Emmvee Photovoltaic Power Ltd is all set to launch its Initial Public Offering (IPO) on November 11, 2025. The company had filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) earlier this year on July 6. Emmvee Photovoltaic is a solar module manufacturer engaged in the production of solar photovoltaic (PV) modules and solar cells.

The subscription window for the Emmvee Photovoltaic IPO will be open from November 11 to November 13, 2025. The allotment process for the IPO is expected to be finalised on November 14, 2025 and the shares will be listed on both NSE and BSE. The tentative listing date is fixed as November 18, 2025.

Emmvee Photovoltaic IPO Details

Issue Structure: As per the RHP, the 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.
Price Band: The price band is set between ₹206 and ₹217 per share.
Lot Size (for retail investors): 69 shares per lot
Minimum Investment (for retail investors): ₹14,214 per lot
Allotment & Listing: The basis of allotment will be finalised by November 14, 2025, and tentative listing on BSE and NSE is November 18, 2025.
Book-running Lead Managers: 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.
Registrar: KFin Technologies Limited

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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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