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What is the story about?
Shares of Emmvee Photovoltaic Power made a flat debut on Dalal Street on Tuesday, November 18. The stock listed at par at ₹217 per share, matching the issue price on both the NSE and BSE.
The muted listing was in line with expectations, as Emmvee's shares were trading at zero premium in the unlisted market ahead of the debut, indicating a flat opening.
The company's ₹2,900-crore IPO saw 97% subscription by the close of bidding on Thursday. The issue was open from November 11 to 13.
The maiden public issue received bids for 7.50 crore shares against an offer size of 7.74 crore shares.
Retail investors fully subscribed their portion at 110%, while Non-Institutional Investors (NIIs) subscribed 30% of their quota. Qualified Institutional Buyers (QIBs) subscribed 126% of the shares reserved for them.
Emmvee Photovoltaic Power raised ₹1,305 crore from anchor investors ahead of the issue launch.
Global investors including Abu Dhabi Investment Authority, Ashoka WhiteOak, Amundi Funds, Prudential Hong Kong, Eastspring Investments, BNP Paribas Funds, Société Générale, Morgan Stanley, Goldman Sachs, Nomura Singapore, and Citigroup participated in the anchor round.
The price band for the issue was set at ₹206-217 per share.
At the upper end of the band, the company's post-issue market capitalisation is estimated at ₹15,023.89 crore.
The IPO comprises a ₹2,143.9-crore fresh issue and a ₹756.1-crore offer for sale (OFS) by promoters Manjunatha Donthi Venkatarathnaiah and his wife, Shubha.
The company plans to utilise a little over ₹1,621 crore from the fresh issue for repayment or prepayment of loans and interest for itself and its key subsidiary, along with general corporate purposes.
Company Overview
Emmvee Photovoltaic Power is an integrated solar PV module and solar cell manufacturer with a production capacity of 7.80 GW for solar PV modules and 2.94 GW for solar cells as of May 31, 2025.
The company reported strong financial performance, with revenue rising from ₹951 crore in FY24 to ₹2,336 crore in FY25, supported by strong demand for solar modules and cells.
EBITDA stood at ₹721 crore (30.9% margin), while profit after tax came in at ₹369 crore (15.8% margin).
Emmvee delivered a robust ROE of 104.6% and ROCE of 23.33%, backed by strong cash flows and a growing order book in the renewable energy sector.
JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company were the book-running lead managers to the issue.
The muted listing was in line with expectations, as Emmvee's shares were trading at zero premium in the unlisted market ahead of the debut, indicating a flat opening.
The company's ₹2,900-crore IPO saw 97% subscription by the close of bidding on Thursday. The issue was open from November 11 to 13.
The maiden public issue received bids for 7.50 crore shares against an offer size of 7.74 crore shares.
Retail investors fully subscribed their portion at 110%, while Non-Institutional Investors (NIIs) subscribed 30% of their quota. Qualified Institutional Buyers (QIBs) subscribed 126% of the shares reserved for them.
Emmvee Photovoltaic Power raised ₹1,305 crore from anchor investors ahead of the issue launch.
Global investors including Abu Dhabi Investment Authority, Ashoka WhiteOak, Amundi Funds, Prudential Hong Kong, Eastspring Investments, BNP Paribas Funds, Société Générale, Morgan Stanley, Goldman Sachs, Nomura Singapore, and Citigroup participated in the anchor round.
The price band for the issue was set at ₹206-217 per share.
At the upper end of the band, the company's post-issue market capitalisation is estimated at ₹15,023.89 crore.
The IPO comprises a ₹2,143.9-crore fresh issue and a ₹756.1-crore offer for sale (OFS) by promoters Manjunatha Donthi Venkatarathnaiah and his wife, Shubha.
The company plans to utilise a little over ₹1,621 crore from the fresh issue for repayment or prepayment of loans and interest for itself and its key subsidiary, along with general corporate purposes.
Company Overview
Emmvee Photovoltaic Power is an integrated solar PV module and solar cell manufacturer with a production capacity of 7.80 GW for solar PV modules and 2.94 GW for solar cells as of May 31, 2025.
The company reported strong financial performance, with revenue rising from ₹951 crore in FY24 to ₹2,336 crore in FY25, supported by strong demand for solar modules and cells.
EBITDA stood at ₹721 crore (30.9% margin), while profit after tax came in at ₹369 crore (15.8% margin).
Emmvee delivered a robust ROE of 104.6% and ROCE of 23.33%, backed by strong cash flows and a growing order book in the renewable energy sector.
JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company were the book-running lead managers to the issue.
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