Bengaluru's Emmvee Photovoltaic Power has submitted draft papers with the Securities and Exchange Board of India(SEBI) to mobilize up to ₹3,000 crore through an initial public offering(IPO). The IPO will be a fresh issue of equity shares aggregating ₹2,143.9 crore and an offer-for-sale by current promoters for ₹856.1 crore.
The company could also look at a pre-IPO placement of up to ₹428.8 crore, which would inversely lower the size of the fresh issue.
Key Highlights-
- Emmvee plans 3000 crore IPO with fresh issue and promoter offer for sale
- Proceeds to repay debt and support expansion of solar manufacturing capacity
- Company targets doubling module and cell capacity by fiscal 2028
As per the Draft Red Herring Prospectus (DRHP), Emmvee will utilise approximately ₹1,607.9 crore from the fresh issue proceeds towards repayment of its borrowings, and the balance will be used for general corporate purposes. "The fresh issue proceeds will assist us in debt reduction substantially," the company said.
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Emmvee is one of India's prominent integrated solar photovoltaic module and cell manufacturers, with a manufacturing capacity of 7.80 gigawatts of modules and 2.94 gigawatts of cells as of May 2025. The firm has aggressive expansion plans to achieve 16.3 gigawatts of module capacity and 8.94 gigawatts of cell capacity during the first half of fiscal 2028.
For the year ending March 2025, Emmvee posted consolidated revenues of ₹2,360.3 crore and profit of ₹369 crore. The EBITDA margin of the company rose to 30.9 percent from 12.7 percent in the past year, powered by robust order flows and cost savings. Emmvee's order book for modules stood at 4.89 gigawatts.
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To oversee the IPO process, Emmvee has constituted book-running lead managers GM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital. The company aims to use India's increasing renewable energy push to enhance its manufacturing scale and further reinforce its position as the nation's second-largest solar PV manufacturer.
