Emmvee Photovoltaic IPO Date, Review, Price, Allotment Details
The Emmvee Photovoltaic IPO will open on November 11, 2025, and close on November 13, 2025. It is a Book Built Issue through which the company aims to raise approximately ₹2,900 crores, including a fresh issue of ₹2,143.86 crores and an offer for sale of up to 3,48,45,069 equity shares with a face value of ₹2 each.
The IPO price band has been set at ₹206 to ₹217 per share, with 10% reserved for retail investors, 75% for QIBs, and 15% for HNIs. The IPO allotment date is November 14, 2025, and the listing is expected on the BSE and NSE on November 18, 2025.
Financially, the company’s revenue grew to ₹2,360.33 crores in 2025 from ₹954.44 crores in 2024, while profits increased to ₹369.01 crores from ₹28.90 crores during the same period. Considering these strong financials, long-term investors may find this IPO a promising opportunity.
Emmvee Photovoltaic IPO Details
IPO Open Date November 11, 2025 IPO Close Date November 13, 2025 Face Value ₹2 Per Equity Share IPO Price Band ₹206 to ₹217 Per Share Issue Size Approx ₹2,900 Crores Fresh Issue Approx ₹2,143.86 Crores Offer for Sale: Approx 3,48,45,069 Equity Shares Issue Type Book Built Issue IPO Listing BSE, NSE DRHP Draft Prospectus 
RHP Draft Prospectus
Emmvee Photovoltaic IPO Market Lot
The minimum market lot for the Emmvee Photovoltaic IPO is 69 shares, requiring an application amount of ₹14,973. Retail investors can apply for up to 13 lots, comprising a total of 897 shares with a maximum investment of ₹1,94,649.
Application Lot Size Shares Amount Retail Minimum 1 69 ₹14,973 Retail Maximum 13 897 ₹1,94,649 S-HNI Minimum 14 966 ₹2,09,622 S-HNI Maximum 66 4,554 ₹9,88,218 B-HNI Minimum 67 4,623 ₹10,03,191
IPO Reservation
Investor Category Share Offered -% Shares Anchor Investor – Shares -% QIB (Ex. Anchor) 4,00,92,166 Shares 75% NII Shares Offered 2,00,46,083 Shares 15% Retail Shares Offered 1,33,64,055 Shares 10%
Emmvee Photovoltaic IPO Anchor Investors
Anchor Bidding Date November 10, 2025 Anchor Investors List Shares Offered 6,01,38,249 Shares Anchor Size 1305.00 Cr. lock-in period end date 50% shares (30 Days) December 14, 2025 lock-in period end date 50% shares (90 Days) February 12, 2026
Emmvee Photovoltaic IPO Dates
The Emmvee Photovoltaic IPO will open on November 11 and close on November 13. The IPO allotment is scheduled to be finalized on November 14, and the listing is expected on November 18.
IPO Open Date: November 11, 2025 IPO Close Date: November 13, 2025 Basis of Allotment: November 14, 2025 Refunds: November 17, 2025 Credit to Demat Account: November 17, 2025 IPO Listing Date: November 18, 2025 IPO Bidding Cut-off Time: November 13, 2025 – 5 PM
Promoters and Holding Pattern
The promoters of Emmvee Photovoltaic Limited are Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.
Particular Shares % Share Promoter Holding Pre-Issue 59,35,49,550 100% Promoter Holding Post Issue 69,23,45,033 -%
Objects of the Issue & Utilisation of Proceeds
Purpose Crores Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary ₹1,621.29 General Corporate Purpose ₹-
About Emmvee Photovoltaic IPO
Founded in 2007, Emmvee Photovoltaic is one of India’s leading companies in the solar energy sector, specializing in the production of solar cells and solar panels. As of March 31, 2025, it stands among the largest solar PV module manufacturers in the country in terms of production capacity.
The company’s solar PV modules have earned multiple international quality certifications, reflecting their reliability, performance, and durability. Emmvee operates four manufacturing facilities spread across 22.44 acres in two locations in Karnataka.
Backed by experienced and visionary promoters, the company continues to drive strong growth. Notably, Emmvee Photovoltaic holds the position of being the second-largest manufacturer in India, producing both solar panels and solar cells.
Emmvee Photovoltaic IPO Company Financial Report
Amount ₹ in Crores
Period Ended Revenue Expense PAT Assets 2023 ₹644.37 ₹632.70 ₹8.97 ₹840.79 2024 ₹954.44 ₹906.82 ₹28.90 ₹2,189.99 2025 ₹2,360.33 ₹1,877.51 ₹369.01 ₹3,913.94 June 2025 ₹1,042.22 ₹802.03 ₹187.68 ₹4,347.72
Emmvee Photovoltaic IPO Valuation – FY2025
Check Emmvee Photovoltaic IPO valuations detail like Earnings Per Share (EPS), Price/Earnings P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
KPI Values ROE: 104.60% ROCE: 23.33% EBITDA Margin: 30.91% PAT Margin: 15.80% Debt to equity ratio: 3.63 Earning Per Share (EPS): ₹6.22 (Basic) Price/Earnings P/E Ratio: N/A Return on Net Worth (RoNW): 69.44% Net Asset Value (NAV): ₹8.95
Peer Group Comparison
Company EPS PE Ratio RoNW % NAV Income Waaree Energies Limited 68.24 50.47 20.34% 329.96 14,444.50 Cr. Premier Energies Limited 21.35 51.30 33.21% 62.61 6,518.75 Cr. Vikram Solar Limited 4.61 70.97 11.26% 39.24 3,423.45 Cr. Saatvik Green Energy Limited 19.09 27.49 63.41% 30.14 2,158.39 Cr. Websol Energy Systems Limited 36.66 33.83 55.65% 65.88 575.46 Cr.
IPO Lead Managers aka Merchant Bankers
- JM Financial Ltd.
- IIFL Capital Services Ltd.
- Jefferies India Pvt.Ltd.
- Kotak Mahindra Capital Co.Ltd.
Company Address
Emmvee Photovoltaic Power Ltd.
13/1, International Airport Road
Bettahalasur Post
Bengaluru, Karnataka, 562157
Phone: +91 80 2217 4524
Email: investorrelations@emmvee.in
Website: https://www.emmveepv.com/
IPO Registrar
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: Emmvee.ipo@kotak.com
Website: https://ipostatus.kfintech.com/