Emmvee Photovoltaic Power
Mainboard₹14,973 / 69 Shares
IPO Live Subscription Details
| Category | Subscription (Times) |
|---|---|
| Date | 13 Nov 2025, 06:57 PM |
| QIBs | 1.33 times |
| NII | 0.32 times |
| Retail | 1.16 times |
| Total | 1.02 times |
Emmvee Photovoltaic Power IPO Details
The Emmvee Photovoltaic Power IPO price band is set between ₹206-217 per equity share, with a face value of ₹2 per share. The issue is managed by Kfin Technologies Ltd, and the equity shares are proposed to be listed on the Mainboard.
The IPO date for subscription opens on 11 Nov, 2025 and closes on 13 Nov, 2025. Investors can check the allotment status on 14 Nov, 2025, while the listing date is tentatively scheduled for 18 Nov, 2025.
The total issue size is 13,36,40,552 shares, aggregating up to ₹2900 crore. Stay tuned for the latest Emmvee Photovoltaic Power IPO review and GMP updates.
Emmvee Photovoltaic Power IPO Review, Rating & Analysis
Emmvee Photovoltaic Power IPO Review
NO REVIEWEmmvee Photovoltaic Power IPO Rating
Emmvee Photovoltaic Power IPO Highlights
IPO Date
Nov 11, 2025 - Nov 13, 2025
Listing Date
18 Nov, 2025
Face Value
₹2 Per Equity Share
Price Band
₹206-217 per equity share
Lot Size
69 Shares
Fresh Issue
Shares
Offer for Sale
-
Listing At
BSE, NSE
Emmvee Photovoltaic Power IPO Lot Size
The minimum market lot for Emmvee Photovoltaic Power IPO is 69 shares with an application amount of ₹14,973. Retail investors can apply for up to 13 lots. The table below details the minimum and maximum investment limits for Retail and HNI investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 69 | ₹14,973 |
| Retail (Max) | 13 | 897 | ₹1,94,649 |
| S-HNI (Min) | 14 | 966 | ₹2,09,622 |
| S-HNI (Max) | 66 | 4554 | ₹9,88,218 |
| B-HNI (Min) | 67 | 4623 | ₹10,03,191 |
Emmvee Photovoltaic Power IPO Timeline
Issue Price
₹206-217 per equity shareFace Value
₹2 Per Equity ShareListing at Group
BSE, NSERegistrar
Kfin Technologies LtdLead Manager
JM Financial LtdIIFL Capital Services LtdJefferies India Pvt.LtdKotak Mahindra Capital Co.Ltd.Issue Size
13,36,40,552 shares(aggregating up to ₹2900 crore)Emmvee Photovoltaic Power IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|---|
| 30-Jun-25 | 4347.72 | 1042.22 | 187.68 | 718.79 | 608.83 | 2032.11 |
| 31-Mar-25 | 3913.94 | 2360.33 | 369.01 | 531.41 | 529.37 | 1949.69 |
| 31-Mar-24 | 2189.99 | 954.44 | 28.90 | 162.77 | 160.73 | 1441.30 |
| 31-Mar-23 | 840.79 | 644.37 | 8.97 | 133.97 | 131.93 | 519.62 |
In Cr.
Emmvee Photovoltaic Power IPO Reservation Details
| Investor Category | Shares Offered | % Shares |
|---|---|---|
| Anchor Investor Shares Offered | 60138249 | 45% |
| QIB Shares Offered | 40092166 | 30% |
| NII (HNI) Shares Offered | 20046083 | 15% |
| bNII > ₹10L | 13364055 | 10% |
| sNII < ₹10L | 6682028 | 5% |
| Retail Shares Offered | 13364055 | 10% |
| Total Shares Offered | 133640552 | 100% |
Emmvee Photovoltaic Power IPO Documents
Emmvee Photovoltaic Power IPO Valuations
EPS Pre IPO
₹6.22/-EPS Post IPO
₹10.84/-PE Pre IPO
34.9PE Post IPO
20.01ROE
104.6%ROCE
23.33%Debt Equity
3.63RoNW
69.44%PAT Margin
15.80%Price to Book Value
24.25Emmvee Photovoltaic Power Peer Comparison
| Company Name | Revenue | RoNW | PE Ratio | PB Ratio |
|---|---|---|---|---|
| Emmvee Photovoltaic | 2335 | 69.4% | 34.9 | N/A |
| Websole Energy | 575 | 55.6% | 33.8 | N/A |
| Waaree Energies | 14444 | 22.6% | 50.4 | N/A |
| Premier Energies | 6518 | 55.6% | 51.3 | N/A |
| Vikram Solar | 3423 | 11.2% | 70.9 | N/A |
| Saatvik Green | 2158 | 63.4% | 27.4 | N/A |
Promoters & Share Holding
Promoter(s) Name
- Manjunatha Donthi Venkatarathnaiah
- Shubha Manjunatha Donthi
- Suhas Donthi Manjunatha
- Sumanth Manjunatha Donthi
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| 100% | 80.70% |
About Company
Incorporated on March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturing company.
