Emmvee Photovoltaic Power makes flat debut; shares list at par with IPO price

Shares of Emmvee Photovoltaic Power made a flat debut on the domestic bourses on Tuesday, with its shares listing at ₹217 on both the BSE and the NSE, at par with the initial public offering (IPO) price. The solar PV module and cell manufacturer was commanding a market capitalisation of ₹15,024 crore at listing.

The listing was largely in line with Street expectations, as the IPO’s grey market premium (GMP) had remained at ₹0 ahead of listing, indicating a muted debut.

The ₹2,900-crore issue saw a subdued response during the three-day bidding window, falling short of full subscription. The IPO garnered bids for 7,50,44,538 shares, or 97% of the 7,74,27,183 shares on offer, according to NSE data.

While the retail category subscribed 1.10 times and the qualified institutional buyers (QIB) portion 1.26 times, demand from non-institutional investors (NIIs) remained weak at just 0.30 times.

The public issue comprised a fresh issue worth ₹2,143.86 crore and an offer for sale (OFS) of shares amounting to ₹756.14 crore. The IPO was open for subscription from November 11 to November 13 at a price band of ₹206–217 per share and lot size of 69 shares.

Ahead of the IPO, the company raised ₹1,305 crore from anchor investors on November 10, 2025.

Founded in 2007, Emmvee Photovoltaic Power is an integrated solar PV module and cell manufacturer. As of May 31, 2025, the company operated 7.80 GW of solar module capacity and 2.94 GW of solar cell capacity, positioning its Dobbaspet, Bengaluru facility among India’s largest TOPCon solar cell manufacturing units. Its product range spans bifacial and mono-facial TOPCon modules, TOPCon cells, and mono PERC modules.

The company operates four manufacturing units across two locations in Karnataka spread over 22.44 acres. Its customer base includes independent power producers (IPPs), commercial and industrial (C&I) clients, and EPC players.

Emmvee Photovoltaic has demonstrated strong financial growth, with revenue surging 147% and profit after tax (PAT) rising 1,177% between FY24 and FY25. The company reported assets of ₹4,347.72 crore as of June 30, 2025, compared with ₹3,913.94 crore as of March 31, 2025.

Total income stood at ₹1,042.22 crore for the June quarter of 2025, while it rose to ₹2,360.33 crore in FY25, compared with ₹954.44 crore in FY24. Profit after tax (PAT) was ₹187.68 crore for June 2025, ₹369.01 crore in FY25, ₹28.90 crore in FY24.

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