Emmvee Photovoltaic IPO

Introduction

Emmvee Photovoltaic Power Ltd, a leading name in India’s solar manufacturing sector, is set to make a splash in the equity market with its highly awaited IPO. This Bengaluru-based company is recognized for its advanced solar PV modules and cells, powering India’s clean energy ambitions. Backed by robust financials and aggressive expansion plans, Emmvee’s IPO marks a pivotal moment for investors keen on the renewable energy space.

Emmvee IPO Highlights

Feature	Details
Issue Size	₹2,900 crore
Price Band	₹206 – ₹217 per share
Lot Size	69 shares
Minimum Investment	₹14,973
IPO Opens	November 11, 2025
IPO Closes	November 13, 2025
Allotment Date	November 14, 2025
Refunds Initiated	November 17, 2025
Shares Credited	November 17, 2025
Listing Date	November 18, 2025 (BSE, NSE)
Fresh Issue	₹2,143.86 crore
Offer for Sale	₹756.14 crore
Face Value	₹2 per share
Registrar	Kfin Technologies Ltd
Lead Managers	JM Financial, IIFL Capital, Jefferies India, Kotak Mahindra​

Key Financial Information

• FY25 Revenue: ₹2,360 crore (up from ₹954 crore in FY24)
• Net Profit FY25: ₹369 crore (up from ₹29 crore in FY24, nearly 13× growth)
• Module Capacity: 7.8 GW; Cell Capacity: 2.94 GW
• Order Book: 5.26 GW (May 2025)
• Return on Equity: 104.6% (FY25)
• Planned Expansion: Targeting total capacity of 16.3 GW modules and 8.94 GW cells by H1 FY28

IPO Objectives

• Debt Repayment / Reduction: ~₹1,621 crore allocated for repayment and prepayment of outstanding company and subsidiary loans
• General Corporate Purposes: Remaining proceeds for expansion, R&D, brand building, customer acquisition, and working capital
• Capacity Expansion: Strengthen production capacity and technology innovation in solar PV modules and cells
• International Growth: Scale up export capability, especially to untapped US markets, and improve backward integration to meet global compliance requirements

Strategic Strengths :-

• Rapid growth in revenue and profitability
• Adoption of latest TOPCon technology, DCR eligibility
• Strong balance sheet and improving cash flows
• Expansion into global markets and new cell/module lines
• Sector tailwinds with government focus on clean energy

Risk :-

• High Debt Levels
• Dependence on Government Policies
• Competitive Pressure & Overcapacity
• Raw Material & Forex Risks
• Execution & Operational Risks
• Customer Concentration & Market Risks
• International Trade & Geopolitical Risks

How To Apply for the Online?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

Final Thoughts :-

Emmvee Photovoltaic Power Ltd’s IPO showcases the momentum in India’s renewable sector. For investors seeking clean energy growth and manufacturing excellence, this issue is a solid opportunity. Review all documents, compare with sector peers, and align with your investment strategy.

FAQs

Q: What are the key Emmvee IPO dates?
A: Subscription runs from November 11–13, 2025; allotment on November 14; listing on November 18, 2025.

Q: What is the price band and minimum investment?
A: ₹206–₹217 per share; minimum 69 shares per lot (₹14,973).

Q: How will the IPO proceeds be used?
A: Primarily for debt repayment and business expansion; balance for working capital and growth initiatives.

Q: Is Emmvee profitable?
A: Yes, net profit for FY25 surged to ₹369 crore from ₹29 crore in FY24.

Q: Where will Emmvee shares be listed?
A: On BSE and NSE.

Q: What distinguishes Emmvee in the solar sector?
A: Rapid capacity ramp-up, high order book, latest solar PV tech adoption, and strong export prospects.