Summary of this article
Emmvee Photovoltaic’s shares listed flat at Rs 217 on both NSE and BSE
At the opening price, the company's market capitalisation stood at Rs 15,023.89 crore
Emmvee Photovoltaic IPO had received an overall subscription of 1.02 times
Shares of solar PV module and cell maker Emmvee Photovoltaic made a flat debut on the bourses on November 18. The stock listed at Rs 217, the upper end of its issue price, on both the NSE and BSE, and offered no listing gains to investors.
Ahead of its listing, Emmvee’s shares were trading with nil grey market premium (GMP), according to websites that track unofficial market activity, already indicating a muted debut.
Since the Emmvee Photovoltaic IPO’s launch, open for subscription from November 11 to 13, the GMP has been on a gradual decline, falling from a peak of around Rs 20, quoted just a day before the bidding window opened, to zero by listing day.
Emmvee Photovoltaic IPO Details
Through the initial public offering (IPO), Emmvee Photovoltaic raised Rs 2,900 crore by issuing 98.79 million fresh equities worth Rs 2,143.86 crore, and an offer-for-sale (OFS) component of 38.84 million shares aggregating up to Rs 756.14 crore.
The solar PV manufacturer offered its shares with a price band of Rs 206-217 per share. For retail investors, the application size was 69 shares and in multiples thereof, requiring a minimum investment of Rs 14,973.
JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital were the book running lead managers, and KFin Technologies was the registrar to the issue.
According to its red herring prospectus (RHP), the company plans to use Rs 1,621.29 crore out of the net proceeds for repayment or prepayment of all or certain outstanding borrowings of the company or its subsidiaries. The rest Rs 438.71 crore, the company said it will use for general corporate purposes.
Emmvee Photovoltaic IPO Subscription Details
Emmvee Photovoltaic IPO received an overall subscription of 1.02 times the shares on offer by the end of the final day of subscription. Qualified Institutional Buyers (QIBs) booked the issue 1.26 times, Non-Institutional Investors (NIIs) subscribed 0.30 times, while the retail investor category saw 1.10 times subscription.
Emmvee Photovoltaic Financials
Emmvee reported a total income of Rs 1,042.22 crore in the quarter ended June 30, 2025 (Q1FY26) and a profit after tax (PAT) at Rs 187.68 crore. Its Ebitda came in at Rs 347.38 crore.
For the full financial year FY25, the company's total income stood at Rs 2,360.33 crore, up from Rs 954.44 crore in FY24 and Rs 644.37 crore in FY23. Its PAT stood at Rs 369.01 crore in FY25 as against Rs 28.90 crore in FY24, and Rs 8.97 crore in FY23. Ebitda, too, saw some growth, rising to Rs 721.94 crore in FY25, up from Rs 120.44 crore in FY24, and Rs 56.27 crore in FY23.
The company's net worth, as of Q1YF26, stood at Rs 718.79 crore. Its borrowings however, have seen a steady rise over the past years, rising from Rs 519.62 crore in FY23 to now Rs 2,032.11 crore.
