Emmvee Photovoltaic Power announces price band for ₹2,900-crore IPO, opening November 11

Bengaluru-based Emmvee Photovoltaic Power, one of the largest solar PV module manufacturers in the country, has fixed the price band for its upcoming ₹2,900 crore Initial Public Offering (IPO) on Thursday, November 6.

Emmvee Photovoltaic has fixed the price band of its IPO between ₹206 to ₹217 per share.

Retail investors can bid for one lot of 69 shares, which will entail a minimum investment of ₹14,973. Bids can then be made in multiples of 69 shares thereafter. Considering the upper end of the price band, shares of the company are likely to have a post-issue market capitalisation of ₹15,023.89 crore.

The issue is set to hit Dalal Street on Tuesday, November 11, and close on Thursday, November 13. The company is issuing a fresh issue of shares worth ₹2,143.9 crore, and promoters – Manjunatha Donthi Venkatarathnaiah and his wife, Shubha, will be offloading ₹756.1 crore worth of shares via offer-for-sale.

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

Emmvee Photovoltaic Power is a 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.

The company’s profit in FY25 stood at ₹369 crore, rising nearly 13-fold from ₹28.9 crore in the previous fiscal year. Its revenue during the same period climbed 145% to Rs 2,335.6 crore as against ₹951.9 crore.

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are managing the Emmvee Photovoltaic Power IPO. The company will finalise IPO share allotment by November 14, while the trading in Emmvee shares will commence on the bourses effective November 18.

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