated technology transfer, production optimisation, and workforce upskilling.

Automated manufacturing infrastructure

The company operates four units across Karnataka, all equipped with fully automated Jinchen machines, AI-based electroluminescence testing, and 90,000 sq ft of ISO Class 6 and 30,000 sq ft of Class 8 cleanrooms. Sustainability initiatives include a zero liquid discharge system with 96.80% water recovery, renewable energy sourcing meeting 63.40% of power needs, and the use of lead-free frames and recycled packaging.

Diverse customer base

The company serves over 543 unique customers across IPP, C&I, and EPC segments, and has established relationships with leading renewable developers like Ayana Renewable Power, CleanMax, KPI Green Energy, and Aditya Birla Renewables. Order book stood at 5.36 GW as of June 30, 2025, including 515.93 MW of DCR-linked orders. The repeat customer rate of 61.67% as of June 2025 and increasing average order size (7.63 MW in FY25) underscore strong customer stickiness and demand visibility.

Revenue concentration among top clients

The company’s top 10 customers contributed 93.96% of revenue in Q1FY26 and 84.98% in FY25, highlighting significant client concentration risk. The largest customer alone accounted for 36.57% of revenue in Q1FY26. Any loss, delay, or renegotiation by these clients can materially affect revenue stability. Additionally, government and PSU contracts involve strict timelines and performance penalties.

Limited product portfolio

The company derives over 99% of revenue from two products -TOPCon and Mono PERC modules, with TOPCon alone contributing 68.96% of FY25 revenue and 79.09% as of June 2025. As technology in the solar industry evolves, any reduction in demand for these products may adversely affect revenue. The company reduced production of polycrystalline modules in FY25 due to obsolescence, underscoring its exposure to technology transition risks.

Under-utilisation of manufacturing facilities

Despite its expanding footprint, the company’s capacity utilisation remains uneven across units, ranging from 19% to 67% as of Q1FY26. Inability to effectively utilise its current and proposed production capacities could hurt the business operations and cash flows.

Dependence on imported raw material

The company sources 94.65% of its raw materials from international suppliers, with 54.7% of total imports from China in Q1FY26. The top 10 suppliers accounted for 68.88% of total purchases, increasing procurement risk. The lack of long-term contracts with these suppliers exposes the company to supply chain disruptions, currency fluctuations, and pricing volatility.

Execution risk from large order book

As of June 30, 2025, the company had an outstanding order book of 5.36 GW, valued at approximately ₹7811.73 crore. However, 87.13% of prior-period orders were carried forward, indicating potential fulfilment delays. Any modification, cancellation, or delayed execution of large-scale or DCR-linked orders could defer revenue recognition and strain cash flows.

About Emmvee Photovoltaic Power Limited

Emmvee Photovoltaic Power is one of India’s leading integrated solar photovoltaic (PV) manufacturers, specialising in solar cells and modules. It is currently the second largest pure-play integrated solar manufacturer in the country, with an installed capacity of 7.80 GW for modules and 2.94 GW for solar cells as of June 30, 2025. It is one of the first companies in India to adopt higher efficiency tunnel oxide passivated contact (“TOPCon”) technology to manufacture solar cells.

Its product portfolio comprises bifacial and mono-facial formats of TOPCon modules and cells, and bifacial and mono-facial formats of mono passivated emitter and rear contact (“Mono PERC”) modules. The company operates through four advanced manufacturing units in Karnataka, strategically located near industrial and logistics hubs. The firm’s operations are fully integrated across the solar value chain, from cell fabrication to module assembly.

The company has been included under List I (Manufacturers and Models of Solar PV Modules) of the ‘Approved List of Models and Manufacturers of Solar Photovoltaic Modules’ (“ALMM”) from time to time, allowing it to supply its solar PV modules for government and government-assisted grid-connected utility projects as well as renewable energy projects and projects under government schemes that are mandated to source solar modules from ALMM certified manufacturers. It has a 5.1% market share in terms of ALMM-enlisted module manufacturing capacity as of May 2025.

