Emmvee Photovoltaic Power Files for INR 3,000 Crore IPO

Emmvee Photovoltaic Power Ltd, a Bengaluru-based solar photovoltaic (PV) module and cell manufacturer, has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise INR 3,000 crore through an initial public offering (IPO).

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The IPO will consist of a fresh issue of shares worth INR 2,143.86 crore and an offer for sale (OFS) of shares valued at INR 856.14 crore by the company’s promoters, according to the draft red herring prospectus (DRHP) filed on Sunday.

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are acting as the book-running lead managers for the IPO. KFin Technologies has been appointed as the registrar to the issue.

Utilisation of Funds

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Proceeds from the fresh issue will be primarily used to repay or prepay loans and accrued interest of Emmvee and its material subsidiary. Approximately INR 1,607.90 crore, that is over 59 percent of the group’s consolidated debt as of June 14, 2025, has been earmarked for debt reduction. The remaining funds will support general corporate purposes.

As of March 2025, the company’s total borrowings stood close to INR 1,950 crore. Its subsidiary holds term loans of INR 1,755.93 crore from the Indian Renewable Energy Development Agency (IREDA), which were used to set up and upgrade solar PV manufacturing facilities with advanced TOPCon technology.

Emmvee may also raise up to INR 428.77 crore through a pre-IPO placement, which would reduce the size of the fresh issue accordingly.

Market Position and Growth

Founded in 2007, Emmvee is among largest pure-play integrated solar PV module and cell manufacturers of India. As of May 31, 2025, it had a solar module production capacity of 7.8 GW and a solar cell capacity of 2.94 GW. An additional 2.5 GW module line is expected to be operational by FY26, while a 6 GW integrated cell and module facility is expected to go online in the first half of FY28.

The company’s order book reached 5.26 GW as of May 31, 2025, up from 4.89 GW at the end of March.

Recently, Emmvee secured about INR 1500 crore order from KPI Green Energy Ltd. to supply high-efficiency TopCon bifacial solar modules. The modules will be manufactured at Emmvee’s facilities in Dabaspet and Sulibele, Karnataka, and deployed for an upcoming solar project in Gujarat.

Financial Performance

Emmvee posted strong financial growth in FY25, with total income surging 147.3 percent to INR 2,360.33 crore from INR 954.44 crore in FY24. The company’s profit after tax (PAT) jumped over twelvefold to INR 369 crore, compared to INR 28.9 crore in the previous fiscal year.