Investor participation remained muted by the end of Day 2, with the issue subscribed to just 17%, receiving around 1.33 crore bids against 7.74 crore shares on offer.
According to market observers, Emmvee’s grey market premium (GMP) has continued to decline, slipping to 1.38% over its issue price, down from 2.3% earlier and sharply lower than the 9.22% seen previously. The sustained fall signals waning investor sentiment toward the issue.
The IPO, which will remain open until November 13, 2025, is priced in the range of Rs 206–217 per share. The company’s shares are expected to list on both the BSE and NSE later this month.
The offer comprises a fresh issue of shares worth Rs 2,144 crore and an offer for sale (OFS) of Rs 756 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi, who plan to sell about 3.48 crore shares. Post-issue, the promoters’ combined holding will fall from 100% to around 80.7%.
Emmvee Photovoltaic Power IPO subscription status
By the end of Day 2, the Emmvee Photovoltaic Power IPO had achieved an overall subscription level of 17%.
Retail Individual Investors (RIIs): The retail segment showed relatively stronger interest, with 61% of the 1.40 crore shares reserved for this category subscribed by the close of the second day.
Non-Institutional Investors (NIIs): The NII portion saw moderate participation, recording 11% subscription against 2.11 crore shares on offer.
Qualified Institutional Buyers (QIBs): Demand from institutional investors remained weak, with only 6% of the 4.22 crore shares reserved for QIBs subscribed so far.
Emmvee Photovoltaic Power IPO GMP Today
The grey market premium (GMP) for the Emmvee Photovoltaic Power IPO is currently around Rs 3, indicating a 1.38% premium over the upper end of the issue price band at Rs 217 per share. The GMP has continued to weaken, down from 2.3% earlier and sharply lower than around 9% previously, reflecting cooling investor sentiment toward the issue.
Based on current GMP trends, Emmvee Photovoltaic Power’s estimated listing price is projected to be around Rs 220 per share.
Emmvee Photovoltaic Power IPO details
The Emmvee Photovoltaic Power IPO is valued at Rs 2,900 crore in total. It comprises a fresh issue of 9.88 crore shares aggregating to Rs 2,143.86 crore and an offer for sale (OFS) of 3.48 crore shares worth Rs 756.14 crore. The price band for the issue has been set at Rs 206–217 per share.
The subscription window opened on November 11 and will close on November 13, 2025. The basis of allotment is expected to be finalized on November 14, while the company’s shares are likely to be listed on the BSE and NSE on November 18, 2025.
India’s second-largest integrated solar module manufacturer
Emmvee Photovoltaic Power is India’s second-largest integrated solar cell and module manufacturer, with an installed capacity of 7.8 GW for modules and 2.94 GW for solar cells as of June 2025. The company produces both bifacial and monofacial solar modules using TOPCon (Tunnel Oxide Passivated Contact) technology — one of the most efficient and widely adopted innovations in the global solar industry.
Emmvee operates a fully integrated manufacturing model that spans the entire value chain — from solar cell production to module assembly — reducing dependency on third-party suppliers, improving cost efficiency, and ensuring consistent product quality. The company is also listed on the Approved List of Models and Manufacturers (ALMM) maintained by the Ministry of New and Renewable Energy (MNRE), providing it with a regulatory advantage.
From the IPO proceeds, Emmvee plans to utilize Rs 1,621 crore for debt repayment, a move expected to strengthen its balance sheet and enhance profitability. The remaining funds will be allocated for general corporate purposes.
Expansion plans in the pipeline
The Bengaluru-based Emmvee Photovoltaic Power is on a strong growth trajectory, supported by significant capacity expansion plans. The company aims to add 2.5 GW of new module capacity by FY26 and establish an additional 6 GW of integrated solar cell and module capacity by the first half of FY28. Upon completion, Emmvee’s total manufacturing capacity will rise to 16.3 GW for solar modules and 8.94 GW for solar cells, positioning it among India’s largest renewable energy manufacturers.
As of June 2025, Emmvee reported an order book of 5.36 GW, driven by strong B2B demand. The company supplies its products to leading developers and industrial clients, benefiting from India’s policy push for solar energy and domestic manufacturing incentives under the Production Linked Incentive (PLI) scheme.
Financial performance: Strong growth and healthy margins
Emmvee has delivered robust financial growth over the past two years. Revenue surged from Rs 618 crore in FY23 to Rs 2,336 crore in FY25, while profit after tax (PAT) jumped from Rs 9 crore to Rs 369 crore during the same period. Its EBITDA margin improved sharply to 30.9% in FY25 from 9.1% in FY23, supported by operational efficiencies and scale expansion.
Return ratios have strengthened notably as well. Return on Equity (RoE) rose to 68.7% in FY25 from 6.4% in FY23, while the debt-to-equity ratio stood at 3.6x in FY25. The ratio is expected to decline post-IPO following the planned debt repayment.
At the upper end of the price band (Rs 217), Emmvee’s valuation translates to a price-to-earnings (P/E) multiple of 40.7x based on FY25 earnings and 20x on annualized Q1 FY26 earnings. Analysts consider the issue reasonably valued compared to peers such as Waaree Energies and Premier Energies.
Analyst view: Subscribe for long term
In its IPO note, SBI Securities has given a “Subscribe for Long Term” recommendation on Emmvee Photovoltaic Power, citing its strong position in India’s renewable energy supply chain, robust growth outlook, and impressive financial turnaround.
“We expect profitability to improve further following debt repayment from the IPO proceeds. We recommend investors subscribe to the issue at the cut-off price with a long-term investment horizon,” the brokerage said.
However, SBI Securities also flagged key risks investors should monitor, including high client concentration, with the top 10 customers contributing over 85% of total revenue, and heavy reliance on imported raw materials, primarily sourced from China.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)