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EMMVEE · NSE,BSE · Other Electrical Equipment
Emmvee Photovoltaic IPO listed on 18 Nov 2025 on NSE,BSE at ₹217.00, a gain of 0.00% over the issue price of ₹217.00. The IPO was subscribed 0.97x overall.
Emmvee Photovoltaic IPO tentative timeline covering IPO opening, closing, basis of allotment, refunds, demat credit, and listing dates.
| Event | Date |
|---|---|
| IPO Open Date | 11 Nov 2025 |
| IPO Close Date | 13 Nov 2025 |
| Basis of Allotment | 14 Nov 2025 |
| Initiation of Refunds | 17 Nov 2025 |
| Credit of Shares to Demat | 17 Nov 2025 |
| Listing Date | 18 Nov 2025 |
Listing day gain
+0%
Listed at ₹217 (issue ₹217)
Issue
₹217
Listing
₹217
Current
₹219.4
+1.11% vs issue
Day range
₹207 – ₹227.71
Issue Size
133,640,552 shares
(aggregating up to ₹2,900.00 Cr)
Issue Price
₹206 – ₹217
Face Value
₹2/share
Market Lot
69 shares
Retail Min Investment
₹14,973
Listing At
NSE,BSE
Sale Type
both
Fresh Issue
98,795,483 shares
(aggregating up to ₹2,143.86 Cr)
Offer for Sale
34,845,069 shares
(aggregating up to ₹756.14 Cr)
Issue Type
book building
Open Date
11 Nov
Close Date
13 Nov
Allotment
14 Nov
Listing
18 Nov
Last updated: 10 months ago
| Date | IPO Issue Price (₹) | GMP (₹) | Est. Listing Price (₹) | Est. Profit Amount (₹) | Est. Profit % | Last Updated |
|---|---|---|---|---|---|---|
| 18 Nov 2025 Latest | ₹217 | ₹0 | ₹217 | ₹0 |
0%
|
12:00 AM |
| 17 Nov 2025 | ₹217 | ₹0 | ₹217 | ₹0 |
0%
|
12:00 AM |
Showing the 2 most recent GMP entries.
View full GMP historyLatest snapshot: 18 Nov 2025
| Category | Subscribed (x) |
|---|---|
| QIB | 1.26x |
| NII | 0.3x |
| bNII (bids above ₹10L) | 0.19x |
| sNII (bids below ₹10L) | 0.51x |
| Retail Investors | 1.1x |
| Total | 0.97x |
Showing the latest subscription snapshot.
View full subscription historyManjunatha Donthi Venkatarathnaiah, Shubha Manjunatha Donthi, Suhas Donthi Manjunatha and Sumanth Manjunatha Donthi are the promoters of the company.
New to lot sizes and investment limits? Read our guide on IPO lot size and minimum investment.
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 69 | ₹14,973 |
| Retail (Max) | 13 | 897 | ₹194,649 |
| S-HNI (Min) | 14 | 966 | ₹209,622 |
| S-HNI (Max) | 66 | 4,554 | ₹988,218 |
| B-HNI (Min) | 67 | 4,623 | ₹1,003,191 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only employee | 2 | No |
Want to understand how IPO shares are divided between investor categories? Read our guide on IPO reservation structure.
| Category | Shares Offered |
|---|---|
| QIB Shares Offered | 100,230,415 (75.00%) |
|
•
Anchor Investor Shares Offered
|
60,138,249 (45.00%) |
|
•
QIB (Ex. Anchor) Shares Offered
|
40,092,166 (30.00%) |
| NII (HNI) Shares Offered | 20,046,082 (15.00%) |
|
•
bNII > ₹10L
|
13,364,054 (10.00%) |
|
•
sNII < ₹10L
|
6,682,028 (5.00%) |
| Retail Shares Offered | 13,364,055 (10.00%) |
| Total Shares Offered | 133,640,552 (100.00%) |
Emmvee Photovoltaic Power Limited was incorporated in March 2007 and is headquartered in Bengaluru, Karnataka. It works in the renewable energy sector, manufacturing solar photovoltaic modules and solar cells.