The company has, as of May 31, 2025, a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. The product range of the company consists of bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules.
The company operates four production facilities in two locations in Karnataka spanning 22.44 acres.As of May 31, 2025, the Solar cell manufacturing unit of the company at Dobbaspet, Bengaluru, Karnataka is India's largest TOPCon solar cell facility by capacity.
The customers of the company are independent power producers (IPPs), organizations in the commercial and industrial (C&I) sector, and engineering, procurement, and construction (EPC) service providers in public and private sectors. The key customers are Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group. During 2023- 2023, we had served 525 customers.
As of March 31, 2025, the company employed 611 full-time people.
Emmvee Photovoltaic Power IPO Subscription Details
| As on | QIB | NII bNII sNII | Retail | Total |
|---|---|---|---|---|
| Shares Offered / Reserved | 4,00,92,166 | 2,00,46,083
1,33,64,055
66,82,028
| 1,33,64,055 | 7,35,02,304 |
Day 111-11-25 05:00 PM | 0.02 x | 0.06
0.05 x
0.09 x
| 0.34 x | 0.09 x |
Day 212-11-25 05:00 PM | 0.06 x | 0.12
0.09 x
0.18 x
| 0.65 x | 0.18 x |
Day 313-11-25 05:00 PM | 1.33 x | 0.32
0.20 x
0.54 x
| 1.16 x | 1.02 x |
Retail:0.90x
BHNI:0.03x
SHNI:0.49x
Emmvee Photovoltaic Power IPO - Issue Objectives & Utilisation of proceeds
| Objectives | Amount |
|---|---|
| Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary | ₹ 1621.29 Cr |
| General corporate purposes | - |
Company Contact Details
Emmvee Photovoltaic Power
13/1, International Airport Road, Bettahalasur Post, Bengaluru, Karnataka, 562157Registrar Contact Details
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: emmvee.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Frequently Asked Questions about Emmvee Photovoltaic Power IPO
When will Emmvee Photovoltaic Power IPO open for subscription?
The Emmvee Photovoltaic Power IPO opens on 11 Nov, 2025 and closes on 13 Nov, 2025.
What is the investors portion for Emmvee Photovoltaic Power IPO?
The investors' portion for QIB is 1.33 x, NII is 0.20 x, and Retail is 1.16 x.
How to apply for Emmvee Photovoltaic Power IPO?
You can apply for Emmvee Photovoltaic Power IPO via ASBA online through your bank account. You can also apply via UPI through stock brokers like Zerodha, Upstox, or Paytm Money.
What is the issue size of Emmvee Photovoltaic Power IPO?
The issue size of Emmvee Photovoltaic Power IPO is approx ₹13,36,40,552 shares(aggregating up to ₹2900 crore) crores.
What is the price band of Emmvee Photovoltaic Power IPO?
The price band for Emmvee Photovoltaic Power IPO is ₹206 to ₹217 per equity share.
What is the lot size of Emmvee Photovoltaic Power IPO?
The minimum bid (lot size) for Emmvee Photovoltaic Power IPO is 69 shares with an investment of approx ₹14,973 .
What is the allotment date of Emmvee Photovoltaic Power IPO?
The allotment date for Emmvee Photovoltaic Power IPO is 14 Nov, 2025.
What is the listing date of Emmvee Photovoltaic Power IPO?
The listing date for Emmvee Photovoltaic Power IPO is expected to be 18 Nov, 2025.
What is the GMP of Emmvee Photovoltaic Power IPO?
The latest Grey Market Premium (GMP) for Emmvee Photovoltaic Power IPO is being updated regularly on IPOROCK.
Parth D.
Founder & Lead Analyst
Parth D. is a software engineer and financial analyst who brings a quantitative edge to IPO tracking. With deep expertise in algorithmic trading and financial tool development, he builds the technology that powers IPORock's real-time data engines. He has been tracking the Indian market since 2018.