Emmvee Photovoltaic IPO Day 2 LIVE: The initial public offering (IPO) of Emmvee Photovoltaic Power Ltd entered its second day of bidding today, November 12, after receiving a 9% subscription on the first day of bidding on Tuesday.
On Monday, the solar photovoltaic module and cell manufacturer raised ₹1,305 crore from anchor investors ahead of the public issue.
The ₹2,900-crore IPO, open for subscription until November 13, is priced in the range of ₹206–217 per share. At the upper price band, the company’s valuation is expected to exceed ₹15,000 crore.
The issue consists of a fresh share sale worth ₹2,143.86 crore and an offer for sale (OFS) of shares valued at ₹756.14 crore by promoters.
Of the fresh issue proceeds, about ₹1,621 crore will be used to repay or prepay borrowings and interest of the company and its key subsidiary, with the remainder allocated for general corporate purposes.
The company is a leading integrated solar photovoltaic (PV) module and solar cell manufacturer with an installed production capacity of 7.8 GW for PV modules and 2.94 GW for solar cells as of May 31, 2025.
JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are the book-running lead managers for the IPO.
Emmvee Photovoltaic IPO GMP
As of today, the grey market premium (GMP) for Emmvee Photovoltaic Power Ltd’s IPO stands at ₹5. With the upper price band fixed at ₹217 per share, the estimated listing price is around ₹222 per share ( ₹217 + ₹5 GMP). This translates to an expected listing gain of approximately 2.30% per share, based on the current grey market trends. The GMP is sharply lower than ₹20, the company was commanding yesterday.
Emmvee Photovoltaic Power is scheduled to list its shares on November 18.
