Emmvee Photovoltaic Power Sets ₹2,900 Crore IPO Price Band at ₹206-₹217

Bengaluru-based Emmvee Photovoltaic Power, a major player in India's solar photovoltaic (PV) module manufacturing sector, is launching its Initial Public Offering (IPO) to raise ₹2,900 crore. The company has fixed its IPO price band at ₹206 to ₹217 per share. The subscription period for retail investors and others will commence on November 11, 2025, and conclude on November 13, 2025. The IPO comprises a fresh issue of shares worth ₹2,143.9 crore, intended for repaying loans and interest, and an offer for sale (OFS) of ₹756.1 crore by its promoters, Manjunatha Donthi Venkatarathnaiah and Shubha. Upon successful completion, the company's post-issue market capitalization is expected to be around ₹15,023.89 crore at the upper price band. Emmvee Photovoltaic Power is an integrated solar PV module and solar cell manufacturer with substantial production capacities. The company reported strong financial performance in fiscal year 2025, with profits surging to ₹369 crore from ₹28.9 crore in the previous fiscal, and revenues growing to ₹2,335.6 crore from ₹951.9 crore. The IPO is being managed by JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company. Trading is expected to commence on November 18, 2025.

Impact This IPO is significant for the renewable energy sector in India, potentially boosting investor confidence in solar manufacturing companies. It could lead to increased investment and expansion within the sector. The successful fundraising and listing could also influence the stock performance of related companies. Rating: 8/10

Difficult terms: IPO (Initial Public Offering): The first time a private company offers its shares to the public to raise capital. PV module (Photovoltaic module): A panel made of solar cells that converts sunlight into electricity. GW (Gigawatt): A unit of power, equal to one billion watts, used to measure large energy capacities. Offer for Sale (OFS): Existing shareholders sell their shares to new investors, allowing them to cash out without the company issuing new shares. Dalal Street: A nickname for the financial district in Mumbai, home to India's stock exchanges.