Emmvee Photovoltaic Power IPO Nears Full Subscription Status at 97 Percent Ahead of Close Today
By Shishta Dutta | Updated at: Nov 14, 2025 09:15 AM IST
Mumbai, November 13, 2025 – The ₹2,900 crore IPO of Emmvee Photovoltaic Power Limited witnessed a strong late-afternoon surge on Thursday, with overall subscription climbing to 97 percent as of 5:00 PM, just ahead of the issue’s close today. Robust demand from Qualified Institutional Buyers (QIBs) and sustained retail participation pushed the issue close to full subscription.
Emmvee Photovoltaic Power IPO, priced at ₹206–₹217 per share, opened on November 11 and closes today, November 13, with allotment slated for November 14.
Final-Hour Subscription Status (as of 5:00 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 4,22,33,010 | 5,31,96,792 | 1.26 |
| Non-Institutional Investors (NIIs) | 2,11,16,504 | 63,22,194 | 0.30 |
| Retail Individual Investors (RIIs) | 1,40,77,669 | 1,55,25,069 | 1.10 |
| Total | 7,74,27,183 | 7,50,44,055 | 0.97 |
Key Reading
- QIBs fully subscribed their portion (1.26x), led by aggressive bidding from FIIs, who submitted bids for 2.75 crore shares, complemented by strong demand from domestic financial institutions and mutual funds.
- Retail subscription crossed 1.10x, keeping the category oversubscribed well ahead of the close.
- NIIs reached 30 percent, aided by increased bidding in the ₹2–10 lakh segment, which climbed to 51 percent subscription.
Cumulative Bids Across Price Levels
| Price (₹) | Cumulative Quantity |
|---|---|
| 217.00 | 7,46,50,962 |
| 216.00 | 7,46,65,038 |
| 215.00 | 7,46,88,912 |
| 214.00 | 7,46,91,948 |
| 213.00 | 7,46,97,744 |
| 212.00 | 7,47,10,164 |
| Cut-off | 1,31,69,409 |
Total bids have surged to 7.50 crore, with strong concentration at upper price ranges and heavy cut-off bidding led by retail investors.
Strong Institutional Backing Pre-IPO
Earlier, on November 10, the company raised ₹1,304.9 crore from anchor investors, allotting 6.01 crore shares at ₹217 per share.
The anchor list featured major domestic mutual funds including ICICI Prudential, Kotak, HDFC, Tata, Aditya Birla Sun Life, and global names such as Abu Dhabi Investment Authority, Amundi Funds, BNP Paribas Funds, Ashoka Whiteoak, Goldman Sachs Bank Europe SE, Morgan Stanley Asia, and Nomura Singapore.
Key IPO Timeline
| Event | Date |
|---|---|
| Issue Close | November 13, 2025 |
| Allotment Finalization | November 14, 2025 |
| Refund & Share Credit | November 17, 2025 |
| Listing | November 18, 2025 |
Company Overview
Emmvee Photovoltaic Power Limited is one of India’s leading integrated solar module and cell manufacturers with 7.80 GW module and 2.94 GW cell capacity as of March 2025. The company aims to expand this to 16.30 GW and 8.94 GW by FY28.
Its products are listed under MNRE’s ALMM List I, supplying major government programmes including CPSU, PM-KUSUM, and PM Surya Ghar, positioning it strongly for domestic manufacturing-led growth in the clean energy sector.
About the Company:
Emmvee Photovoltaic Power Limited (CIN: U26101KA2007PLC042197) manufactures high-efficiency solar PV modules and cells for utility-scale and rooftop installations, with over 18 years of integrated manufacturing experience in India’s expanding renewable energy ecosystem.
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