IPO Snapshot
| Company | Emmvee Photovoltaic Power Ltd |
| Sector | Solar PV Module & Cell Manufacturing (Renewables) |
| Issue Size | ~ ₹2,900 crore (Fresh ~₹2,143.86 cr + Offer For Sale ~₹756–856 cr) :contentReference[oaicite:2]{index=2} |
| Price Band | ₹206 – ₹217 per share :contentReference[oaicite:3]{index=3} |
| Face Value | ₹2 each share :contentReference[oaicite:4]{index=4} |
| Lot Size (Retail) | 69 shares (≈ ₹14,973 at upper band) :contentReference[oaicite:5]{index=5} |
| Valuation (upper band approx.) | Estimated strong valuation (India renewables sector) – see full detail below |
| Listing On | BSE & NSE :contentReference[oaicite:6]{index=6} |
Timeline & Important Dates
GMP – Grey Market Premium
The grey market premium (GMP) reflects investor sentiment ahead of listing. The latest reported GMP is around ₹20
Note: GMP is an unofficial indicator and should not be relied on as investment advice.
Company Overview
Emmvee Photovoltaic Power Ltd, incorporated in 2007, is one of India’s leading integrated solar PV module & cell manufacturers, with ~7.80 GW module capacity and ~2.94 GW cell capacity as of May 2025. :contentReference[oaicite:13]{index=13} The company aims to increase module capacity to ~16.30 GW and cell capacity to ~8.94 GW by 2028. :contentReference[oaicite:14]{index=14}
Headquartered in Bengaluru, Karnataka, Emmvee has leveraged advanced technologies such as TOPCon to enhance efficiencies and reduce dependency on imports. :contentReference[oaicite:15]{index=15}
Use of Proceeds (Fresh Issue)
- Repayment/pre-payment of certain borrowings and interest (~ ₹1,607.90 crore). :contentReference[oaicite:16]{index=16}
- General corporate purposes, working capital, expansion of manufacturing capacity. :contentReference[oaicite:17]{index=17}
Financial Snapshot
| Financial Year | Revenue (₹ cr) | PAT (₹ cr) |
|---|---|---|
| FY 24 | ₹954.44 cr :contentReference[oaicite:18]{index=18} | ₹28.90 cr :contentReference[oaicite:19]{index=19} |
| FY 25 | ₹2,360.33 cr :contentReference[oaicite:20]{index=20} | ₹369.01 cr :contentReference[oaicite:21]{index=21} |
Strengths & Opportunities
- Integrated module + cell manufacturing gives cost & supply-chain edge. :contentReference[oaicite:22]{index=22}
- Increasing global & domestic demand for solar modules, policy tailwinds (e.g., India’s 500 GW non-fossil target). :contentReference[oaicite:23]{index=23}
- Strong growth in capacity (7.8 GW → target 16.3 GW) and order book growth. :contentReference[oaicite:24]{index=24}
Key Risks
- High dependence on a small number of large customers may affect business risk. :contentReference[oaicite:25]{index=25}
- Raw-material and import dependence (cells/modules or components) may affect margins. :contentReference[oaicite:26]{index=26}
- Execution risk in aggressive capacity expansions and global trade/anti-dumping risks. :contentReference[oaicite:27]{index=27}
How to Apply
- Log in to your broker/trading app or UPI-enabled banking app.
- Search for “Emmvee Photovoltaic Power Ltd” under IPO section.
- Select investor category (Retail/HNI/Employee) and enter lots (minimum 69 shares).
- Choose price (between ₹206 to ₹217) or opt for “Cut-off”.
- Submit application and approve UPI mandate (if using UPI route) before the deadline.
- After allotment, shares will be credited to your demat and you can track listing. Tentative listing date 18 Nov 2025.
Frequently Asked Questions (FAQ)
Q: When does the Emmvee IPO open and close?
A: Opens 11 Nov 2025 and closes 13 Nov 2025. :contentReference[oaicite:28]{index=28}
Q: What is the price band and minimum investment?
A: Price band ₹206-₹217, lot size 69 shares (≈ ₹14,973 at upper band). :contentReference[oaicite:29]{index=29}
Q: What is the tentative listing date?
A: Tentative listing date is 18 Nov 2025. :contentReference[oaicite:30]{index=30}
Q: What is the current GMP for the issue?
A: GMP is ~₹20 (indicative) which implies estimated listing price ~₹237 (upper band ₹217 + ₹20). :contentReference[oaicite:31]{index=31}
Q: What will the fresh issue funds be used for?
A: Major portion (≈ ₹1,608 crore) for debt repayment/prepayment; remaining for general corporate purposes. :contentReference[oaicite:32]{index=32}
Q: What are the major risks?
A: Dependence on a few large customers, raw material/import risks, execution risk in scaling. See risks section above.