Emmvee Photovoltaic Power IPO
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Emmvee Photovoltaic Power IPO details
Schedule of Emmvee Photovoltaic Power
| Issue open date | 11 Nov 2025 |
| Issue close date | 13 Nov 2025 |
| UPI mandate deadline | 13 Nov 2025 (5 PM) |
| Allotment finalization | 14 Nov 2025 |
| Refund initiation | 17 Nov 2025 |
| Share credit | 17 Nov 2025 |
| Listing date | 18 Nov 2025 |
| Mandate end date | 28 Nov 2025 |
| Lock-in end date for anchor investors (50%) | 14 Dec 2025 |
| Lock-in end date for anchor investors (remaining) | 12 Feb 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Emmvee Photovoltaic Power
Emmvee Photovoltaic Power is a leading solar module manufacturer in India, ranked as the second largest pure-play integrated solar PV module and cell producer by capacity as of March 2025. With over 18 years of experience, they operate 7.80 GW of module and 2.94 GW of cell capacity, including advanced TOPCon technology for higher-efficiency solar cells. By FY 2028, they aim to expand this to 16.30 GW of module and 8.94 GW of cell capacity through new production lines.
Their portfolio includes bifacial and mono-facial TOPCon and Mono PERC modules designed for superior performance and efficiency and are certified under MNRE’s ALMM List I and hold a 5.1% share of ALMM-enlisted module capacity, enabling them to supply to government projects and DCR-mandated schemes like CPSU, PM-KUSUM, and PM Surya Ghar. Their inclusion in ALMM List II for solar cells also positions them favorably for growth in the domestic solar content market.
With upcoming ALMM rules mandating both modules and cells be sourced from domestic producers from June 2026, their integrated model strengthens their competitive advantage in India’s rapidly growing solar energy ecosystem.
Financials of Emmvee Photovoltaic Power
Issue size
| Funds Raised in the IPO | Amount |
| Total issue size | 2900 |
| Fresh Issue – Proceeds go to the company | 2143.86 |
| Offer for sale – Proceeds go to the existing investors | 756.14 |
Utilisation of proceeds
| Purpose | INR crores |
| Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest | 1621.29 |
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
Allotment Status for Emmvee Photovoltaic Power
To check your IPO allotment status:
- Visit the Kfin Technologies IPO Application Status page.
- Select the company name from the dropdown menu.
- Select and enter one of the following: PAN, Application Number, DP/Client ID, or Account Number/IFSC.
- Click Submit to view your allotment status.