Emmvee Photovoltaic Power IPO

About the company

Emmvee Photovoltaic Power is one of India’s leading integrated solar photovoltaic (PV) manufacturers, specialising in solar cells and modules. It is currently the second largest pure-play integrated solar manufacturer in the country, with an installed capacity of 7.80 GW for modules and 2.94 GW for solar cells as of June 30, 2025. It is one of the first companies in India to adopt higher efficiency tunnel oxide passivated contact (“TOPCon”) technology to manufacture solar cells. Its product portfolio comprises bifacial and mono-facial formats of TOPCon modules and cells, and bifacial and mono-facial formats of mono passivated emitter and rear contact (“Mono PERC”) modules. The company operates through four advanced manufacturing units in Karnataka, strategically located near industrial and logistics hubs. The firm’s operations are fully integrated across the solar value chain, from cell fabrication to module assembly. The company has been included under List I (Manufacturers and Models of Solar PV Modules) of the ‘Approved List of Models and Manufacturers of Solar Photovoltaic Modules’ (“ALMM”) from time to time, allowing it to supply its solar PV modules for government and government-assisted grid-connected utility projects as well as renewable energy projects and projects under government schemes that are mandated to source solar modules from ALMM certified manufacturers. It has a 5.1% market share in terms of ALMM-enlisted module manufacturing capacity as of May 2025. It entered into a research and development contract with the Fraunhofer Institute for Solar Energy Systems ISE in 2022 to develop its expertise in the use of TOPCon technology. The company's facilities are designed with zero liquid discharge systems, achieving 96.8% water recovery, and 63.40% of its total power requirements are satisfied by renewable energy. It also makes use of ISO-certified cleanroom settings, recycled packaging materials, and frames free of lead. The customer base of the company ranges from Independent Power Producers (IPP) to C&I clients and EPC developers across both domestic and international markets. It has served more than 540 customers, including multiple marquee renewable energy developers like Ayana Renewables, CleanMax, KPI Green Energy, and Aditya Birla Renewables. The company's order book stood at 5.36 GW as of June 30, 2025. Further, it has a repeat customer rate of 61.77% showcasing strong customer stickiness. Solar energy in India increased approximately 70 GW from FY20-25, growing at a 24% CAGR and solar capacity is estimated to surpass 200 GW by the decade’s end. In India, most solar module manufacturers have transitioned to TOPCon, with TOPCon and dual-compatible mono PERC /TOPCon cells making up an estimated 60% to 65% of capacity in FY25. The company, being one of the first companies in India to adopt TopCon technology along with a track record of over 18 years in PV manufacturing, is well-positioned to capitalise on this increasing demand. The company is focused on increasing its capacity with a planned addition of a 2.50 GW module production capacity line at Manufacturing Unit VI in Sulibele, Bengaluru, Karnataka. It also intends to add a 6.00 GW solar cell and solar PV module production capacity at a manufacturing unit in ITIR Phase-II, Bengaluru, Karnataka. Further, it intends to diversify its supplier base, leverage technology and expand sales in international markets. Now, Emmvee Photovoltaic Power Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹2,143.86 crore and an offer for sale of ₹756.14 crore. The total issue size of the IPO is ₹2,900 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   11 Nov 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   13 Nov 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   14 Nov 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   17 Nov 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   17 Nov 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   18 Nov 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.