Emmvee Photovoltaic Gets SEBI Nod for ₹3,000-Crore IPO

Emmvee Photovoltaic Power Ltd, a Bengaluru-based solar module and cell manufacturer, has secured approval from the Securities and Exchange Board of India (SEBI) to launch its ₹3,000-crore initial public offering (IPO).

The company had filed its draft red herring prospectus (DRHP) with the regulator in July. SEBI issued its final observations on September 9, which effectively serves as a go-ahead for the public issue.

Fresh Issue Of Shares 

The IPO will comprise a fresh issue of shares worth ₹2,143.86 crore and an offer for sale (OFS) of shares valued at ₹856.14 crore by promoters. Proceeds from the fresh issue will be used for repayment or prepayment of borrowings and interest, besides funding general corporate purposes.

Emmvee may also raise up to ₹428.77 crore via a pre-IPO placement. If undertaken, the amount will be adjusted against the fresh issue size.

Bengaluru-Based Firm

Founded in Bengaluru, Emmvee is positioned as an integrated pure-play solar PV module and cell manufacturer. As of May 31, 2025, the company had a module production capacity of 7.8 GW and a cell production capacity of 2.94 GW.

The IPO is being managed by JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company.

According to a Crisil report, India’s solar PV module and cell manufacturing capacity has grown sharply from 21 GW and 3.2 GW, respectively, in March 2022 to 82 GW and 23 GW by March 2025, aided by supportive government policies and rising renewable energy demand. By FY30, the domestic industry’s capacity is projected to reach 175–185 GW for modules and 85–95 GW for cells.