The much-anticipated initial public offering (IPO) of Emmvee Photovoltaic Power has completed its subscription process and is now preparing for its stock market debut this week. The solar energy company's mainboard IPO will begin trading on Indian exchanges following a subscription period that fell just short of complete uptake.
IPO Subscription and Market Response
The three-day subscription window for Emmvee Photovoltaic IPO opened on November 11 and closed on November 13, with the company finalizing share allotment on Friday, November 14. According to official NSE data, the IPO garnered subscriptions for 7,50,44,538 shares, representing 97% of the 7,74,27,183 shares offered to investors.
Investor category analysis reveals a mixed response across different segments. Qualified institutional buyers (QIBs) showed moderate interest with 1.26 times subscription of their reserved portion, while retail individual investors (RIIs) subscribed 1.10 times their allocated shares. However, the non-institutional investor (NII) category demonstrated limited enthusiasm with only 30% subscription of their available quota.
Listing Details and Grey Market Premium
Emmvee Photovoltaic shares are scheduled to make their stock market debut on Tuesday, November 18, with listing on both premier Indian exchanges - the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Current indications from the unofficial market suggest investors should prepare for a flat opening.
As per Investorgain data, the shares are currently commanding a premium of ₹0 in the grey market, indicating the estimated listing price will likely match the issue price of ₹217 per share. The GMP for Emmvee Photovoltaic IPO has fluctuated between a high of ₹20 and the current low of ₹0, reflecting changing market sentiment during the subscription period.
IPO Structure and Financial Utilization
The Emmvee Photovoltaic IPO comprises a fresh issue of shares worth ₹2,144 crore combined with an offer for sale of ₹756 crore by company promoters. With the total issue size reaching ₹2,900 crore and priced in the ₹206 to ₹217 per share band, the company achieves an estimated valuation of approximately ₹15,000 crore at the upper price limit.
The capital raised through this public offering will serve specific corporate purposes, with ₹1,621 crore allocated for repaying or prepaying certain loans taken by Emmvee and its subsidiary. The remaining proceeds will be directed toward general corporate requirements. Company documents reveal that Emmvee's total borrowings stood at nearly ₹1,950 crore as of March 2025, indicating significant debt reduction through this IPO.
The upcoming listing represents a crucial milestone for Emmvee Photovoltaic Power as it transitions into a publicly traded entity while navigating current market conditions that suggest cautious investor appetite for new listings in the renewable energy sector.
