Emmvee Photovoltaic Power Limited, one of India’s leading solar panel manufacturing companies, plans to raise ₹2,900 Cr through an IPO.
[Fresh Issue ₹2,144 Cr + OFS ₹756 Cr]
Emmvee photovoltaic ipo price is ₹206 – ₹217 per share
Emmvee Photovoltaic: History
The Company was originally incorporated as Emmvee Toughened Glass and Photovoltaics Private Limited, a private limited company under the Companies Act, 1956, on March 21, 2007.
The Company was then converted into a public limited company under a special resolution passed by the shareholders on April 29, 2025, and its name was changed to Emmvee Photovoltaic Power Limited under a fresh certificate of incorporation issued by the RoC on May 07, 2025.
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Emmvee Photovoltaic: Business
Emmvee Photovoltaic Power Ltd. is the 2nd largest integrated solar photovoltaic module (PV module) and solar cell manufacturing company, and one of the largest solar photovoltaic module manufacturers in India (in terms of production capacity) as of March 31, 2025.
According to the Crisil Report, Emmvee is one of the early companies in India to adopt the higher efficiency Tunnel Oxide Passivated Contact (TOPCon) technology for producing solar cells as of March 2025.
The Company’s product portfolio comprises –
- Bifacial and mono-facial formats of TOPCon modules and cells,
- Bifacial and mono-facial formats of mono-passivated emitter, and
- Rear Contact (Mono PERC) modules.
As of May 31, 2025, the company has a solar cell production capacity of 2.94 GW and a solar PV module production capacity of 7.80 GW, with a track record of more than 18 years.
According to the Crisil Report, Emmvee was the only Indian company among four international players to have passed all seven tests through a single product type under the Kiwa PVEL product qualification program in FY 2024.
Market Share
As of May 2025, Emmvee holds a 5.1 percent share of ALMM-enlisted module capacity and serves major clients like Aditya Birla Renewables, Clean Max Energy, and Ayana Renewable Power.
Manufacturing Units
As of the date of this Draft Red Herring Prospectus (DRHP), Emmvee operates four manufacturing units across two locations in Karnataka, India, spread across a total land area of 22.44 acres.
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Strategies Ahead
- Expansion of the module and solar cell manufacturing capacity.
- Focus on backward integration and diversification of the supplier base.
- Focus on leveraging new technologies to improve efficiency.
- Strengthen presence across diverse client segments within India.
- Expand sales in overseas markets.
Company Promoters
- Manjunatha Donthi Venkatarathnaiah,
- Shubha Manjunatha Donthi,
- Suhas Donthi Manjunatha,
- Sumanth Manjunatha Donthi.
Refer to Emmvee Photovoltaic IPO RHP for detailed Information.
IPO Details
Emmvee photovoltaic ipo date: 11 – 13 Nov 2025
Minimum Amount: ₹14,973
Minimum Bid: 69 Shares
Face Value (FV): ₹1
Listing On = NSE, BSE
Book Running Lead Managers
JM Financial
IIFL Capital Services
Jefferies India
Kotak Mahindra Capital
Financial
CONCLUSION
FinBlab recommends ‘SUBSCRIBE‘ Ratings on Emmvee Photovoltaic IPO
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