Waaree Energies' competitor Emmvee Photovoltaic Power files papers for ₹3,000 crore IPO; all you need to know

The IPO comprises a fresh issue of shares worth ₹2,143.86 crore and an offer for sale (OFS) of shares valued at ₹856.14 crore by promoters, according to the draft red herring prospectus (DRHP).

Proceeds from the fresh issue to the tune of ₹1,607.90 crore will be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary, and a portion will be used for general corporate purposes.

As of March 2025, the company's borrowings stood at close to ₹1,950 crore, the draft papers showed.

The Bengaluru-based company may mobilise up to ₹428.77 crore through a pre-IPO placement. If this is done, the raised amount will be deducted from the total fresh issue.

About Emmvee Photovoltaic Power

Emmvee Photovoltaic Power is the leading pure-play integrated solar PV (photovoltaic system) module and solar cell manufacturing company. It has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW as of May 31, 2025.

According to a CRISIL report, India's solar PV module and cell manufacturing capacities have surged from 21 GW and about 3.2 GW, respectively, in March 2022 to 82 GW and 23 GW, respectively, by March 2025, driven by government policies to reduce reliance on imports, market dynamics and a growing commitment to renewable energy.

By the end of FY30, domestic module and cell manufacturing industries' nameplate capacities are expected to reach 175-185 GW and 85-95 GW, respectively, the report added.

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company have been appointed as merchant bankers to manage the IPO.

About Emmvee

According to Tracxn, provider of private company data, investment trends, and market intelligence, Emmvee Photovoltaic Power is an unfunded company based in Bengaluru (India), founded in 1992 by D V Manjunatha. It operates as a manufacturer of solar photovoltaic modules and solar water heating systems.

Emmvee has not raised any funding yet. The company has 1,043 active competitors, including 102 funded and 101 that have exited. Its top competitors include companies such as Waaree Energies, Vikram Solar and First Solar.

Meanwhile, at the time of writing this article, shares of Waaree Energies were trading flat at 2,980.40, up 0.08% on the NSE.