Emmvee Photovoltaic IPO Subscribed 9% on Day 1

New Delhi, Nov 11 (PTI) The initial share sale of Emmvee Photovoltaic Power Ltd was subscribed 9 per cent on the first day of bidding on Tuesday.

The initial public offering (IPO) received bids for 67,10,802 shares against 7,74,27,183 shares on offer, as per the NSE data.

The part for retail individual investors received 32 per cent subscription, while the quota for non-institutional investors was subscribed 6 per cent. The category for qualified institutional buyers fetched 2 per cent subscription.

On Monday, makers of solar photovoltaic modules and solar cells 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 to Rs 217 per share.

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

The IPO comprises 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 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.

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are the book-running lead managers for the IPO.