It entered into a research and development contract with the Fraunhofer Institute for Solar Energy Systems ISE in 2022 to develop its expertise in the use of TOPCon technology. The company's facilities are designed with zero liquid discharge systems, achieving 96.8% water recovery, and 63.40% of its total power requirements are satisfied by renewable energy. It also makes use of ISO-certified cleanroom settings, recycled packaging materials, and frames free of lead.

The customer base of the company ranges from Independent Power Producers (IPP) to C&I clients and EPC developers across both domestic and international markets. It has served more than 540 customers, including multiple marquee renewable energy developers like Ayana Renewables, CleanMax, KPI Green Energy, and Aditya Birla Renewables. The company's order book stood at 5.36 GW as of June 30, 2025. Further, it has a repeat customer rate of 61.77% showcasing strong customer stickiness.

Solar energy in India increased approximately 70 GW from FY20-25, growing at a 24% CAGR and solar capacity is estimated to surpass 200 GW by the decade’s end. In India, most solar module manufacturers have transitioned to TOPCon, with TOPCon and dual-compatible mono PERC /TOPCon cells making up an estimated 60% to 65% of capacity in FY25. The company, being one of the first companies in India to adopt TopCon technology along with a track record of over 18 years in PV manufacturing, is well-positioned to capitalise on this increasing demand.

The company is focused on increasing its capacity with a planned addition of a 2.50 GW module production capacity line at Manufacturing Unit VI in Sulibele, Bengaluru, Karnataka. It also intends to add a 6.00 GW solar cell and solar PV module production capacity at a manufacturing unit in ITIR Phase-II, Bengaluru, Karnataka. Further, it intends to diversify its supplier base, leverage technology and expand sales in international markets.

Now, Emmvee Photovoltaic Power Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹2,143.86 crore and an offer for sale of ₹756.14 crore. The total issue size of the IPO is ₹2,900 crore. Its shares will be listed on the NSE and BSE.

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Emmvee Photovoltaic Power IPO Subscription Status

Date	QIB	NII	Retail	Total
11-Nov-25	0.0 times (X)	0.06 times (X)	0.33 times (X)	0.09 times (X)
12-Nov-25	0.0X	0.11X	0.62X	0.17X
13-Nov-25	0.71X	0.3X	1.09X	0.97X

Latest News on Emmvee Photovoltaic Power IPO

Bengaluru-based Emmvee, a solar module maker with 1.5 GW capacity and over 30 years of experience, plans to raise ₹2,500-3,000 crore via IPO. Funds will expand manufacturing and repay debt. Strong demand for clean energy stocks, driven by government initiatives and India's 2030 target, supports this move, following successful sector IPOs.

Emmvee Photovoltaic IPO: The ₹2,900 crore book-building issue is a mix of fresh issuance of ₹2,143.86 crore and an offer for sale of ₹756.14 crore.

3 min read

Emmvee Photovoltaic Power IPO: The ₹2,900 crore issue, which has fixed price band at ₹206 to ₹217 per share, consists of a fresh issue of shares valued at ₹2,143.86 crore and an offer for sale of ₹756.14 crore. The fresh issue proceeds will be used for loan repayment and general corporate purposes.

3 min read

Emmvee Photovoltaic IPO allotment status: The initial share sale, with a price band of ₹206 to ₹217 per equity share, comprises a fresh issue of shares aggregating to ₹2,143.86 crore and an offer for sale (OFS) of ₹756.14 crore by promoters, taking the issue size to ₹2,900 crore.

3 min read

Frequently asked questions

How to invest in the Emmvee Photovoltaic Power IPO ?

Investors can apply for the Emmvee Photovoltaic Power IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Emmvee Photovoltaic Power IPO ?

The issue size of the Emmvee Photovoltaic Power IPO is 2900 Cr.

What is 'pre-apply' for Emmvee Photovoltaic Power IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Emmvee Photovoltaic Power IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.