Emmvee Photovoltaic Power IPO: ₹30,000 Million Offer Approved, Listing on BSE & NSE Proposed
By HDFC SKY | Updated at: Jul 6, 2025 06:05 PM IST
Bengaluru, July 6, 2025: Emmvee Photovoltaic Power Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a proposed ₹3,000 crore (₹30,000 million) Initial Public Offering (IPO), comprising a mix of fresh issue and offer for sale, aiming to capitalize on India’s rapidly growing renewable energy market.
IPO Structure
The public issue consists of the following:
| Component | Details |
|---|---|
| Fresh Issue | Equity shares aggregating up to ₹2,143.86 crore |
| Offer for Sale (OFS) | Equity shares aggregating up to ₹856.13 crore |
| Total Issue Size | Up to ₹3,000 crore |
| Face Value | ₹2 per equity share |
| Promoter OFS Sellers | Manjunatha Donthi Venkatarathnaiah & Shubha Manjunatha Donthi |
| Regulation Cited | SEBI ICDR Regulations, 2018 – Regulation 6(2) |
The company may also consider a Pre-IPO placement of up to ₹428.77 crore, which will be deducted from the fresh issue, if executed.
Use of Proceeds
Net proceeds from the fresh issue are earmarked for the following:
| Purpose | Amount (₹ crore) |
|---|---|
| Repayment/prepayment of certain borrowings | 1,607.90 |
| General corporate purposes | To be finalized |
Promoter Holding Pattern
Before the IPO, the promoters collectively hold 100% of the paid-up equity capital:
| Name | No. of Equity Shares | Stake (%) |
|---|---|---|
| Manjunatha Donthi Venkatarathnaiah | 28.60 crore | 48.18 |
| Shubha Manjunatha Donthi | 28.60 crore | 48.18 |
| Suhas & Sumanth Donthi Manjunatha | 2.15 crore (combined) | 3.64 |
Both Manjunatha and Shubha are offering shares via the OFS worth ₹428.07 crore each.
Financial Snapshot
| Particulars | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Total Income (₹ million) | 23,603.25 | 9,544.44 | 6,443.70 |
| PAT (₹ million) | 3,690.14 | 288.99 | 89.71 |
| EBITDA Margin (%) | 30.91% | 12.65% | 9.10% |
| Net Worth (₹ million) | 5,314.08 | 1,627.71 | 1,339.68 |
| Return on Net Worth (%) | 69.44% | 17.75% | 6.70% |
Business Overview
Emmvee is India’s second-largest integrated solar PV cell and module manufacturer, with:
- Module capacity: 7.80 GW
- Cell capacity: 2.94 GW (as of May 31, 2025)
- Products: TOPCon bifacial/monofacial modules and Mono PERC modules
- Facilities: 4 units in Karnataka with two more under development
The company’s clientele includes major Indian developers such as Clean Max, Hero Rooftop, and Aditya Birla Renewables.
Book Running Lead Managers (BRLMs)
- JM Financial
- Kotak Mahindra Capital
- Jefferies India
- IIFL Capital Services
Listing Details
The equity shares are proposed to be listed on BSE and NSE, with the designated stock exchange to be confirmed in the RHP.
About the Company
Emmvee Photovoltaic Power Limited is a Bengaluru-based solar PV manufacturer, originally incorporated in 2007. It has evolved into a vertically integrated player across solar modules, cells, and green energy solutions. The company is not listed yet and has no prior public offerings.
REF:https://nsearchives.nseindia.com/corporate/Registration_06072025140125_Emmvee_DRHP.pdf
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