Emmvee Photovoltaic IPO Enters Final Day with Subdued Response
The initial public offering (IPO) of Emmvee Photovoltaic Power enters its final day today, November 13, with subscription levels remaining muted. The three-day bidding process, which commenced on Tuesday, November 11, will conclude today, offering investors a last chance to participate. As of the final day, the public issue had garnered bids for only 20% of the total shares on offer.
IPO Details and Financial Snapshot
Emmvee Photovoltaic Power is launching a significant ₹2,900 crore IPO, with a price band set between ₹206 and ₹217 per share. This values the company at a substantial ₹15,000 crore at the upper end of the price spectrum. The offer is a combination of a fresh issue of shares worth ₹2,144 crore and an Offer for Sale (OFS) of ₹756 crore by the company's promoters.
Ahead of the public offering, the company successfully secured ₹1,305 crore from anchor investors. A major portion of the fresh capital, approximately ₹1,621 crore, is earmarked for the repayment or prepayment of loans for the company and its subsidiary. The remaining amount will be allocated for general corporate purposes. The company's borrowings were close to ₹1,950 crore as of March 2025.
Subscription Status and Investor Categories
The response to the IPO has been lukewarm. On the final day of bidding, the overall subscription stood at 20%. A breakdown reveals a tepid interest from institutional investors, with the Qualified Institutional Buyer (QIB) portion subscribed only 6%. The Non-Institutional Investor (NII) category saw a 14% subscription. In contrast, retail investors showed more confidence, subscribing to 70% of their reserved quota.
Investors can apply in lots of 69 shares, requiring a minimum investment of ₹14,973 for one lot at the upper price band. The allocation is structured with 75% for QIBs, 15% for NIIs, and 10% for retail investors.
Analyst Reviews and Grey Market Premium
Despite the subdued subscription, several brokerage firms have issued a 'Subscribe' recommendation for the IPO. SBI Securities noted that at the ₹217 price point, the IPO is valued at a P/E multiple of 40.7x based on FY25 earnings. The brokerage highlighted the company's strong financial performance and solid order book of 5.4 GW as of June 2025, deeming the issue fairly priced.
Reliance Securities recommended subscribing, citing the company's fully integrated manufacturing chain, a robust 5 GW+ order book, and expansion plans to reach over 16 GW module and 8 GW cell capacity by FY28.
However, the grey market premium (GMP) has seen a sharp decline. The Emmvee Photovoltaic IPO GMP has dropped to ₹3, its lowest level, indicating a potential listing price of around ₹220, a modest 1.38% premium over the issue price.
Allotment and Listing Timeline
According to the IPO schedule, the final allotment of shares is expected to be completed on November 14. Successful investors can then look forward to the stock's debut on the bourses, which is tentatively scheduled for Tuesday, November 18.
Disclaimer: This analysis is for informational purposes only. The views expressed are those of individual analysts. Investors are strongly advised to consult with certified financial experts before making any investment decisions, as market conditions are subject to change.
