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Emmvee Photovoltaic Power IPO
0.97xsubscribed

Emmvee Photovoltaic Power IPO

listed
₹14,214Min. investment

Emmvee Photovoltaic Power Limited IPO Details

Price range₹206 – ₹217
IPO type
Regular
Lot size69 shares
Issue size₹2,900Cr
Red Herring Prospectus
Read

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

As on 11-Nov-25, 5:30 PM

Emmvee Photovoltaic Power IPO Timeline

  1. Pre-apply
    7 Nov 2025
  2. Bid start
    11 Nov 2025
  3. Bid end
    13 Nov 2025
  4. Allotment
    14 Nov 2025
  5. Release of funds
    17 Nov 2025
  6. Demat transfer
    17 Nov 2025
  7. Listing
    18 Nov 2025

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.

Emmvee Photovoltaic Power Limited IPO Analysis

IPO REVIEW

Emmvee Photovoltaic Power IPO | Analysis Video

Should you apply?

Watch our analysts break down the Emmvee Photovoltaic Power Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

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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.

Objectives of Emmvee Photovoltaic Power Limited IPO

Repayment of loans
75.62%
₹1,621.29 crore will be used for debt repayment/prepayment.
General corporate purposes
24.30%
IPO funds will cover general corporate use and unidentified acquisitions.

Emmvee Photovoltaic Power IPO Contact Details

Company NameEmmvee Photovoltaic Power Limited

How to apply for Emmvee Photovoltaic Power IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Emmvee Photovoltaic Power Limited IPO FAQs

Investors can apply for the Emmvee Photovoltaic Power IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Emmvee Photovoltaic Power IPO is 2900 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Emmvee Photovoltaic Power IPO will be open between 2025-11-11 and 2025-11-13.
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.
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.
The shares are proposed to be listed on the BSE and NSE.
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.
The Emmvee Photovoltaic Power IPO lot size is 69 and minimum order quantity is 69.
Emmvee Photovoltaic Power IPO has set the price band for its IPO at 217 per equity share with a face value of 2.