Emmvee Photovoltaic Power IPO: Strong ₹3000 Cr Entry

Emmvee Photovoltaic Power IPO is fully book build issue and total IPO size is ₹3000.00 crores. The offering includes a fresh issue worth ₹2143.862 crores and an offer for sale of ₹856.138 crores.

The dates for the Emmvee Photovoltaic Power IPO have not been announced yet. The allotment process is expected to be finalized by [.].

The Emmvee Photovoltaic Power IPO is scheduled to list on BSE, NSE, with a listing date of [.]. The price band for the Emmvee Photovoltaic Power IPO has not been announced yet.

Registrar for this IPO is Kfin Technologies Limited and lead managers for Emmvee Photovoltaic Power IPO are Jm Financial Limited, Iifl Capital Services Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited.

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IPO Schedule

IPO Open Date	-
IPO Close Date	-
IPO Allotment Date	-
Refund Initiation	-
Share credit in Demat	-
Listing Date	-

Key Details

Price Band	TBA
Lot Size	TBA
Face Value	₹2 Per Equity Share
Total Issue Size	₹3,000.00 Crores
Fresh Issue	₹2,143.86 Crores
OFS Issue	₹856.14 Crores
Issue Type	Fresh Issue and Offer for Sale
Listing At	BSE, NSE

Share Reservation

Investor Category	Shares Offered
QIB	75%
Retail	10%
NII/HNI	15%

About Emmvee Photovoltaic Power Limited Company

Emmvee Photovoltaic Power: Leading Solar Solutions

Emmvee is a leading integrated solar photovoltaic (PV) module and cell manufacturer in India. With a track record spanning over 18 years, the company has a module production capacity of 7.80 GW and a cell production capacity of 2.94 GW as of May 31, 2025. Emmvee is among the first in India to adopt high-efficiency TOPCon technology. Committed to growth, Emmvee is expanding, aiming for a module capacity of 16.30 GW and cell capacity of 8.94 GW by the first half of Fiscal 2028.

The company offers bifacial and mono-facial TOPCon and Mono PERC modules. Emmvee's modules are ALMM-approved, enabling supply to government projects. Key financials for FY25 include revenue from operations of ₹23,35.7 crore, EBITDA of ₹721.9 crore, and PAT of ₹369 crore. Emmvee's commitment to quality is evidenced by its international accreditations and low warranty claim rates, showcasing its reliability in the solar energy sector.

Emmvee Photovoltaic Power Limited Financial Details

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	3913.94	2189.99	840.79
Revenue	2335.61	951.94	618.13
Profit After Tax	369.01	28.90	8.97
Net Worth	536.80	168.76	140.50
Reserves and Surplus	526.01	157.97	129.70
Total Borrowing	1949.69	1441.30	519.62

₹ In Crore

Key Performance Indicator

Basic EPS (in ₹)	Return on Net Worth (RoNW)	Net Asset Value (NAV)	Debt-Equity Ratio	Return on Equity (ROE)	Return on Capital Employed (ROCE)
6.22	69.44%	8.95

Offer Objectives

The Offer comprises a fresh issue of equity shares and an offer for sale. The gross proceeds from the fresh issue are estimated at ₹2,143.86 million (₹214.39 crore). The company may consider a Pre-IPO Placement of specified securities aggregating up to ₹428.77 million (₹42.88 crore) which, if undertaken, will reduce the size of the fresh issue.

The Net Proceeds from the fresh issue will be utilized towards:

Repayment/prepayment of outstanding borrowings and accrued interest of the Company and its Material Subsidiary, with an estimated allocation of ₹1,607.90 million (₹160.79 crore).
General corporate purposes, with the amount not exceeding 25% of the Gross Proceeds.

The repayment/prepayment of borrowings is planned for Fiscal 2026. Any shortfall in Net Proceeds may be met through internal accruals. The company's management retains discretion over the use of Net Proceeds, subject to compliance with applicable laws and shareholder approval.

An aggregate of 20% of the fully diluted post-Offer Equity Share capital held by Promoters, shall be locked in for a period of three years, or such other period as prescribed under the SEBI ICDR Regulations, as minimum promoters’ contribution from the date of Allotment, and Promoters’ shareholding in excess of 20% of the fully diluted post -Offer Equity Share capital shall be locked in for a period of one year from the date of Allotment.