Emmvee Photovoltaic Power
Listed
Listed
Grey Market Premium Trend
₹3
Current GMP
₹220
Est. Listing Price
1.4%
Est. Listing Gain
₹206 - ₹217
Price Band
GMP History
| Date | GMP (₹) | Est. Listing Price (₹) | Est. Listing Gain |
|---|---|---|---|
| 12 Nov | ₹3 | ₹220 | 1.38% |
| 11 Nov | ₹3 | ₹220 | 1.38% |
| 10 Nov | ₹5 | ₹222 | 2.30% |
| 9 Nov | ₹20 | ₹237 | 9.22% |
| 8 Nov | ₹20 | ₹237 | 9.22% |
| 7 Nov | ₹20 | ₹237 | 9.22% |
| 6 Nov | ₹20 | ₹237 | 9.22% |
| 5 Nov | ₹20 | ₹237 | 9.22% |
| 4 Nov | ₹20 | ₹237 | 9.22% |
Key Dates
Open
11 Nov 2025Close
13 Nov 2025Listing
18 Nov 2025Quick Stats
Issue Size:2900cr
Lot Size:69 shares
About the Company
Emmvee Photovoltaic Power, incorporated in 2007, is a Bengaluru-based solar photovoltaic module manufacturer and EPC solutions provider, part of the Emmvee Group founded by D. V. Manjunatha. The company manufactures monocrystalline, polycrystalline, PERC, bifacial, and TOPCon modules, with a capacity of 6.6 GW for modules and 2.5 GW for cells, and serves markets across India, Europe, Africa, and North America.
Strengths
- Strong 7.8 GW module and 2.94 GW cell capacity
- Rapid FY25 revenue growth from ₹952 crores to ₹2,336 crores
- PAT surged from ₹29 crores to ₹369 crores (13×)
- Order book increased to 5.26 GW as of May 2025
- Adoption of high-efficiency TOPCon technology and DCR eligibility
Risks
- Heavy reliance on IPO proceeds for debt reduction
- Manufacturing and expansion linked to successful fundraising
- Intense competition from larger solar manufacturers globally
- Exposure to policy changes impacting solar subsidies/stimulus
- Execution risk in scaling to 16.30 GW module capacity by FY28
Emmvee Photovoltaic Power IPO – Frequently Asked Questions
- The price band for the Emmvee Photovoltaic Power IPO is set at ₹206 to ₹217 per share.
- The Emmvee Photovoltaic Power IPO opens on November 11, 2025 and closes on November 13, 2025.
- The tentative listing date for the Emmvee Photovoltaic Power IPO is November 18, 2025.
- You can apply for the Emmvee Photovoltaic Power IPO via your broker or bank using ASBA or UPI. Log in to your trading app (Zerodha, Upstox, Groww, etc.), select IPO section, choose Emmvee Photovoltaic Power, enter lot quantity and UPI ID, then approve the mandate.
- The lot size for the Emmvee Photovoltaic Power IPO is 69 shares. Investors must apply for at least one lot (i.e., 69 shares).