Solar panels maker Emmvee Photovoltaic Power to launch Rs 2,900-crore IPO on November 11

Emmvee Photovoltaic Power IPO News

Bengaluru-based Emmvee Photovoltaic Power, one of the largest solar PV module manufacturers in India, is set to hit Dalal Street with its Rs 2,900-crore worth initial public offering on November 11.

The company is issuing fresh shares worth Rs 2,143.9 crore, and promoters - Manjunatha Donthi Venkatarathnaiah and his wife Shubha - will be offloading Rs 756.1 worth shares via offer-for-sale.

The one-day IPO anchor book will open on November 10, while the public issue will close for the public on November 13. The company will finalise IPO share allotment by November 14, while the trading in Emmvee shares will commence on the bourses effective November 18.

Emmvee Photovoltaic that makes solar PV modules and cells using advanced TOPCon technology will utilise Rs 1,621.3 crore for repaying debt of its own and subsidiary EEPL, and the remainder funds for general corporate purposes.

Incorporated in 2007, the company has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW as of June 2025.

It is currently adding a 2.50 GW solar PV module production capacity line, and intends to add a 6.00 GW integrated solar cell and solar PV module production capacity. As a result, "we aim to increase 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," Emmvee said.

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The financial performance in the recent past years has been strong with Emmvee reporting profit of Rs 187.7 crore in the June 2025 quarter, growing 581 percent over Rs 27.6 crore in corresponding period last year, and revenue at Rs 1,027.8 crore, increasing 208.4 percent from Rs 333.2 crore in the same period.

Profit in the fiscal 2025 stood at Rs 369 crore, soaring nearly 13-fold from Rs 28.9 crore in previous fiscal. Revenue from operations during the same financial years surged 145.4 percent to Rs 2,335.6 crore, against Rs 951.9 crore.

This will be fifth solar photovoltaic (PV) module and solar cell manufacturing company launching IPO in the last more than a year period after Waaree Energies, Premier Energies, Vikram Solar, and Saatvik Green Energy which raised over Rs 10,000 crore via IPO.

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are managing the Emmvee Photovoltaic Power IPO.