Emmvee Photovoltaic IPO opened for subscription on November 11 and will remain open till November 13. The issue has so far been subscribed over 9% on the first day of bidding.
The company is a prominent integrated manufacturer of solar photovoltaic (PV) modules and solar cells, with an installed production capacity of 7.8 GW for PV modules and 2.94 GW for solar cells as of May 31, 2025.
Emmvee Photovoltaic IPO subscription status
Emmvee Photovoltaic IPO has been subscribed over 11% so far on the second day of bidding, as of 10:30 am.
The retail portion has been subscribed over 0.42 times, meanwhile, NIIs and QIB segment received 0.07 times and 0.02 times subscription. The IPO has received 83,55,210 share applications, against offered 7,74,27,183 shares.
Emmvee Photovoltaic IPO Review
Brokerage firm SBI Securities has given ‘subscribe’ rating to the Emmvee Photovoltaic IPO, saying that the IPO is valued at a P/E multiple of 40.7x based on its FY25 earnings on post-issue capital, and 20.0x considering the annualized earnings for 1QFY26.
“The company has demonstrated strong financial performance over the past two years, supported by a robust order book of 5.4 GW as of June 2025.
The issue appears fairly priced compared to its peers, and profitability is expected to improve following the repayment of debt from the issue proceeds. We recommend investors to SUBSCRIBE to the IPO at the cut-off price with a long-term investment horizon,” the brokerage firm said.
Emmvee Photovoltaic IPO GMP today
As of today, Emmvee Photovoltaic Power IPO is trading at a grey market premium (GMP) of ₹5. Given the upper price band of ₹217 per share, the estimated listing price is around ₹222 per share ( ₹217 + ₹5 GMP), implying an expected listing gain of roughly 2.3%. The current GMP marks a steep drop from ₹20 observed just a day earlier.
Emmvee Photovoltaic IPO details
The IPO consists of a fresh issue worth ₹2,143.86 crore and an offer for sale (OFS) of ₹756.14 crore by promoters, bringing the total issue size to ₹2,900 crore.
The company has set a price band of ₹206- ₹217 per share, aiming to raise ₹2,900 crore at the upper end of the range, valuing it at over ₹15,000 crore.
From the fresh issue proceeds, approximately ₹1,621 crore will be utilized to repay or prepay loans and interest for the company and its key subsidiary, while the rest will go toward general corporate purposes. As of March 2025, Emmvee’s total borrowings stood at about ₹1,950 crore, as per its draft filings.
Emmvee Photovoltaic Power is scheduled to list on the stock exchanges on November 18.