Emmvee Photovoltaic IPO gets subscribed 12% on Day 2 so far; NII, retail investors lead - Check GMP

Emmvee Photovoltaic IPO sees robust subscription in primary market. 

Emmvee Photovoltaic IPO got subscribed 12 percent on the second day of bidding on Wednesday. The initial public offering (IPO) of Emmvee Photovoltaic Power Ltd received bids for 95.21-lakh shares against 7.74-crore shares on offer, as per the NSE data at around 12:15 p.m.

The part for retail individual investors received 48 percent subscription, while the quota for non-institutional investors was subscribed 8 percent. The category for qualified institutional buyers fetched 2 percent subscription. Earlier, the makers of solar photovoltaic modules and solar cells mobilised Rs 1,305 crore from anchor investors.

The Rs 2,900-crore initial public offering (IPO) will conclude on November 13. The company has fixed a price band at Rs 206 to Rs 217 per share.

Emmvee Photovoltaic IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of Emmvee Photovoltaic are commanding a GMP between 2-9 percent in the unregulated market. Investorgain quoted a GMP of Rs 5 for the shares of the company, indicating a listing gain of 2.3 percent. IPO Watch showed a GMP of 9 percent.

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Proceeds from the fresh issue worth a little over Rs 1,621 crore be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary and a general corporate purposes.

As of March 2025, the company's borrowings stood at close to Rs 1,950 crore, the draft papers showed.

Emmvee Photovoltaic Power will make its stock market debut on November 18.

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