Bengaluru-based Emmvee Photovoltaic Power Ltd, one of India’s largest integrated solar PV module manufacturers, has announced the price band for its upcoming ₹2,900-crore initial public offering (IPO). The company has fixed the price range between ₹206 and ₹217 per share, with the issue scheduled to open on November 11 and close on November 13.
Retail investors can bid for a minimum of one lot of 69 shares, requiring an investment of ₹14,973 at the upper end of the price band. Post-issue, Emmvee Photovoltaic Power is expected to command a market capitalisation of around ₹15,024 crore.
The IPO comprises a fresh issue of ₹2,143.9 crore and an offer-for-sale (OFS) of ₹756.1 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha. The company plans to utilise ₹1,621 crore from the proceeds to repay or prepay outstanding loans of the firm and its key subsidiary, besides allocating funds for general corporate purposes.
As of May 31, 2025, Emmvee operates with a solar PV module manufacturing capacity of 7.80 GW and solar cell capacity of 2.94 GW. The company’s financial performance has seen a sharp upswing — profit for FY25 surged nearly 13 times to ₹369 crore, compared to ₹28.9 crore in FY24, while revenues jumped 145% to ₹2,335.6 crore.
The IPO is being managed by JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company. The share allotment will be finalised on November 14, with trading expected to begin on November 18.
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