
Energy · NSE / BSE
Founded in March 2007, Emmvee Photovoltaic Power Limited is an integrated manufacturer of solar PV modules and cells. As of May 31, 2025, the company has a production capacity of 7.80 GW for modules and 2.94 GW for solar cells. Its product range includes bifacial and mono-facial TOPCon modules and cells, as well as Mono PERC modules. Emmvee operates four manufacturing units across two locations in Karnataka, covering 22.44 acres. Its solar cell unit at Dobbaspet, Bengaluru, is among the largest TOPCon solar cell facilities in India by capacity. The company serves a wide range of customers, including independent power producers, commercial and industrial clients, and EPC service providers from both public and private sectors. Key clients include Ayana Renewable Power, Hero Rooftop Energy, Aditya Birla Renewables, KPI Green Energy, and Clean Max Enviro Energy, among others, serving a total of 525 customers in 2023. As of March 31, 2025, Emmvee employed 611 full-time staff members.
Price Band
₹206 – ₹217
Issue Size
₹2900 Cr
Lot Size
69 shares
GMP
Est. Listing
₹217
at current GMP
Subscribed
1.02x
overall
Open
11 Nov 2025
Close
13 Nov 2025
Allotment
14 Nov 2025
Refund
15 Nov 2025
Demat Credit
16 Nov 2025
Listing
18 Nov 2025
Overall Subscription
1.02x
Total Demand
QIB Multiplier
1.33x
Institutions & Funds
NII / HNI
0.32x
High Net-Worth
Retail (RII)
1.16x
Individual Bidders
Live bidding breakdown by institutional, non-institutional, and retail investors
| Category | Shares Offered | Shares Applied / Bid | Times Subscribed |
|---|---|---|---|
| QIB | 40,092,166 | 53,196,792 | 1.33x |
| NIB | 20,046,083 | 6,322,194 | 0.32x |
| HNIs(10L +) | 13,364,055 | 2,705,697 | 0.20x |
| HNIs (2-10L) | 6,682,028 | 3,616,497 | 0.54x |
| RETAIL | 13,364,055 | 15,525,552 | 1.16x |
| Total | 93,548,387 | 81,366,732 | 1.02x |
Total unique applications received across retail and HNI tranches
| Category | Applications Reserved | Applications Received | Times Subscribed |
|---|---|---|---|
| RETAIL | 193,682 | 174,793 | 0.90x |
| HNIs(10L +) | 13,834 | 401 | 0.03x |
| HNIs (2-10L) | 6,917 | 3,360 | 0.49x |
| Total Applications | 214,433 | 178,554 | 0.83x |
Track continuous institutional and retail bidding order books for all active issues on the ipo live subscription feed.
Emmvee Photovoltaic Power Limited is bringing an initial public offering (IPO) in the Energy sector with an aggregate issue size of ₹2,900 Crores. The shares are offered at a price band of ₹206 to ₹217 per equity share on NSE and BSE. Currently, market analysts recommend evaluating the company's financial valuation, price-to-earnings (P/E) multiple, and peer comparison prior to submitting bids.
The public offer consists of a fresh issue and offer-for-sale structured under SEBI regulations. Bidding is open to Qualified Institutional Buyers (QIB), Non-Institutional Bidders (NII/HNI), and Retail Individual Investors (RII). Applications can be submitted online using ASBA or UPI mandate through certified stock brokers and net banking portals.
Following the close of bidding on 2025-11-13, the basis of allotment is scheduled to be finalized on 2025-11-14. Investors can verify their application status online by submitting their PAN card number, Application Number, or DP Client ID on the registrar's official portal (Kfin Technologies Limited) or the BSE allotment checking window.
Currently, Emmvee Photovoltaic Power Limited IPO Grey Market Premium (GMP) is not actively quoted or is quoted flat at ₹0. The shares are expected to list close to the issue price band of ₹206 to ₹217 per equity share.
The retail lot size is 69 shares requiring a minimum application amount of ₹14,973. Expected listing price is ₹217 per equity share.
The Emmvee Photovoltaic Power Limited IPO aggregate issue size is ₹2,900 Crores with an equity price band set at ₹206 to ₹217 per equity share. The retail lot size is 69 shares requiring a minimum capital outlay of approx. ₹14,973.
Live subscription figures are compiled real-time from the NSE and BSE bidding engines. Currently, overall subscription is 1.02x (Retail: 1.16x, QIB: 1.33x, NII: 0.32x). You can track live multiples directly on our dedicated subscription page.
The basis of allotment will be published on the official registrar portal (Kfin Technologies Limited) and the BSE status verification website on or around 2025-11-14. Investors can verify status using PAN card or application number.
Emmvee Photovoltaic Power Limited shares are scheduled to list on NSE and BSE on 2025-11-18.