Business EconomyPosted at: Nov 10 2025 3:03PM


Emmvee Solar to launch Rs 2,900 cr IPO on Nov 11

Bengaluru, Nov 10 (UNI) Emmvee Photovoltaic Power Limited, one of India’s leading integrated solar photovoltaic (PV) module and solar cell manufacturing companies, will open its initial public offering (IPO) for public subscription on November 11.
The issue will close on November 13.
The company has fixed a price band of Rs 206-217 per equity share with a face value of Rs 2 each. The Anchor Investor bidding opened on Monday.
The IPO consists of a fresh issue of equity shares aggregating up to Rs 2,143.86 crore and an offer for sale (OFS) of up to Rs 756.14 crore by existing shareholders, including promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi.
According to the Red Herring Prospectus (RHP), Emmvee is the second-largest pure-play integrated solar PV module and cell manufacturer in India in terms of production capacity as of March 31.
As of June 30, the company has a module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW. The company has a track record of over 18 years and is among the first in India to adopt the high-efficiency tunnel oxide passivated contact (TOPCon) technology in solar cell manufacturing.
The issue is being made through the Book Building process in compliance with SEBI regulations. Not less than 75 percent of the offer shall be available for allocation to Qualified Institutional Buyers (QIBs), not more than 15 percent to Non-Institutional Bidders (NIBs), and not more than 10 percent to Retail Individual Bidders (RIBs).
All bidders, except Anchor Investors, are required to apply using the Application Supported by Blocked Amount (ASBA) process. The equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Jefferies India Private Limited, and Kotak Mahindra Capital Company Limited are the Book Running Lead Managers (BRLMs) to the issue.
The company’s Red Herring Prospectus has been filed with the Registrar of Companies and is available on the websites of SEBI, BSE, NSE, the company and BRLMs.
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