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2h ago

Emmvee Photovoltaic Opens Rs 2,900 Crore IPO as Grey-Market Signals Point to Modest Premium

Proceeds target debt reduction, signaling a balance‑sheet focus at a fast‑growing, large‑scale solar manufacturer.

Incorporated in March 2007, Bengaluru-based Emmvee Photovoltaic Power is an integrated solar PV module and cell manufacturer.
IPO GMP Today

Overview

  • The subscription window runs Nov. 11–13, with allotment on Nov. 14, demat credits and refunds on Nov. 17, and listing on BSE and NSE on Nov. 18.
  • The book-built offer totals about Rs 2,900 crore, comprising a fresh issue of up to Rs 2,143.86 crore and an OFS of up to Rs 756.14 crore, priced at Rs 206–217 per share with a lot size of 69 shares (Rs 14,973).
  • Grey-market premium stood at Rs 20 on Nov. 11, implying roughly a 9% listing uplift versus the upper band, though GMP is informal and speculative.
  • Emmvee positions itself as an integrated PV module and cell maker using TOPCon technology, with 7.80 GW module and 2.94 GW cell capacities as of June 30.
  • The company reported Q1 FY26 PAT up 581% year-on-year to Rs 187.68 crore on total income of Rs 1,042.22 crore, and it plans to use proceeds to pare debt and for general corporate purposes.