Emmvee Photovoltaic Power Ltd

Emmvee Photovoltaic Power Ltd is an integrated solar PV (photovoltaic) module and cell manufacturer, with a PV module capacity of 7.80 GW and solar cell capacity of 2.94 GW. The company has 4 manufacturing locations; all spread across Karnataka. Its major client base includes IPPs (independent power producers), commercial and industrial users, EPC service companies, rooftop solar installation companies etc. In the solar PV and cell manufacturing space, Emmvee Photovoltaic Power Ltd is the second largest player. It has an early mover advantage in the sector.  

The IPO will be a combination of a fresh issue and an offer for sale (OFS). The fresh funds will be used for repayment of debt of the parent and its material subsidiary. The issue is being lead-managed by JM Financial, IIFL Capital, Jefferies India, and Kotak Mahindra Capital; while KFIN Technologies Ltd (KFINTECH) will be the registrars to the IPO. The promoters of the company are Manjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha, and Sumanth Manjunatha Donthi. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of Emmvee Photovoltaic Power Ltd. 

1. The IPO of will be open from November 11th, 2025 to November 13th, 2025. It has a face value of ₹2 per share and IPO price band is set in range of ₹206 to ₹217 per share.
2. The IPO of Emmvee Photovoltaic Power Ltd will be a combination of a fresh issue and an offer for sale of shares by the promoters of the company.
3. The fresh portion comprises the issue of 9,87,95,483 shares (987.95 lakh shares), which at the upper price band of ₹217 per share translates into ₹2,143.86 crore.
4. The OFS of the IPO comprises the sale of 3,48,45,069 shares (348.45 lakh shares), which at the upper price band of ₹217 per share translates into ₹756.14 crore.
5. The overall IPO will comprise of a fresh issue and OFS of 13,36,40,552 shares (1,336.41 lakh shares) worth ₹2,900.00 crore at the upper band price of ₹217 per share. 

The IPO of Emmvee Photovoltaic Power Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Emmvee Photovoltaic Power Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Emmvee Photovoltaic Power Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 69 shares) 

Financial Highlights

The table captures the key financials of Emmvee Photovoltaic Power Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The profits and margins have improved substantially in FY25, wherein the growth in sales has been adequate enough to cover the higher costs. However, the sales and profits are not exactly comparable to the previous years, and hence future sustenance of this growth may have to be observed. 

Valuation Metrics

At the IPO price of ₹217, the latest EPS of ₹6.22 shows a P/E discount of 34.9 times. While such valuations are common in this segment, it also makes the upsides tougher as valuations are fairly steep with just one year of high profits. Sustainability is the key. However, the company does bring some merits to the table. The company is not just among the top PV companies, but also expanding capacity in tune with national priorities. Its order book stands at around 5.36 GW, which should keep the turnstiles busy. IPO investors must be clear that sustenance is the key and the positioning of the industry makes it a good bet. 

A Brief on the Anchor Allocation

The anchor issue of Emmvee Photovoltaic Power Ltd saw a strong response on 10th November 2025 with 43.72% of the IPO size absorbed by anchors. Out of 13,75,65,432 shares (1,375.65 lakh shares) on offer in the IPO, anchors picked up 6,01,38,249 shares (601.38 lakh shares) accounting for 43.72% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹217per share. This includes the face value of ₹2 per share plus a share premium of ₹215 per share. The anchor bidding process opened and closed on 10th November 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Emmvee Photovoltaic Power Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 10th November 2025, Emmvee Photovoltaic Power Ltd allotted 6,01,38,249 shares to 55 anchor investors. The allocation was done at the upper IPO price band of ₹217 per share which resulted in overall anchor allocation of ₹1,305.00 crore. The anchors have already absorbed 43.72% of the total issue size of ₹2,985.17 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹652.71 crores, or, 50.02% of the overall anchor allocation of shares in Emmvee Photovoltaic Power Ltd done on November 10, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251110-58&attachedId=8343f5bb-74e8-4372-9595-8f762f1709db 

