Emmvee Photovoltaic IPO Subscribed 17% on Day 2

New Delhi, Nov 12 (PTI) The initial share sale of Emmvee Photovoltaic Power Ltd was subscribed 17 per cent on the second day of bidding on Wednesday.

The initial public offering (IPO) received bids for 1,33,70,613 shares against 7,74,27,183 shares on offer, according to the details available with the NSE.

The part for retail individual investors received 61 per cent subscription, while the portion for non-institutional investors was subscribed 11 per cent. The category for qualified institutional buyers subscribed 6 per cent.

On Monday, solar photovoltaic modules and solar cells maker Emmvee Photovoltaic Power Ltd has mobilised Rs 1,305 crore from anchor investors.

The Rs 2,900-crore initial public offering (IPO) will conclude on November 13. The company has fixed a price band at Rs 206-217 per share.

At the upper end, the company is targeting a valuation of over Rs 15,000 crore.

The IPO comprises a fresh issue of shares worth Rs 2,143.86 crore and an offer for sale (OFS) of shares valued at Rs 756.14 crore by promoters, aggregating the issue size to Rs 2,900 crore.

Proceeds from the fresh issue worth a little over Rs 1,621 crore will be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary, and a general corporate purposes.

As of March 2025, the company's borrowings stood at close to Rs 1,950 crore, the draft papers showed.

Emmvee Photovoltaic Power will make its stock market debut on November 18.

It is the leading pure-play integrated solar PV (photovoltaic system) module and solar cell manufacturing company. It has a solar PV module production capacity of 7.8 GW and a solar cell production capacity of 2.94 GW as of May 31, 2025.