The company is an integrated manufacturer of solar PV modules and cells, with a product portfolio that includes bifacial and mono-facial TOPCon modules and cells as well as Mono PERC modules. As of May 2025, it operated a solar module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW across four manufacturing units on about 22.44 acres in Karnataka, including a TOPCon solar cell facility at Dobbaspet. Its customers include independent power producers, commercial and industrial entities, and EPC service providers in both public and private sectors, and it held an order book of 4.89 GW as of 31 March 2025. The promoters are Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi.
Total income rose to Rs 2,360.33 crore in FY25 from Rs 954.44 crore in FY24, with profit after tax rising to Rs 369.01 crore in FY25 from Rs 28.90 crore in FY24, as per the DRHP. The IPO is a mainboard issue on the NSE and BSE with a total size of about Rs 2,900 crore, priced at Rs 217 per share, and listed in November 2025. As per the DRHP, the fresh issue portion (originally sized at Rs 2,143.86 crore, alongside an offer for sale by the promoters) was proposed to be used mainly for repayment or prepayment of borrowings of the company and its key subsidiary (about Rs 1,607.9 crore), with the balance for general corporate purposes.
Standalone · ₹ in Crores
| Particulars | FY Mar 2024 | FY Mar 2025 | FY Jun 2025 |
|---|---|---|---|
| Total Revenue | 954.44 | 2,360.33 | 1,042.22 |
| Profit After Tax (PAT) | 28.9 | 369.01 | 187.68 |
| EBITDA | 120.44 | 721.94 | 347.38 |
| Total Assets | 2,189.99 | 3,913.94 | 4,347.72 |
| Net Worth | 162.77 | 531.41 | 718.79 |
| Reserves & Surplus | 160.73 | 529.37 | 608.83 |
| Total Borrowing | 1,441.3 | 1,949.69 | 2,032.11 |
Revenue & Profit Trend
Key ratios per fiscal period
| Particulars | Mar 2025 |
|---|---|
| RoE Return on Equity Shows how much profit the company makes on the money shareholders have put in. 15% to 20% is healthy in most industries. | 104.6% |
| RoCE Return on Capital Employed Shows the profit earned on all the money used, shareholder funds plus loans. Matters most for factory and infrastructure heavy companies. | 23.33% |
| RoNW Return on Net Worth Shows the profit earned on the company's own net worth. Steady or rising over 3 years is a good sign. | 69.44% |
| PAT Margin Profit After Tax Margin Out of every ₹100 of sales, how much the company keeps after paying all costs, loan interest and tax. | 15.8% |
| EBITDA Margin Earnings Before Interest, Tax, Depreciation and Amortisation Margin Profit from the main business as a share of sales, before loan interest and tax. Compare it with other companies in the same industry. | 30.91% |
| Debt / Equity Debt to Equity How much the company has borrowed against what shareholders own. Above 1x means the loans are bigger than shareholder funds. | 3.63x |
| P/BV Price to Book Value Tells you if the IPO price is above what the company actually owns. 1x to 3x is usually seen as reasonable. | 24.25x |
Issue-level · at the upper price band
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS Earnings Per Share Profit the company earns on each share. Post-IPO EPS is usually lower because the issue adds new shares. | ₹6.22 | ₹10.84 |
| P/E Price to Earnings Tells you if the IPO price is fair for what the company earns. Compare it with listed companies in the same sector. | 34.9x | 20.01x |
| Market Cap Market Capitalisation What the whole company is valued at, at the upper price band. Post-IPO counts the new shares the issue creates. | ₹12,880 Cr | ₹15,190 Cr |
The basis of allotment for Emmvee Photovoltaic IPO was finalised on 14 Nov 2025. You can check your allotment status using your PAN number or application number on the KFin Technologies Limited portal or BSE.
The Emmvee Photovoltaic IPO is expected to open in Nov 2025, subject to SEBI approval. Final dates will be updated once announced officially.
The price band for Emmvee Photovoltaic IPO is ₹206.00 - ₹217.00 per share.
As per market sources, Emmvee Photovoltaic IPO GMP is currently ₹0.00. GMP is tracked daily in the grey market. GMP indicates unofficial demand but does not guarantee listing gains.
The subscription status for Emmvee Photovoltaic IPO stands at 0.97x overall.
The listing date for Emmvee Photovoltaic IPO is 18 Nov 2025.
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