Emmvee Photovoltaic IPO closes with 102% subscription on Day 3; retail, QIB portions fully booked: Check latest GMP

Emmvee Photovoltaic IPO allotment likely to finalised on November 14.

The initial public offering of Emmvee Photovoltaic has closed on its third and final day of public bidding (November 13). The Rs 2,900-crore IPO was subscribed 102 percent during its three days of public bidding.

The maiden public issue of the solar photovoltaic modules and solar cells-maker received bids for nearly 7.50 crore shares, as against an offer size of 7.35 crore shares at the upper end of the price band, according to data on NSE. Retail investors fully booked (116 percent) their reserved portion so far.

Non Institutional Investors (NII) subscribed 32 percent of the portion kept for them, while Qualified Institutional Buyers (QIB) fully booked (133 percent) their allotted quota.

Emmvee Photovoltaic IPO GMP:

The muted investor interest comes on the back of muted grey market expectations. Ahead of listing, the unlisted shares of the company were trading with 0 percent grey market premium (GMP) over the IPO price, according to data on Investorgain. This is lower than the 9 percent GMP quoted by the site a day before the IPO opened for public bidding.

According to IPO Watch, the unlisted shares of the company were trading with 2.30 percent GMP over the IPO price in the grey market, ahead of listing.

About Emmvee Photovoltaic IPO:

Emmvee Photovoltaic launched its IPO earlier this week to raise Rs 2,900 crore from the primary market through a fresh issue of shares worth Rs 2,143.9 crore and an offer for sale of Rs 756.1 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha. The price band has been set at Rs 206-217 per share.

Investors could bid for a minimum of 69 shares, requiring an investment of Rs 14,973 at the upper price band, and in multiples thereafter. The allotments are likely to be finalized by November 14, and the shares are scheduled to be listed on stock exchanges on November 18.

Should you apply?

Angel One cited the company’s strong financial performance. It valued the issue at 20x FY26 annualised earnings and about 41x FY25 earnings, noting that the valuation is at a marginal discount to larger peers. Emmvee’s growth prospects justify a 'Subscribe' rating for long-term investors. However, the brokerage cautioned that customer concentration (top 10 clients contributing nearly 94 percent of revenue) and dependence on imported raw materials remain key risks.

Anand Rathi values Emmvee Photovoltaic Power as India’s second-largest pure-play integrated solar PV module and cell manufacturer, known for reliable products and advanced technology. It highlighted the company’s early lead in adopting high-efficiency TOPCon cells, integrated operations supporting productivity and sustainability, and strong client relationships that underpin a growing order book. At the upper price band, the issue is valued at a P/E of 40.7x on FY25 earnings, with a post-issue market cap of Rs 15,024 crore. The brokerage recommends a “Subscribe - Long Term” rating.

HDFC Securities cited Emmvee's position as India’s second-largest pure-play integrated manufacturer of solar photovoltaic modules and cells, with current installed capacities of 7.8 GW (modules) and 2.94 GW (cells). The brokerage noted that the company’s early adoption of high-efficiency tunnel oxide passivated contact (TOPCon) technology, partnership with Germany’s Fraunhofer ISE for R&D, and rapid scale-up from 0.5 GW in 2022 to current levels give it a technological edge. It also pointed to a substantial order book of 5.36 GW as of June 2025 and plans to expand total capacity to 16.3 GW by FY28, positioning it well to capture domestic and export opportunities amid India’s renewable energy transition.

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