Emmvee Photovoltaic Power Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹206 - ₹217
- Lot size
- 69 shares
- Issue amount
- ₹2,900 cr
- Total subscription
- 1.02×
- Opens
- 11 Nov 2025
- Closes
- 13 Nov 2025
- Allotment
- 14 Nov 2025
- Listing
- 18 Nov 2025
Offer at a glance
Issue overview
- Issue size
- 13,36,40,553 shares
- Face value
- ₹2 Per Share
- Minimum investment
- ₹14,214
- Fresh issue
- ₹2,143.86 cr
- Offer for sale
- ₹756.14 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,973
- Issue type
- Bookbuilding IPO
- Shares before issue
- 59,35,49,550
- Shares after issue
- 69,23,45,033
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 69 | ₹14,973 |
| sHNI | 14 | 966 | ₹2,09,622 |
| bHNI | 67 | 4,623 | ₹10,03,191 |
Share reservation
Subscription & GMP
Subscription by category
Reported 13 Nov 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,93,682 | 1,74,793 |
| HNIs(10L +) | 13,834 | 401 |
| HNIs (2-10L) | 6,917 | 3,360 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 870 | 1,154.37 |
| FIIs | 0 | 597.55 |
| FIs | 0 | 169.19 |
| Mutual Funds | 0 | 353.99 |
| Others | 0 | 33.64 |
| RETAIL | 290 | 336.9 |
| HNIs 2+ | 145 | 78.48 |
| HNIs 10+ | 290 | 58.71 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jun-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 3.16 | 6.22 | 0.49 |
| ROE | 29.85 | 104.6 | 18.69 |
| ROCE | 10.3 | 23.33 | 5.03 |
| RONW | 26.11 | 69.44 | 17.75 |
| PRE IPO(PE) | 0 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Emmvee Photovoltaic Power Limited | 0 | 0 | 0 | 8.95 | 69.44 | 6.22 |
| Websol Energy System Ltd | 33.83 | 0 | 0 | 65.88 | 55.65 | 36.66 |
| Waaree energies limited | 50.47 | 0 | 0 | 329.96 | 20.34 | 68.24 |
| R S premier energies limited | 51.30 | 0 | 0 | 62.61 | 55.65 | 21.35 |
| Vikram Solar Limited | 70.97 | 0 | 0 | 39.24 | 11.26 | 4.61 |
| Saatvik Green Energy Limited | 27.49 | 0 | 0 | 30.14 | 63.41 | 19.09 |
Company information
Company profile
Founded in March 2007, Emmvee Photovoltaic Power Limited is an integrated manufacturer of solar PV modules and cells. As of May 31, 2025, the company has a production capacity of 7.80 GW for modules and 2.94 GW for solar cells. Its product range includes bifacial and mono-facial TOPCon modules and cells, as well as Mono PERC modules. Emmvee operates four manufacturing units across two locations in Karnataka, covering 22.44 acres. Its solar cell unit at Dobbaspet, Bengaluru, is among the largest TOPCon solar cell facilities in India by capacity. The company serves a wide range of customers, including independent power producers, commercial and industrial clients, and EPC service providers from both public and private sectors. Key clients include Ayana Renewable Power, Hero Rooftop Energy, Aditya Birla Renewables, KPI Green Energy, and Clean Max Enviro Energy, among others, serving a total of 525 customers in 2023. As of March 31, 2025, Emmvee employed 611 full-time staff members.
Strengths
- Integrated and Scalable Operations: Among India’s second-largest pure-play integrated solar PV module and cell manufacturers, the company offers comprehensive, end-to-end production capabilities from cells to modules.
- Proven Manufacturing Excellence: Built a strong brand reputation through consistent product quality, reliability, and timely delivery, catering to major renewable energy developers and EPC players nationwide.
- Advanced Technological Competence: An early adopter of high-efficiency TOPCon solar cell technology, providing superior power generation, enhanced durability, and a strong competitive edge in the fast-evolving solar industry.
Risk factors
- Revenue Concentration Risk: A major portion of revenue is derived from a limited set of clients, with the top 10 customers contributing over 80–90% of total income. Loss or reduced orders from any key customer could significantly affect business performance.
- Narrow Product Portfolio Exposure: Heavy dependence on specific solar technologies such as TOPCon and Mono PERC modules makes the company vulnerable to rapid technological changes or market preference shifts.
- Operational Efficiency Constraints: Delays in achieving optimal capacity utilization or ramping up production could reduce efficiency, profitability, and overall cash flow stability.
Promoters
Manjunatha Donthi Venkatarathnaiah
Shubha Manjunatha Donthi
Suhas Donthi Manjunatha
Sumanth Manjunatha Donthi
Registrar & documents
Lead manager
Jm Financial Limited, IIFL Capital Services Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
13/1, International Airport Road Bettahalasur Post Bengaluru, Karnataka, 562157
+91 80 2217 4524
[email protected]Company website ↗Understanding EMMVEE IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.