Emmvee Photovoltaic IPO: Solar Energy Bet Opens for Investment
The initial public offering of Emmvee Photovoltaic Power Limited, a prominent manufacturer of solar photovoltaic modules and cells, will open for public subscription starting Tuesday, November 11, and continue through Thursday, November 13. The Bengaluru-based company has already generated significant investor interest by securing ₹1,305 crore from 55 anchor investors on November 10, just one day before the IPO launch.
Global institutional investors have shown strong confidence in the company, with participation from major names including Abu Dhabi Investment Authority, Ashoka WhiteOak, Amundi Funds, Prudential Hong Kong, Eastspring Investments, BNP Paribas Funds, Societe Generale, Morgan Stanley, Goldman Sachs, Nomura Singapore, and Citigroup.
IPO Pricing and Allocation Structure
Emmvee Photovoltaic has fixed its IPO price band between ₹206 to ₹217 per equity share, with each share having a face value of ₹2. The company has structured the allocation pattern with 75% reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail investors. Potential investors can place bids for a minimum of 69 shares and in multiples thereof.
The company has established itself as a significant player in the solar energy manufacturing sector, boasting an impressive production capacity of 7.80 GW for solar PV modules and 2.94 GW for solar cells as of May 31, 2025.
Grey Market Premium and Listing Expectations
The current grey market premium (GMP) for Emmvee Photovoltaic IPO stands at ₹20 per share. Based on the upper price band of ₹217 and the current premium, the estimated listing price is indicated at ₹237 per share, representing a 9.22% gain over the IPO price.
Market observers note that the IPO GMP trend has remained stable over the past seven sessions, with experts predicting this pattern will continue until the listing date. The grey market premium serves as an indicator of investor willingness to pay above the official issue price.
Expert Reviews and Investment Recommendations
SBICAP Securities has evaluated the offering as reasonably valued compared to industry peers. The brokerage anticipates improved profitability driven by debt repayment from IPO proceeds and recommends investors to SUBSCRIBE to the IPO at the cut-off price for long-term investment horizons.
Swastika Investmart noted that while the valuation appears fair to somewhat expensive at a P/E ratio of 34.9x compared to competitors like Websol and Saatvik, the company's steady growth trajectory, improving profit margins, and favorable industry dynamics position it well for long-term success. The brokerage highlighted Emmvee as an attractive opportunity in the renewable energy space, suitable for medium to long-term investment strategies.
IPO Structure and Utilization of Proceeds
The Emmvee Photovoltaic Power IPO comprises a fresh issue of shares worth ₹2,143.86 crore combined with an offer for sale (OFS) of shares worth ₹756.14 crore from promoters, resulting in a total issue size of ₹2,900 crore.
The company plans to allocate over ₹1,621 crore from the fresh issue proceeds toward repaying or prepaying loans and interest for the company and its primary subsidiary, with remaining funds designated for general corporate purposes.
The book-running lead managers for the IPO include JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company, while Kfin Technologies Ltd serves as the registrar for the offering.
