Emmvee Photovoltaic Power IPO to Open on November 11, Aiming to Raise ₹2,900 Crore

New Delhi, November 6, 2025: Emmvee Photovoltaic Power Ltd, a leading solar module and cell manufacturer, will open its initial public offering (IPO) on November 11, 2025, with a total issue size of ₹2,900 crore. The IPO is set to close on November 13, 2025. According to the company’s red herring prospectus (RHP), anchor investors will receive their allotment on November 10, 2025.

Emmvee Photovoltaic Power manufactures both solar photovoltaic (PV) modules and solar cells. It offers complete solutions across the clean energy value chain. As of May 31, 2025, the company operated with a solar PV module production capacity of 7.80 GW and a solar cell manufacturing capacity of 2.94 GW.

Initial Public Offering Highlights

Emmvee Energy Ltd’s IPO comprises a fresh issue of equity shares worth ₹2,143.86 crore and an offer for sale (OFS) of ₹756.14 crore by the promoters.

The company plans to use ₹1,621 crore from the fresh issue to repay or prepay existing borrowings and interest of Emmvee and its major subsidiary, with the remaining proceeds allocated for general corporate purposes. According to the draft prospectus, total borrowings stood at approximately ₹1,950 crore as of March 2025.

The book-running lead managers for the IPO are JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company.

Industry Overview

India’s solar PV manufacturing industry has experienced rapid growth in recent years. According to a Crisil report, the country’s solar module capacity more than quadrupled from 21 GW in March 2022 to 82 GW in March 2025, while solar cell capacity increased substantially from 3.2 GW in March 2022 to 23 GW by March 2025.

The significant growth is primarily driven by government policies to increase domestic manufacturing, lessen the dependence on imports, and promote the greater adoption of renewable energy.

Crisil estimates that by FY2030, India’s solar module capacity is projected to increase to 175 to 185 GW, while solar cell capacity could reach 85 to 95 GW.

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