Emmvee Photovoltaic Power IPO Allotment Finalised
The allotment process for the Emmvee Photovoltaic Power Limited initial public offering (IPO) is officially set to be finalised on Friday, November 14. This marks a critical step for investors who participated in the public issue, which aimed to raise capital for the solar power company.
Subscription Details and Investor Response
The mainboard IPO opened for subscription on Monday, November 11, and concluded on Wednesday, November 13. Over this three-day period, the issue received a tepid response from the market, failing to achieve full subscription. According to data from the National Stock Exchange (NSE), the IPO was subscribed 97% overall.
Investors placed bids for a total of 7,50,44,538 shares against the total issue size of 7,74,27,183 shares. A breakdown of the subscription data reveals varied interest across investor categories. The segment for qualified institutional buyers (QIBs) was the most successful, witnessing 1.26 times subscription. The retail individual investors (RIIs) portion was subscribed 1.10 times. However, the non-institutional investors (NIIs) category showed less enthusiasm, with only a 30% subscription rate.
Grey Market Premium and Listing Price Estimate
In a significant development, the grey market premium (GMP) for the Emmvee Photovoltaic Power IPO shares has dropped sharply. As per data from Investorgain, the shares are currently trading at a GMP of ₹0 in the grey market. This indicates a lack of premium demand for the shares over the issue price in the unofficial market.
Consequently, the estimated listing price of the Emmvee Photovoltaic Power IPO is likely to be the same as its issue price. The IPO was priced in a band of ₹206 to ₹217 per share, and at the upper end of this range, the company is aiming for a valuation of approximately ₹15,000 crore.
How to Check Your IPO Allotment Status
Investors who applied for the IPO can now check the status of their share allotment through multiple platforms. The process is straightforward and can be completed online via the websites of the registrars or the stock exchanges.
Via KFin Technologies (Registrar):
- Visit the KFin Tech IPO status page: https://ipostatus.kfintech.com/
- From the dropdown list of available IPOs, select ‘Emmvee Photovoltaic Ltd’.
- Enter your Demat account number, PAN, or the application number from your IPO form.
- Click ‘Submit’ to view your allotment status.
Via National Stock Exchange (NSE):
- Go to the NSE's official IPO status check page.
- Select ‘Equity & SME IPO bid details’.
- Choose ‘EMMVEE’ from the list of IPOs.
- Input your PAN and application number.
- Click ‘Submit’ to see the details.
Via Bombay Stock Exchange (BSE):
- Visit the BSE website's application check section.
- Under ‘Issue Type’, select ‘Equity’. Then, pick ‘Emmvee Photovoltaic Power Ltd’ from the list.
- Provide your PAN number or the application number.
- Click the ‘Search’ button to retrieve your status.
IPO Details and Use of Proceeds
The Emmvee Photovoltaic Power IPO was a combination of a fresh issue of shares and an offer for sale by promoters. The total issue size was ₹2,900 crore. This comprised a fresh issue worth ₹2,144 crore and an offer for sale (OFS) component of ₹756 crore.
A significant portion of the fresh capital raised, specifically ₹1,621 crore, is earmarked for the repayment or prepayment of certain loans taken by the company and its subsidiary. The remaining funds will be utilized for general corporate purposes. According to the company's draft filings, Emmvee's total borrowings stood at nearly ₹1,950 crore as of March 2025, highlighting the importance of this debt reduction strategy.
Disclaimer: This news article is for educational purposes only. The views and recommendations mentioned are those of individual analysts and not of the publisher. Investors are strongly advised to consult with certified financial experts before making any investment decisions.
