Emmvee Photovoltaic IPO Enters Second Day of Bidding
The initial public offering of Emmvee Photovoltaic Power Ltd has moved into its second day of subscription on Wednesday, November 12, following a moderate response on the opening day. The solar energy company's public issue recorded approximately 9% subscription during the first day of bidding on Tuesday, setting the stage for crucial final days.
The ₹2,900-crore IPO will remain open for investor subscription until November 13, providing a limited window for potential investors. The company has set the price band at ₹206 to ₹217 per share, positioning itself for a valuation exceeding ₹15,000 crore at the upper price limit.
Anchor Investment and Fund Utilization
Prior to the public offering, Emmvee Photovoltaic demonstrated strong institutional interest by raising ₹1,305 crore from anchor investors on Monday. This pre-IPO placement indicates confidence from qualified institutional buyers in the company's growth prospects and business model.
The IPO structure comprises two components: a fresh issue of shares worth ₹2,143.86 crore and an offer for sale (OFS) of shares valued at ₹756.14 crore by existing promoters. The company has outlined clear plans for utilizing the fresh issue proceeds, with a significant portion allocated toward debt reduction.
Approximately ₹1,621 crore from the fresh issue will be directed toward repaying or prepaying borrowings and interest obligations for the company and its key subsidiary. The remaining funds will be utilized for general corporate purposes, supporting the company's expansion and operational requirements.
Company Profile and Market Position
Emmvee Photovoltaic Power Ltd stands as a prominent integrated manufacturer in India's renewable energy sector, specializing in solar photovoltaic modules and solar cells. The company has established substantial production capabilities with an installed capacity of 7.8 GW for PV modules and 2.94 GW for solar cells as of May 31, 2025.
This manufacturing capacity positions Emmvee as a significant player in India's growing solar energy ecosystem, contributing to the country's renewable energy targets and reducing dependence on conventional power sources.
Grey Market Premium and Listing Prospects
The grey market premium (GMP) for Emmvee Photovoltaic's IPO has witnessed a substantial decline, currently standing at ₹5 per share compared to ₹20 observed yesterday. This sharp correction in grey market sentiment suggests changing investor perceptions about short-term listing gains.
Based on the current GMP and the upper price band of ₹217 per share, the estimated listing price is approximately ₹222 per share. This translates to a potential listing gain of around 2.30% for investors who secure allotment, representing a modest but positive return in current market conditions.
The IPO is managed by a consortium of reputable investment banks, including JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company serving as book-running lead managers. Their involvement underscores the professional execution and market credibility of the public offering.
Emmvee Photovoltaic Power is scheduled to make its stock market debut on November 18, when the shares will begin trading on stock exchanges. This listing will provide public market validation of the company's valuation and growth prospects in the competitive renewable energy sector.
