Emmvee Photovoltaic Power Makes Flat Market Debut at ₹217 on NSE and BSE

Mumbai, November 18, 2025: Emmvee‍‌‍‍‌‍‌‍‍‌ Photovoltaic Power Limited listed on the stock market in a subdued mood on Tuesday with a debut at ₹217 on both NSE and BSE i.e. at the upper end of the IPO price band. The share started trading at ₹217; and remained steady at the same level for most of the time.

Stock Performance

As of 11:59 am IST the stock was trading at ₹221 up 1.84%. The number of shares traded totaled nearly 11.25 lakhs with a turnover of ₹24.41 crores, while the VWAP was stable at ₹217. The company got listed at a market capitalisation of ₹15,023.89 crores though the order book revealed more selling pressure with a significantly higher number of sell orders than buy orders.

Backing of Anchors

Prior to the opening of the IPO, Emmvee Photovoltaic Power made a successful anchor book placement raising ₹1,304.9 crores on the 10th of November. This was done by allotting over 6 crores of shares at ₹217 each to 55 institutional investors. Participation came from top domestic mutual funds through 26 schemes; which accounted for almost half of the anchor portion. While large international investors like ADIA, Goldman Sachs Bank Europe, and Morgan Stanley Asia also took part. Although the listing was eventually subdued; the strong anchor response was a source of early confidence.

Numbers of Subscribers Around the Time of the Offer Close

The Emmvee Photovoltaic Power issue closed on November 13 after total subscriptions summed up to 0.97 times. A total of 7.50 crore valid bids were received against 7.74 crore shares offered by the company. The demand was largely from institutional buyers as the QIB category had subscribed 1.26 times. Retail investors had subscribed 1.10 times, however, non-institutional participants had a share of only 0.30 times. The moderate subscription levels are in line with the flat debut of the stock at the exchanges.

Company Overview and Capacity Expansion

Emmvee Photovoltaic Power is a integrated solar module and cell manufacturer of based out of the tech city of India – Bengaluru. The company is operating in both the rooftop and utility segments. The company has stated its module production capability to be 7.80 GW and its cell capacity to be 2.94 GW as of March 2025. The company, at present, is planning to increase its module and cell output to 16.30 GW and 8.94 GW respectively by the financial year 2028. The company has a product portfolio that includes high-efficiency TOPCon and Mono PERC modules that conform to the MNRE ALMM List I standards. Emmvee is a renewable energy supplier for large national programs such as CPSU, PM-KUSUM, and PM Sury Ghar, and simultaneously it is building a foothold in the international ‍‌‍‍‌‍‌‍‍‌market.

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