The initial public offering season continues to heat up on Dalal Street as another significant player prepares to enter the Indian primary market. Following recent IPOs from Lenskart and Groww, solar energy company Emmvee Photovoltaic is set to launch its ₹2,900 crore share sale this week, alongside PhysicsWallah's public offering.
Emmvee Photovoltaic IPO Essential Details
The Emmvee Photovoltaic IPO will open for subscription on Tuesday, November 11 and conclude on Thursday, November 13. Investors can expect the allotment process to be finalized by November 14, with the company's shares likely to debut on stock exchanges by November 18.
This book-built issue comprises a fresh equity share sale worth ₹2,143.86 crore combined with an offer for sale of 3.48 crore shares by the company's promoters. The price band has been established between ₹206 and ₹217 per share, requiring investors to apply in lots of 69 shares, which translates to an investment of ₹14,973 at the upper price limit.
IPO Objectives and Company Background
The company has outlined clear objectives for utilizing the funds raised through the fresh share sale. Approximately ₹1,621 crore will be allocated toward repayment or prepayment of loans and interest taken by Emmvee Photovoltaic and its key subsidiary, while the remaining amount will serve general corporate purposes.
According to industry classification, the IPO reservation structure favors qualified institutional buyers, with not less than 75% of the offer reserved for this category. Retail investors can access up to 10% of the offering, while non-institutional investors have a 15% allocation.
The promoters divesting their stake in this IPO are Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi. Remarkably, these promoters stand to gain a staggering 103,233% return on their initial investment at the upper price band, given their weighted average acquisition cost of merely ₹0.21 per share as detailed in the Red Herring Prospectus.
Market Sentiment and Industry Outlook
Ahead of its official market debut, Emmvee Photovoltaic is generating positive buzz in the grey market. The current grey market premium stands at ₹20, indicating shares are trading at ₹237 in unofficial markets—a 9% premium over the upper issue price of ₹217.
The company operates in India's rapidly expanding solar energy sector, which has witnessed extraordinary growth in recent years. India's solar PV module manufacturing capacity has skyrocketed from 21 GW in March 2022 to 82 GW by March 2025, while solar cell production capacity has expanded from approximately 3.2 GW to 23 GW during the same period.
This impressive growth trajectory is projected to continue, with domestic module manufacturing capacity expected to reach 175-185 GW and cell manufacturing capacity anticipated to hit 85-95 GW by fiscal year 2030. This expansion is largely driven by government initiatives aimed at reducing import dependency, favorable market conditions, and increasing commitment to renewable energy sources.
Emmvee Photovoltaic holds a significant position within this booming industry. A Crisil report identifies the company as the second-largest pure-play integrated solar PV module and solar cell manufacturer in India as of FY25. The company currently operates with a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW as of June 30, 2025.
The IPO is managed by a consortium of reputable book-running lead managers, including JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company, lending additional credibility to this public offering.
