Emmvee Photovoltaic Power Limited listed its shares on the NSE and BSE on Tuesday, 18 November, with a flat debut. The stock opened at ₹217, the same as its issue price. This matched the grey market premium (GMP), which was also ₹0, indicating expectations of a neutral listing.
The company completed its public issue after the IPO opened on 11 November and closed on 13 November. Allotments were finalised on 14 November. The total issue size stood at ₹2,900 crore, which included:
A major portion of the funds, over ₹1,621 crore, will be used to repay or prepay the company’s borrowings and interest. Emmvee and its main subsidiary had total borrowings of around ₹1,950 crore as of March 2025. The remaining funds will be directed towards general corporate needs.
The IPO was managed by JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company, who acted as the book-running lead managers.
Emmvee Photovoltaic Power IPO Subscription Details
The IPO received a muted response from the market. According to NSE data, the issue was subscribed 97%, with bids for 7.50 crore shares against the 7.74 crore shares available.
Subscription by category:
Before the IPO opened, the company raised ₹1,305 crore from anchor investors on 10 November.
Founded in 2007, Emmvee Photovoltaic Power is one of India’s largest integrated manufacturers of solar PV modules and solar cells. As of 31 May 2025, the company had:
The company produces bifacial and mono-facial TOPCon modules, TOPCon cells, and Mono PERC modules. It operates four manufacturing facilities across two locations in Karnataka, covering 22.44 acres. Its solar cell plant in Dobbaspet, Bengaluru, is among the country’s largest TOPCon cell facilities by capacity.
Read more: Ashok Leyland, Asian Paints Among 10 Stocks Turning Record Date Today, November 18, 2025.
Emmvee Photovoltaic Power’s flat listing reflects cautious investor sentiment following a modest subscription level. Despite this, the company’s strong manufacturing base, large expansion plans and focus on reducing debt position it for long-term growth. The stock’s performance in the coming months will depend on financial improvements and market confidence.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Nov 18, 2025, 10:20 AM IST
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