Emmvee Photovoltaic Power Files Rs 3,000 Cr IPO

New Delhi, Jul 6 (PTI) Makers of solar photovoltaic modules and solar cells Emmvee Photovoltaic Power Ltd on Sunday filed preliminary papers with capital markets regulator Sebi to raise Rs 3,000 crore through an initial public offering (IPO).

The IPO comprises fresh issue of shares worth Rs 2,143.86 crore and an offer for sale (OFS) of shares valued Rs 856.14 crore by promoters, according to the draft red herring prospectus (DRHP).

Proceeds from the fresh issue to the tune of Rs 1,607.90 crore will be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary and a portion will be used for a general corporate purposes.

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


The Bengaluru-based company may mobilise up to Rs 428.77 crore through a pre-IPO placement. If this is done, the raised amount will be deducted from the total fresh issue.

Emmvee Photovoltaic Power 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 7.80 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.