Upcoming IPO: Emmvee Photovoltaic Power Files DRHP for ₹3,000 Cr IPO

Bengaluru-based solar energy company Emmvee Photovoltaic Power has taken a significant step toward going public by filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on July 6. The firm aims to raise ₹3,000 crore through an initial public offering (IPO).

Emmvee Photovoltaic Power IPO Structure

The IPO will include:

• A fresh issue of equity shares worth ₹2,143.9 crore
• An offer-for-sale (OFS) component of ₹856.1 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi

Additionally, Emmvee may opt for a pre-IPO placement of up to ₹428.8 crore, which would proportionately reduce the fresh issue size if executed.

Use of Proceeds: Debt Reduction

A significant portion of the funds raised—₹1,607.9 crore—will be allocated to reduce the company's consolidated borrowings, which stood at ₹2,709.7 crore as of June 14, 2025. The remaining capital will be used for general corporate purposes.

About Emmvee Photovoltaic Power

Emmvee is currently one of India’s largest solar PV manufacturers, operating:

• 7.80 GW of solar PV module capacity
• 2.94 GW of solar cell capacity, powered by TOPCon (Tunnel Oxide Passivated Contact) technology

The company is undertaking a major capacity expansion with plans to add:

• A 2.50 GW PV module line
• A 6 GW integrated solar cell and module facility

By the first half of FY28, Emmvee targets a total manufacturing capacity of:

• 16.30 GW for modules
• 8.94 GW for cells

Competing with peers like Websol Energy Systems, Waaree Energies, and Premier Energies, Emmvee has carved out a strong market position. Over the last three years, it has served more than 525 customers, including:

• Clean Max Enviro Energy
• KPI Green Energy
• Aditya Birla Renewables Solar
• Blupine Energy

As of FY25-end, the company had an order book of 4.89 GW, with an additional 1.01 GW in new orders secured during April–May 2025.

Also Read: Upcoming IPOs This Week: 2 Mainboard and 3 SME IPOs Set to Open This Week Starting from July 7

Financial Performance: Rapid Growth

Emmvee has demonstrated robust financial performance:

• FY25 net profit: ₹369 crore (up nearly 13x from ₹28.9 crore in FY24)
• FY25 revenue: ₹2,335.6 crore (a 145% jump from ₹951.9 crore in FY24)

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