Emmvee Photovoltaic Power IPO

The Emmvee Photovoltaic Power IPO will open for subscription from November 11, 2025 to November 13, 2025. The book-build issue includes an offer for sale of 3.48 crore shares aggregating to ₹756.14 crores and a fresh issue of 9.88 crore shares aggregating to ₹2,143.86 crores. The IPO has a face value of ₹2 per share and an issue price band of ₹206 to ₹217 per share.

To be listed on BSE and NSE, the Emmvee Photovoltaic Power IPO has a lot size of 69 shares. The lot size investment for sNII is 14 lots (966 shares) amounting to ₹2,09,622, and for bNII it is 67 lots (4,623 shares) amounting to ₹10,03,191. The minimum amount of investment required by a retail investor is ₹14,973 (69 shares) based on the upper price band. The IPO allotment is expected to be finalized on November 14, 2025.

The tentative listing date is fixed as November 18, 2025. Kfin Technologies Ltd. is the registrar of the issue, and JM Financial Ltd. is the book running lead manager.

Company Background

Founded in 2007, Emmvee Photovoltaic Power Ltd. is based in Bengaluru, Karnataka. The company is a leading Indian renewable energy enterprise specializing in the integrated manufacturing of high-performance solar PV modules and solar cells. It serves both the domestic market and international customers across Europe, Africa, and the Middle East.

Under the visionary leadership of founder D.V. Manjunatha, the company began with a manufacturing capacity of 15 MW for photovoltaic modules, which grew to 500 MW by 2017.

Today, the company operates multiple state-of-the-art manufacturing facilities in Karnataka. As of mid-2025, the solar PV module production capacity is approximately 7.80 gigawatts (GW), and the solar cell manufacturing capacity is around 2.94 GW, making it the second-largest pure-play integrated solar PV manufacturer in India.

Operations & Product Range

Emmvee Photovoltaic Power Ltd. operates four state-of-the-art manufacturing facilities across Karnataka, spanning an area of approximately 22.44 acres. It is one of India’s largest integrated solar photovoltaic (PV) module and cell manufacturers, with a production capacity of 7.80 GW for solar PV modules and 2.94 GW for solar cells.

The company’s product portfolio includes bifacial and monofacial TOPCon solar cells and modules, along with high-performance Mono PERC (Passivated Emitter and Rear Cell) modules. These products cater to various applications, from utility-scale solar power plants to commercial rooftop installations. Emmvee was among the first few Indian firms to adopt Tunnel Oxide Passivated Contact (TOPCon) solar cell technology, which enhances energy conversion efficiency and module durability.

Emmvee’s manufacturing operations comply with internationally recognized standards such as IEC 61215, IEC 61730, ISO 9001 for quality management, and ISO 14001 for environmental management.

Additionally, the company provides comprehensive engineering, procurement, and construction (EPC) services, managing turnkey solar projects, including rooftop PV systems and large ground-mounted solar farms.

Revenue Channels

Emmvee Photovoltaic Power Ltd. generates its primary revenue from the sale and manufacturing of solar PV modules and cells, supplemented by EPC services for solar power projects. The company’s core revenue stream comes from supplying high-efficiency solar modules and cells to customers including utility-scale solar developers, independent power producers, commercial and industrial clients, and government-backed renewable energy projects.

Stable revenue visibility is ensured through long-term supply contracts and framework agreements with domestic and international clients such as NTPC Renewable Energy Ltd., Ayana Renewable Power, and Aditya Birla Renewables.

The EPC business contributes a significant portion of total revenue by executing end-to-end solar installations involving design, procurement, and construction of solar power plants across India. This segment benefits from government-backed solar initiatives and rising commercial rooftop adoption.

Management and Shareholding

The founding team of Emmvee Photovoltaic Power Ltd. includes Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi.