Emmvee Photovoltaic Power came to market through an IPO that opened on 11 November 2025 and closed on 13 November 2025, and the shares listed on 18 November 2025 on BSE, NSE. The price band was ₹206 to ₹217 per share and one lot was 69 shares, so the minimum application was ₹14,973. The issue size was ₹2900 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
Kfin Technologies Ltd was the registrar to the issue, and JM Financial Ltd, IIFL Capital Services Ltd, Jefferies India Pvt.Ltd, Kotak Mahindra Capital Co.Ltd were the lead managers.
As of 13 November 2025.
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Incorporated on March 2007, Emmvee Photovoltaic Power Limited is an integrated solar PV module and cell manufacturing company. The company has, as of May 31, 2025, a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW. The product range of the company consists of bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules.
The company operates four production facilities in two locations in Karnataka spanning 22.44 acres.As of May 31, 2025, the Solar cell manufacturing unit of the company at Dobbaspet, Bengaluru, Karnataka is India's largest TOPCon solar cell facility by capacity. The customers of the company are independent power producers (IPPs), organizations in the commercial and industrial (C&I) sector, and engineering, procurement, and construction (EPC) service providers in public and private sectors.
The key customers are Ayana Renewable Power, Clean Max Enviro Energy, Hero Rooftop Energy, Prozeal Green Energy, KPI Green Energy, Aditya Birla Renewables, Blupine Energy, Lineage Power, BN Peak Power-I, KMV Projects, Powertrack Packaging, SILRES Energy, Kintch Synergy, Zodiac Energy, E Ramamurthy Minerals and Metals, InSolare Energy, Universal Transformers, and Mars Energy Group. During 2023- 2023, we had served 525 customers. As of March 31, 2025, the company employed 611 full-time people.
As described in the offer document.
| Metric | 30-Jun-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
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Emmvee Photovoltaic IPO, anchor investors pick shares worth Rs 1,305 cr. A number of global names participated in this round, including Abu Dhabi Investment Authority, Ashoka WhiteOak, Amundi Funds, Prudential Hong Kong, Eastspring Investments, BNP Paribas Funds, Societe Generale, Morgan Stanley, Goldman Sachs, Nomura Singapore, and Citigroup.
It attracted 10 domestic mutual funds-ICICI Prudential MF, Kotak Mahindra AMC, 360 ONE, WhiteOak Capital, Franklin India, Tata MF, Aditya Birla Sun Life AMC, HDFC AMC, Edelweiss, and Motilal Oswal AMC, which subscribed to 2.99 crore equity shares, aggregating 49.81 percent of the anchor portion, through their 26 schemes.
Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, Sumanth Manjunatha Donthi. Promoter holding 100% before the issue and 80.70% after.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Emmvee Photovoltaic Power IPO was a ₹2,900 crore book-built issue, comprising a fresh issue of ₹2,143.86 crore and an offer for sale of ₹756.14 crore. It was priced at ₹206–₹217 per share with a lot size of 69 shares (₹14,973). The IPO was open from November 11 to November 13, 2025 and was subscribed 1.02x. Shares listed on BSE and NSE on November 18, 2025 at ₹217, in line with the issue price of ₹217.
Kfin Technologies Ltd is the registrar. JM Financial Ltd and 3 other book running lead managers manage the issue.
The price band of Emmvee Photovoltaic Power IPO is ₹206 to ₹217 per share.
The lot size of Emmvee Photovoltaic Power IPO is 69 shares.
The minimum investment for Emmvee Photovoltaic Power IPO is approximately ₹14,973 based on the upper price band.
The allotment date of Emmvee Photovoltaic Power IPO is Nov 14, 2025.
Emmvee Photovoltaic Power IPO listed on Nov 18, 2025. It was issued at ₹217.0(NSE) and is currently around ₹236.00 as on 2-Nov-2026 3:30 PM, which is approximately 8.8% versus issue price. The 52-week high is ₹371.55.
You can check Emmvee Photovoltaic Power IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Emmvee Photovoltaic Power IPO allotment status on Rupix for quick and easy access.
₹206 to ₹217 per share, against a face value of ₹2. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 69 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,973.
₹14,973, for one lot of 69 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 11 November 2025 and closed on 13 November 2025.
The basis of allotment was published on 14 November 2025 by Kfin Technologies Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 18 November 2025 on BSE, NSE.
The issue size was ₹2900 crore. The fresh issue was 9,87,95,483 shares (aggregating up to ₹2143.86 crore). The offer for sale was 3,48,45,069 shares (aggregating up to ₹756.14 crore).