Out of the 6,01,38,249 shares allocated to the anchors in the IPO, there were a total of 2,99,53,590 shares allocated to mutual funds registered with SEBI. The allocation was made to 26 mutual fund schemes across 10 AMCs. Mutual funds accounted for 49.81% of the total anchor allocation of the IPO. Global FPIs, Sovereign Funds, AIFs, and insurance companies were also active in participating in the anchor allocation of Emmvee Photovoltaic Power Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 13th November 2025, the basis of allotment will be finalized on 14th November 2025 and the refunds will be initiated on 17th November 2025. In addition, the demat credits are expected to also happen on 17th November 2025 and the stock will list on 18th November 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 17th November 2025 under ISIN (INE1C6T01020). 

IPO Subscription Status On Day-1

As of 5.15 pm on 11th November 2025, out of the 774.27 lakh shares on offer in the IPO (excluding anchor portion), EMMVEE Photovoltaic Power Ltd saw bids for 67.11 lakh shares. This implies an overall subscription of 0.09X or 9% at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of EMMVEE Photovoltaic Power Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to November 13, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.25 pm on 12th November 2025, out of the 774.27 lakh shares on offer in the IPO (excluding anchor portion), EMMVEE Photovoltaic Power Ltd saw bids for 133.73 lakh shares. This implies an overall subscription of 0.17X or 17% at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of EMMVEE Photovoltaic Power Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to November 13, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.45 pm on 13th November 2025, out of the 774.27 lakh shares on offer in the IPO (excluding anchor portion), Emmvee Photovoltaic Power Ltd saw bids for 750.45 lakh shares. This implies an overall subscription of 0.97X or just 97% at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Emmvee Photovoltaic Power Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. The HNI / NII portion got oversubscribed and the retail portion just about scraped through. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Emmvee Photovoltaic Power Ltd was open up to November 13, 2025, and has closed for subscription as of the close of trading hours on November 13, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO, although a higher subscription is not an automatic guarantee of a strong listing of the IPO. 

About the Emmvee Photovoltaic Power Ltd

The IPO of Emmvee Photovoltaic Power Ltd opened on November 11th, 2025 and closed on November 13th, 2025. The IPO comprised of a fresh issue and an offer for sale (OFS) of 13,75,65,432 shares (1,375.65 lakh shares) worth ₹2,985.17 crore at the upper band price of ₹217 per share. The allotment status will be finalized by EOD of November 14, 2025. Here is how to check allotment status for the IPO of Emmvee Photovoltaic Power Ltd. You can check IPO status on BSE or NSE or IPO Registrar website (KFIN Technologies). 

Checking The Allotment Status of IPO on BSE Website

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Emmvee Photovoltaic Power Ltd from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip 
4. Alternatively, Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Emmvee Photovoltaic Power Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select EMMVEE from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Emmvee Photovoltaic Power Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on KFIN Technologies Ltd

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below: 

https://kosmic.kfintech.com/ipostatus/ 

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Emmvee Photovoltaic Power Ltd.  

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD 

To Query by Application Number, check the appropriate box and follow these steps. 

1. Enter the Application Number as it is 
2. Enter the 6-digit Captcha Code 
3. Click on Submit button 
4. Allotment Status gets displayed on screen 

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option. 

To Query by Demat Account, check the appropriate box and follow these steps. 

1. First select the depository (NSDL / CDSL) 
2. Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL) 
3. Enter the Client-ID in the second box 
4. For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string 
5. Enter the 6-digit Captcha Code 
6. Click on Submit button 
7. Allotment Status gets displayed on screen 

To Query by PAN, check the appropriate box and follow these steps. 

1. Enter the 10-Character PAN number, available on your PAN card 
2. After you enter the PAN number, Enter the 6-digit numeric Captcha Code 
3. Click on Submit button 
4. Allotment status gets displayed on screen 

If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.