Updated on 18.11.2025 @ 10:12 AM
Emmvee Photovoltaic Power Limited is launching its mainboard Initial Public Offering (IPO) on November 11, 2025.
The company is seeking to raise up to ₹2,900 crores through an issue that includes a substantial fresh issue of shares and an Offer for Sale (OFS) by its promoters.
The price band has been fixed at ₹206 to ₹217 per share, with a lot size of 69 shares.
The IPO is already generating positive buzz in the unlisted market, with a Grey Market Premium (GMP) of ₹20, indicating healthy investor interest.
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In this article, you will find Emmvee Photovoltaic IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review.
Briefs of Emmvee Photovoltaic IPO Details
- Price Band: ₹206 – ₹217 per share
- IPO Open / Close Dates: November 11, 2025 – November 13, 2025
- Lot Size: 69 Shares
- Issue Size: ₹2,900 Crores (Fresh Issue of ₹2,143.86 Cr + OFS of ₹756.14 Cr)
- Fresh Issue / OFS: Both
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE & NSE
Check the Grey Market Premium (GMP) for upcoming IPOs
What is Emmvee Photovoltaic IPO GMP Today?
- Note: The current Grey Market Premium (GMP) of ₹20 suggests a potential listing premium of around 9-10% over the upper price band. GMP is an unofficial indicator and changes frequently based on market sentiment and subscription demand.
The issue is listed neutral.
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 217 | 217 | 0.0 |
Source: BSE India
What are The Emmvee Photovoltaic IPO Dates & Allotment Schedule?
- IPO Open & Close Date: November 11, 2025 – November 13, 2025
- Basis of Allotment Date: November 14, 2025
- Refund Initiation Date: November 17, 2025
- Credit of Shares: November 17, 2025
- Listing Date: November 18, 2025
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What are The Objectives of Emmvee Photovoltaic IPO?
The company intends to utilise the net proceeds from the fresh issue for a major financial deleveraging:
- Repayment/Prepayment of Borrowings (₹1,621.29 Crores): The vast majority of the fresh issue proceeds will be used to reduce the company's substantial debt load significantly. This will strengthen the balance sheet and reduce financial costs.
- General Corporate Purposes: The balance amount will be used for other strategic and operational requirements.
- Note: The proceeds from the Offer for Sale (OFS) component of ₹756.14 crores will go directly to the selling promoters and will not be received by the company.
What is Financial Performance of Emmvee Photovoltaic?
(Amounts in ₹ Crores)
Particulars | FY25 | FY24 | FY23 |
Total Income | ₹2,360.33 | ₹954.44 | ₹644.37 |
Profit After Tax (PAT) | ₹369.01 | ₹28.90 | ₹8.97 |
Emmvee has demonstrated explosive growth in its financial performance. The company's revenue has nearly quadrupled in two years.
The profitability story is even more spectacular, with the profit after tax (PAT) surging from just ₹8.97 crores in FY23 to a massive ₹369.01 crores in FY25. This dramatic improvement in margins and profitability is a key highlight.
However, this growth has been fueled by a significant amount of debt, which the IPO aims to address.
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Industry Outlook
Emmvee is a key player in India's booming solar energy sector. As the second-largest integrated solar module and cell manufacturer, the company is at the forefront of India's green energy transition. The demand for solar power is set to grow exponentially, driven by the government's ambitious renewable energy targets, corporate sustainability goals, and the increasing cost-competitiveness of solar energy. As a domestic manufacturer, Emmvee is also a prime beneficiary of policies like the Production Linked Incentive (PLI) scheme and import duties on solar components.
What are The Strengths and Risks of Emmvee Photovoltaic IPO?
Strengths:
- Leading Market Position: A top-tier player in the high-growth solar manufacturing industry.
- Spectacular Financial Growth: A proven track record of rapidly growing revenues and explosive profit growth.
- Strong Order Book: A confirmed order book of over 4.7 GW provides strong revenue visibility.
- Government Policy Support: Beneficiary of favorable government policies promoting domestic solar manufacturing.
Risks:
- High Debt Levels: The company has a significant amount of debt on its books, although the IPO proceeds will be used to reduce this substantially.
- Extreme Customer Concentration: This is a major red flag. The top 10 customers contribute over 93% of the company's revenue in the recent period. The loss of a single major client could severely impact the business.
- Doesn't Meet Standard IPO Norms: The company is coming to the market under a special provision (Regulation 6(2)) because it doesn't meet certain net tangible asset criteria, mandating a 75% allocation to institutional investors (QIBs).
- High Inventory Days: The company's inventory days have increased, indicating potential challenges in managing its stock.
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What are The Expert Recommendations – Should You Apply?
Subscribe for Listing Gains & Long-Term
The Emmvee Photovoltaic IPO presents a compelling opportunity to invest in a leader of India's solar revolution, but it comes with the significant risk of customer concentration.
- For Long-Term Investors: This is a pure-play bet on India's green energy story. The company's market position and growth are very strong. However, long-term investors must be comfortable with the high dependence on a few key customers.
- For Listing Gains: The healthy Grey Market Premium of around ₹20 indicates strong investor demand and the possibility of decent listing day gains of around 9-10%. This makes the IPO attractive for those seeking short-term gains.
- Our View: The IPO is a classic case of high growth vs. high risk. The valuation, at a P/E of around 15x-16x based on FY25 earnings, is very attractive for a company in a high-growth sector. This reasonable pricing, coupled with the strong market sentiment, makes it a compelling bet. We recommend "Subscribe" for both potential listing gains and long-term holding, while being fully aware of the concentration risks.
Key Takeaways
- IPO Price Band: ₹206 – ₹217 per share
- Lot Size: 69 Shares (Minimum Investment: ₹14,973)
- GMP Today: ₹20 (Indicating a healthy premium of ~9-10%)
- Allotment & Listing Dates: Tentative listing on November 18, 2025.
- Recommendations of experts: Subscribe. A market-leading company in a sunrise sector with explosive growth and an attractive valuation, but with a major risk of high customer concentration.
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FAQs on Emmvee Photovoltaic IPO
What is Emmvee Photovoltaic IPO price band?
The price band for the IPO is set at ₹206 to ₹217 per equity share.
What is Emmvee Photovoltaic IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Friday, November 14, 2025.
How to check Emmvee Photovoltaic IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.You can also check your IPO allotment status at the respective exchange.
What is Emmvee Photovoltaic IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE and NSE on Tuesday, November 18, 2025.
Should I apply for Emmvee Photovoltaic IPO?
This is a recommended IPO for investors with a moderate to high-risk appetite. The company offers a strong growth story in the solar sector at an attractive valuation. However, investors must be comfortable with the very high customer concentration risk.
Useful Links: Emmvee Photovoltaic IPO RHP
Disclaimer:
This content is for informational purposes only and does not constitute financial advice. Please consult a professional before making any investment decisions.
