Emmvee Photovoltaic Power IPO
Emmvee Photovoltaic Power IPO — date, price band, GMP & allotment 2025
Emmvee Photovoltaic Power IPO is expected to attract strong interest as the company is a leading solar module manufacturer in India. The company plans to use the funds for capacity expansion, working capital, and debt reduction. With growing demand for renewable energy and government focus on solar power, the IPO may benefit from positive sector outlook. Investors will watch financial performance and order book strength closely.
Stock price
Emmvee Photovoltaic Power is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 16 September.
- Open 11 Nov 2025
- Close 13 Nov 2025
- Allotment 14 Nov 2025
- Refund/credit 17 Nov 2025
- Listing 18 Nov 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 11 to 13 Nov, 2025 |
|---|---|
| Price Band | ₹206 to 217 |
| Face Value | ₹2 |
| Lot Size | 69 Shares |
| Issue Size | ₹2900 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,973 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 69 shares at the ₹217 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 69 | ₹14,973 |
| Retail (max) | 13 | 897 | ₹1,94,649 |
| S-HNI (min) | 14 | 966 | ₹2,09,622 |
| S-HNI (max) | 66 | 4,554 | ₹9,88,218 |
| B-HNI (min) | 67 | 4,623 | ₹10,03,191 |
Three years of numbers
All figures in ₹ crore, as reported in the Emmvee Photovoltaic Power offer document.
| Metric | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue | 1,042.22 | 2,360.33 | 954.44 |
| OPM % | 35 | ||
| EBITDA | 347.38 | 721.94 | 120.44 |
| Net Profit | 187.68 | 369.01 | 28.90 |
| Debt | 2,032.11 | 1,949.69 | 1,441.30 |
| Assets | 4,347.72 | 3,913.94 | 2,189.99 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Emmvee Photovoltaic Power RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Emmvee Photovoltaic Power IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹10.84 |
| P/E Ratio (x) | 20.01 |
| Market Cap at Offer Price (₹ Cr) | ₹3,757.06 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹217 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹438.71 Cr of the issue is earmarked to named objects.
About the company
The company is primarily engaged in the manufacturing of solar photovoltaic modules along with providing engineering, procurement and construction (EPC) services for solar power projects. Its business model is a mix of product sales and turnkey project execution, serving independent power producers, commercial and industrial clients, and government projects. Emmvee focuses on high-efficiency modules and customised solar solutions, aiming to benefit from the increasing shift towards renewable energy. By combining manufacturing capabilities with project execution, the company seeks to maintain steady growth and long-term client relationships.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
91 80 2217 4524
The bankers & the filings
Who is running the book, and the documents this page is built from.
Emmvee Photovoltaic Power IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
29 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Kotak Mahindra Capital Co.Ltd.
15 issues handledBest listing: Corona Remedies (+38.4%). Weakest: Amagi Media Labs (-12.2%).
Jefferies India Private Limited
7 issues handledBest listing: Dhoot Transmission (+37.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).
IIFL Capital Services Limited
25 issues handledBest listing: Corona Remedies (+38.4%). Weakest: Purple Style Labs (-7.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Emmvee Photovoltaic Power?
The current Grey Market Premium is ₹0.
What is the Emmvee Photovoltaic Power IPO price band?
₹206 to ₹217, on a face value of ₹2.
When is the allotment?
The basis of allotment is 14 November 2025, with listing on 18 November 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
