Solar panel manufacturer Emmvee Photovoltaic Power is set to launch its ₹2,900-crore IPO on November 11. This makes it the fifth solar cell and module maker to enter the market in just over a year, after Waaree Energies, Premier Energies, Vikram Solar, and Saatvik Green Energy, which together raised over ₹10,000 crore through IPOs.
The Bengaluru-based company is among the largest solar PV module manufacturers in India.
Out of the total issue size, ₹2,143.9 crore will come from a fresh issue of shares, while ₹756.1 crore worth shares will be sold by the promoters Manjunatha Donthi Venkatarathnaiah and his wife Shubha through an offer-for-sale.
The anchor book for institutional investors will open on November 10, while the public issue will remain open till November 13.
The company is expected to finalise share allotment on November 14, and the stock is likely to list on exchanges from November 18.
Emmvee manufactures solar PV modules and cells using advanced TOPCon technology, which is known for higher efficiency and improved power output.
The company plans to use ₹1,621.3 crore from the IPO proceeds to repay debts of both the company and its subsidiary EEPL. The remaining funds will go towards general corporate purposes.
Founded in 2007, Emmvee currently has a 7.80 GW solar module production capacity and a 2.94 GW solar cell capacity as of June 2025.
The company is adding an additional 2.50 GW module line, and it also intends to set up 6.00 GW of new integrated module and cell capacity.
With these expansions, Emmvee plans to reach a module capacity of 16.30 GW and cell capacity of 8.94 GW by the first half of FY 2028.
The company has performed commendably on financials. For the three months to June 2025, Emmvee said it recorded a profit of ₹187.7 crore, a jump of 581% from ₹27.6 crore during the same quarter last year.
Revenue for the quarter surged sharply to ₹1,027.8 crore, up 208% from ₹333.2 crore in the year-ago period.
Emmvee reported a profit of ₹369 crore for FY 2025, up from ₹28.9 crore in the previous year, thus growing nearly 13-fold.
Revenue for the same period was up 145% at ₹2,335.6 crore, compared to ₹951.9 crore in the previous fiscal.
The IPO is being managed by JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company.
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