Emmvee Photovoltaic Power Ltd. IPO
IPO Timeline
Category-wise Subscription
| Category | Sub (x) | Offered | Bid For | Amt (Cr)* |
|---|---|---|---|---|
| QIB | — | 100,230,415 (75%) | — | ₹217,500 Cr |
| NII (HNI) | — | 20,046,083 (15%) | — | ₹43,500 Cr |
| Retail | — | 13,364,055 (10%) | — | ₹29,000 Cr |
| Σ Total | — | 133,640,553 (100%) | — | ₹2,900,000 Cr |
Only available investor categories are shown. Amount is auto-calculated when shares offered and issue price are available.
Issue Details
Minimum Investment (Lot-wise)
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 69 | ₹14,973 |
| Retail (Max) | 13 | 897 | ₹194,649 |
| S-HNI (Min) | 14 | 966 | ₹209,622 |
| B-HNI (Min) | 67 | 4,623 | ₹1,003,191 |
Financial Statements Amount in ₹ Crore
| Metric | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue | 1,042 | 2,360 | 954 |
| EBITDA | 347 | 722 | 120 |
| Profit After Tax | 188 | 369 | 29 |
| Net Worth | 719 | 531 | 163 |
| Total Assets | 4,348 | 3,914 | 2,190 |
| Reserves & Surplus | 609 | 529 | 161 |
| Total Borrowing | 2,032 | 1,950 | 1,441 |
Valuation & Key Ratios
Grey Market Premium (GMP)
GMP is an unofficial grey market indicator and does not guarantee actual listing price. Invest at your own risk.
Objects of the Issue
- 1 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
- 2 General corporate purposes – 438.71
Company Overview
Incorporated in March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturer.
As of May 31, 2025, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW.
The company's product portfolio includes bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules.
The company has four manufacturing units across two Karnataka locations on 22.44 acres.
As of May 31, 2025, the company's Solar cell manufacturing unit at Dobbaspet, Bengaluru, Karnataka, is one of India's largest TOPCon solar cell facilities by capacity.
The company's customers include independent power producers (“IPPs”), entities in the commercial and industrial (“C&I”) sector, and engineering, procurement, and construction (“EPC”) service providers in both public and private sectors. Key customers include Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group. In 2023- 2023, we served 525 customers.
As of March 31, 2025, the company had 611 full-time employees.
Competitive Strength:
- Second largest pure-play integrated solar PV module and cell manufacturers in India.
- One of the largest solar PV module manufacturers in India with a track record of delivering quality products.
- Early mover advantage in leveraging higher efficiency TOPCon cell technology.
- Advanced manufacturing units are driving efficient and sustainable operations.
- Valued relationships with a diverse customer base backed by a substantial order book.
- Experienced Promoter-led senior management team.