Emmvee Photovoltaic Power Limited
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Emmvee Photovoltaic Power Limited's completed its IPO journey with a successful listing on NSE, BSE on Nov 18, 2025. The public offering mobilized 13,36,40,553 Shares in total capital, comprising 9,87,95,484 Shares in fresh equity and ₹756.14 Cr in Offer for Sale shares from existing stakeholders.
The offering was conducted within the price band of ₹206 to ₹217, with minimum application lots of 69 shares. Investor participation during the Nov 11, 2025 to Nov 13, 2025 subscription window determined the final allocation pattern.
The basis of allotment was announced on Nov 14, 2025, finalizing share distribution to successful applicants. The listing represents a significant corporate development, providing the company with enhanced visibility and access to public capital markets.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
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.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
- Integrated and Scalable Operations: Among India’s second-largest pure-play integrated solar PV module and cell manufacturers, the company offers comprehensive, end-to-end production capabilities from cells to modules.
- Proven Manufacturing Excellence: Built a strong brand reputation through consistent product quality, reliability, and timely delivery, catering to major renewable energy developers and EPC players nationwide.
- Advanced Technological Competence: An early adopter of high-efficiency TOPCon solar cell technology, providing superior power generation, enhanced durability, and a strong competitive edge in the fast-evolving solar industry.
- Revenue Concentration Risk: A major portion of revenue is derived from a limited set of clients, with the top 10 customers contributing over 80–90% of total income. Loss or reduced orders from any key customer could significantly affect business performance.
- Narrow Product Portfolio Exposure: Heavy dependence on specific solar technologies such as TOPCon and Mono PERC modules makes the company vulnerable to rapid technological changes or market preference shifts.
- Operational Efficiency Constraints: Delays in achieving optimal capacity utilization or ramping up production could reduce efficiency, profitability, and overall cash flow stability.
- Manjunatha Donthi Venkatarathnaiah
- Shubha Manjunatha Donthi
- Suhas Donthi Manjunatha
- Sumanth Manjunatha Donthi
Emmvee Photovoltaic Power Limited
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