Emmvee Photovoltaic Power files draft papers for Rs 3,000-crore IPO, aims to reduce debt significantly

Emmvee Photovoltaic Power IPO

Bengaluru-based Emmvee Photovoltaic Power, one of the largest solar PV module manufacturers in India, has filed preliminary papers with the SEBI on July 6 to raise Rs 3,000 crore via initial public offering (IPO), planning to reduce debt significantly through the fund raise.

The IPO will comprise of fresh issuance of equity shares worth Rs 2,143.9 crore, and an offer-for-sale of Rs 856.1 crore by promoters Manjunatha Donthi Venkatarathnaiah, and Shubha Manjunatha Donthi.

The India's second largest pure-play solar photovoltaic (PV) module and solar cell manufacturer may consider raising funds up to Rs 428.8 crore in pre-IPO round. If it manages to close this pre-IPO placement, the fresh issue size of IPO will get reduced to the extent of the said amount.

Emmvee Photovoltaic plans to utilise fresh issue proceeds mainly for reducing debt by Rs 1,607.9 crore, and the remainder funds for general corporate purposes. "As of June 14 this year, the consolidated outstanding borrowings were at Rs 2,709.7 crore," the company in its DRHP said.

The company has a solar PV module production capacity of 7.80 GW and a solar cell capacity of 2.94 GW. It uses tunnel oxide passivated contact (TOPCon) technology to manufacture solar cells.

Click Here To Read All IPO News

It is currently in the process of adding a 2.50 GW solar PV module production capacity line, and intends to add a 6 GW integrated solar cell and solar PV module production capacity.

With this, "we aim to increase our solar PV module production capacity to 16.30 GW and solar cell production capacity to 8.94 GW by the first half of fiscal 2028," said Emmvee, which competes with three listed peers - Websol Energy Systems, Waaree Energies, and Premier Energies.

In the last three financial years, it served around 525 customers including Clean Max Enviro Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables Solar, Blupine Energy, Lineage Power, KMV Projects, SILRES Energy Solutions, Zodiac Energy, InSolare Energy, Universal Transformers and Mars Energy Group, Inc.

At the end of fiscal 2025, it has a substantial outstanding order book of 4.89 GW of solar PV modules. Further, during April-May this year, it has received additional orders for supply of 1.01 GW of solar PV modules.

On the financial front, Emmvee Photovoltaic Power has recorded healthy profit of Rs 369 crore for the year ending March 2025, growing nearly 13-fold from Rs 28.9 crore in the previous year. Revenue during the same period increased by 145.4 crore to Rs 2,335.6 crore, up from Rs 951.9 crore.

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are appointed as merchant bankers to manage the Emmvee Photovoltaic Power IPO.