Emmvee Photovoltaic IPO Day 1: Check Subscription Status & Key Highlights

Emmvee Photovoltaic Power Ltd launched its Initial Public Offering (IPO) today on November 11, 2025. The subscription window for the Emmvee Photovoltaic IPO will be open from November 11 to November 13, 2025. Founded in 2007, Emmvee Photovoltaic is a solar module manufacturer engaged in the production of solar photovoltaic (PV) modules and solar cells. 

The allotment process for the IPO is expected to be finalised on November 14, 2025 and the shares of Emmvee Photovoltaic Power will be listed on both NSE and BSE. The tentative listing date is fixed as November 18, 2025. 

Emmvee Photovoltaic IPO Details

Emmvee Photovoltaic IPO is a book-building issue of ₹2900 crore. The issue is a combination of fresh issue of 9.88 crore shares aggregating to ₹2,143.86 crores and offer for sale of 3.48 crore shares aggregating to ₹756.14 crores. The IPO price band is set between ₹206  and ₹217 per share and the minimum lot size per application is 69. The minimum investment amount (for retail investors) is ₹14,214 per lot.

JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Jefferies India Private Limited and Kotak Mahindra Capital Company Limited are the book-running lead managers for the IPO. KFin Technologies Limited is the registrar for the issue.

Emmvee Photovoltaic IPO Day 1 Subscription Status

[11 November, 2025, 12 PM]

On Day 1, Emmvee Photovoltaic IPO saw a subscription rate of 0.04 times. The public issue was subscribed 0.19 times by the Retail Individual Investors (RIIs) and 0.02 times by the Non Institutional Investors (NIIs). It is yet to receive bids from the Qualified Institutional Buyers (QIBs).

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Utlisation of Proceeds

The Company propose to utilise the Net Proceeds from the fresh issue towards funding the following objects:

• Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and its material subsidiary, EEPL.
• General corporate purposes.

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About Emmvee Photovoltaic Power Ltd

Emmvee Photovoltaic Power Ltd was incorporated on March 21, 2007 and is headquartered in Bengaluru, Karnataka. The company is part of the broader Emmvee Group which has been active in the solar energy space (including solar water heating and PV modules) since the early 1990s.

It is engaged in the designing and manufacturing of high-performance solar photovoltaic (PV) modules and systems. It supplies modules for both rooftop and ground-mounted installations and is also involved in EPC (engineering, procurement and construction) services for large-scale solar projects in India and Europe.

For the year ended March 31, 2025, the company reported a total income of ₹ 2,360.33 crore, compared to ₹ 954.44 crore in FY 2024. The profit after tax (PAT) for FY 2025 was ₹ 369.01 crore, compared to just ₹28.90 crore in FY 2024.

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