Emmvee Photovoltaic IPO GMP: Solar Module Maker’s Public Issue Opens For Bidding - Check Subscription, Price Band and Other Details

Emmvee Photovoltaic IPO GMP: The public issue of Emmvee Photovoltaic Power Ltd (Emmvee Photovoltaic IPO) opened for subscription on November 11. The three-day subscription window for the public issue is scheduled to close on November 14.

Here are some key details of the public issue that applicants should know before applying for Emmvee Photovoltaic IPO:

Emmvee Photovoltaic IPO GMP

Emmvee Photovoltaic’s unlisted shares are commanding a GMP ranging between Rs 10 and Rs 20 per share, according to multiple websites that track the demand for shares of unlisted companies. Based on the GMP of Rs 20, shares of Emmvee Photovoltaic Ltd are likely to make a decent market debut at Rs 237 apiece with gains of over 9 per cent.

Emmvee Photovoltaic IPO: Subscription Update

Emmvee Photovoltaic IPO has been subscribed to 5 per cent so far on the first day of subscription, receiving applications for more than 3.53 million shares against the 77.42 million shares set aside for the category.

So far, retail investors are leading the demand for the solar module maker’s shares. Retail investors have booked their quota in Emmvee Photovoltaic's IPO as much as 21 per cent so far on the first day of subscription, placing bids for 3.21 million shares against the 14.07 million shares offered for subscription. Non-institutional investors (NIIs) applied for 5,16,810 shares, compared to the 21.11 million shares set aside for NIIs, booking their quota in the Emmvee Photovoltaic IPO, which is 2 per cent.

At the time of writing, qualified institutional buyers (QIBs) have made no bids for shares. Emmvee Photovoltaic Power Ltd has set aside 42.23 million shares for the QIB category.

Emmvee Photovoltaic IPO: Anchor Investors

Emmvee Photovoltaic Power Ltd anchor round witnessed participation from 55 anchor investors on November 10. The solar module maker raised Rs 1,305 crore in the anchor round. Some of the notable global investors that participated in the anchor round include Abu Dhabi Investment Authority (ADIA), Ashoka WhiteOak, and Amundi Funds Prudential Hong Kong, Eastspring Investments, BNP Paribas Funds, Société Générale, Morgan Stanley, Goldman Sachs, Nomura Singapore and Citigroup.

As many as ten domestic mutual fund houses also took part in the anchor round, the list included ICICI Prudential Mutual Fund, Kotak Mahindra Asset Management Company (AMC), Tata Mutual Fund, Aditya Birla Sun Life AMC, HDFC AMC, 360 ONE, WhiteOak Capital, Franklin India, Edelweiss and Motilal Oswal AMC.

Emmvee Photovoltaic IPO: Issue Size, Price Band, and Key Dates

Emmvee Photovoltaic IPO issue size aggregates to Rs 2,900 crore. The public issue has a fresh issue component of 98.8 million shares aggregating to Rs 2,143.86 crore and an offer for sale component of 34.8 million shares aggregating to Rs 756.14 crore.

Emmvee Photovoltaic IPO price band has been set at Rs 206 to Rs 217 per share. Retail individual investors (RIIs) can apply for the solar module manufacturer’s public issue by placing bids for 69 shares or 1 lot aggregating to an investment of Rs 14,973.

Emmvee Photovoltaic IPO will announce the share allotment status of the public issue on November 14. Successful applicants will receive shares of Emmvee Photovoltaic in their demat accounts on November 17. Shares of Emmvee Photovoltaic will tentatively list on the BSE and NSE. Emmvee Photovoltaic Ltd shares will tentatively be listed on November 18.

Emmvee Photovoltaic Power Ltd: Key Financials

The solar module maker has not announced its financial results for the September quarter of FY 2026-27. However, the company posted a total income of Rs 1,042.22 crore, profit-after-tax of Rs 187.68 crore, and net worth of Rs 718.79 crore in the quarter ended June 30, 2025.

In FY 2025-26, Emmvee Photovoltaic Power Ltd’s total income stood at Rs 2360.33 crore, rising by over 147 per cent compared to Rs 954.44 crore in the preceding fiscal. Emmvee Photovoltaic Power Ltd turned profitable in FY25, reporting a net profit of Rs 369.01 crore after posting a net loss of Rs 28.9 crore in FY24. Emmvee Photovoltaic Power Ltd’s net worth surged by over 226 per cent to Rs 531.41 crore in FY25 compared to Rs 162.77 crore in FY24.

Emmvee Photovoltaic IPO: Reservation

Emmvee Photovoltaic IPO has set aside 75 per cent of the offer size for QIBs, 10 per cent of the issue has been reserved for NIIs, and 15 per cent of the issue has been set aside for the retail category.

Emmvee Photovoltaic IPO: Registrar

The book-running lead manager for Emmvee Photovoltaic IPO is JM Financial Ltd, and Kfin Technologies Ltd. is the registrar of the issue.

Emmvee Photovoltaic: Promoters

Emmvee Photovoltaic’s promoters include Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.

Emmvee Photovoltaic IPO: Objective

Emmvee Photovoltaic Power Ltd plans to use the money raised via the public issue for repayment or prepayment of the company’s outstanding borrowings and accrued interest. The funds will also be used for general corporate purposes.

About Emmvee Photovoltaic Power Ltd

Emmvee Photovoltaic Power Ltd is an integrated solar photovoltaic module and cell manufacturer. The products made by the company include bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules. The company has four manufacturing units located across Karnataka.