Emmvee Photovoltaic IPO Subscribed 97% on Final Day

New Delhi, Nov 13 (PTI) The initial share sale of Emmvee Photovoltaic Power Ltd received 97 per cent subscription of the issue size on the final day of bidding on Thursday.

The Rs 2,900-crore initial public offering (IPO) got bids for 7,50,44,538 shares against 7,74,27,183 shares on offer, translating to 97 per cent subscription, as per the data available on the NSE.

The part for qualified institutional buyers fetched 1.26 times subscription, while the portion for retail individual investors was subscribed 1.10 times. The category for non-institutional investors subscribed 30 per cent.

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

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 for general corporate purposes.

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.