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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.

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.

Solar PV Modules: Emmvee Photovoltaic Power Limited specializes in manufacturing high-quality solar photovoltaic (PV) modules. The company offers both mono-facial and bi-facial modules, incorporating advanced technologies such as Mono PERC and TOPCon to deliver enhanced efficiency and performance.

Solar Cells and Water Heating Systems: In addition to modules, Emmvee produces solar cells using state-of-the-art technologies. The company also provides solar water heating systems, contributing to its comprehensive range of solar energy solutions.

Turnkey Solar Solutions: Emmvee offers end-to-end turnkey solar solutions, including engineering, procurement, and construction (EPC) services. These solutions enable clients to implement complete solar power projects efficiently, supported by the company’s expertise and product portfolio.

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.

The company operates four manufacturing units across two locations in Karnataka, spanning 22.44 acres, with strategic proximity enhancing operational efficiency. Solar PV module capacity has expanded from 0.50 GW (FY2022) to 7.80 GW (June 2025), with 2.94 GW solar cell capacity operational.

As of June 30, 2025, the company’s effective installed capacity stood at 1.50 GW for modules and 537 MW for cells, with actual production of 636 MW and 360 MW, respectively, reflecting a capacity utilization rate of 42.36% for modules and 66.95% for cells.

For FY25, EPPL achieved 6.02 GW module and 2.94 GW cell installed capacity, producing 1.48 GW of modules and 534 MW of cells, translating to capacity utilization of 53.91% and 42.83%, respectively.

EPPL is one of India’s leading solar PV module manufacturers with a growing integrated footprint across the solar value chain. The company focuses on expanding scale, backward integration, and technological advancement to enhance cost efficiency. It is targeting 16.30 GW module and 8.94 GW cell capacity by H1 FY28. A recent 750 MW order from NTPC Green Energy reinforces its strong execution capabilities and industry credibility.

India’s solar sector is expanding rapidly, supported by strong policy push, import substitution measures, and the national ambition of achieving 500 GW of renewable capacity by 2030. With rising demand across utility, commercial, and rooftop segments, and industry capacity projected to grow at a 25–30% CAGR, EPPL — with its 5.1% market share — is strategically positioned to capitalize on this accelerating growth.

At the upper end of its price band, EPPL is valued at a P/E of 28.4x (based on TTM EPS of ₹7.6), which stands at a discount to peers. With its integrated operations, strong capacity expansion, robust order visibility, and strategic growth roadmap, the company is well placed to benefit from India’s renewable energy transition.

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Emmvee Photovoltaic IPO kicked off for second day of bidding today. Investors can place their bids bu 5 pm today. The issue was booked 9% at the end of the first day.

Emmvee’s IPO comes at a time when India’s solar manufacturing ecosystem is entering a major expansion phase. The company operates 7.8 GW of module and 2.94 GW of cell capacity as of June 2025 and plans to nearly double both by mid-2028, supported by equity and IREDA funding. For FY25, revenue stood at ₹2,335 crore, EBITDA at ₹722 crore (31% margin), and PAT at ₹369 crore. The IPO, largely a fresh issue, will reduce debt and fund growth. At the upper band, valuations of ~41x FY25 earnings and ~22x EV/EBITDA look rich relative to peers, leaving little room for execution missteps. Strengths include backward integration and alignment with India’s renewable policy push, while risks lie in customer concentration, capital intensity, and global module price volatility. Emmvee is a structural clean-energy play, but investors should treat it as a medium-term industrial story where operational scaling, not short-term listing gains, will define success.

— Harshal Dasani, Business Head at INVAsset PMS

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.

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