Emmvee Photovoltaic IPO Opens Nov 11

New Delhi, Nov 5 (PTI) Makers of solar photovoltaic modules and solar cells Emmvee Photovoltaic Power Ltd is gearing up to launch its initial public offering (IPO) on November 11, aiming to raise Rs 2,900 crore.

The initial share sale will conclude on November 13. Shares will be allocated to anchor investors on November 10, according to the red herring prospectus (RHP).

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 for 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 is a pure-play integrated solar PV (photovoltaic system) module and solar cell manufacturing company. It has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW as of May 31, 2025.

According to a Crisil report, India's solar PV module and cell manufacturing capacities have surged from 21 GW and about 3.2 GW, respectively, in March 2022 to 82 GW and 23 GW, respectively, by March 2025, driven by government policies to reduce reliance on imports, market dynamics and a growing commitment to renewable energy.

By the end of FY30, domestic module and cell manufacturing industries' nameplate capacities are expected to reach 175-185 GW and 85-95 GW, respectively, the report added.

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company have been appointed as merchant bankers to manage the IPO.