Emmvee Photovoltaic Power's ₹2,900-crore IPO opens today: Should you subscribe?

Emmvee Photovoltaic Power's ₹2,900-crore Initial Public Offering (IPO) opens for subscription on Tuesday, November 11, and will remain open until November 13.

A day before the IPO launch, the Bengaluru-based solar photovoltaic module and solar cell manufacturer raised ₹1,305 crore from 55 anchor investors on November 10.

Global investors such as Abu Dhabi Investment Authority, Ashoka WhiteOak, Amundi Funds, Prudential Hong Kong, Eastspring Investments, BNP Paribas Funds, Societe Generale, Morgan Stanley, Goldman Sachs, Nomura Singapore, and Citigroup participated through the anchor book.

Should you apply?

At the upper end of the price band, if FY26 earnings are annualised, the issue is valued at a P/E of 20.0x, while on FY25 earnings, it stands at 40.7x, indicating that the IPO is trading at a marginal discount to larger peers, brokerage firm Angel One said in its note.

Backed by a robust order book, strong revenue growth, and ongoing capacity expansion, the company is well-positioned to capture opportunities in India's fast-growing solar manufacturing sector, the brokerage added, assigning a 'Subscribe' rating for investors with a long-term outlook.

Anand Rathi also believes the IPO is fully priced and has recommended a 'Subscribe-Long Term' rating.

Valuations on FY25 basis (P/E)

Emmvee	40.7x
Waaree	52.1x
Vikram Solar	81.3x
Premier Energies	49.8x

Following its listing, Emmvee will become the fifth company in the solar PV modules and cells segment to be traded on the exchanges in the past year, after Waaree Energies, Premier Energies, Vikram Solar, and Saatvik Green Energy.

Emmvee Photovoltaic IPO details

Emmvee Photovoltaic has fixed its IPO price band between ₹206 and ₹217 per share. Retail investors can bid for a minimum of one lot comprising 69 shares, requiring an investment of ₹14,973. Bids can be made in multiples of 69 shares thereafter.

At the upper end of the price band, the company is likely to command a post-issue market capitalisation of ₹15,023.89 crore.

In the grey market, Emmvee shares were trading at a premium of around 9%, according to market observers. However, grey market premiums are only indicative and tend to fluctuate rapidly.

The IPO consists of a fresh issue of shares worth ₹2,143.9 crore and an offer-for-sale (OFS) of ₹756.1 crore by promoters Manjunatha Donthi Venkatarathnaiah and his wife, Shubha.

Proceeds from the fresh issue, a little over ₹1,621 crore, will be utilised for repayment or prepayment of loans and interest by the company and its key subsidiary, as well as for general corporate purposes.

Company overview

Emmvee Photovoltaic Power is an integrated solar PV module and solar cell manufacturing company 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, driven by robust demand for solar modules and cells.

EBITDA stood at ₹721 crore (30.9% margin), and profit after tax came in at ₹369 crore (15.8% margin), reflecting improved scale and operational efficiency.

Emmvee delivered a healthy return on equity (ROE) of 104.6% and return on capital employed (ROCE) of 23.33%, supported by strong cash flows and a growing order book in the renewable energy space.

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are the book-running lead managers for the issue.

The company will finalise IPO share allotments on November 14, while trading in Emmvee shares is likely to commence on the bourses on November 18.