Emmvee Photovoltaic IPO Share Price LIVE: Stock rebounds 10% from day's low, trades 4% higher than IPO price

Emmvee Photovoltaic IPO Share Price LIVE: Emmvee Photovoltaic shares got listed on the Indian stock market today following the conclusion of its initial public offering (IPO).

Emmvee Photovoltaic share price opened at ₹217 on the BSE and the NSE, same as its IPO price, in line with the trends in the grey market.

Emmvee Photovoltaic IPO opened on November 11 and closed on November 13. The listing date for Emmvee Photovoltaic shares is today, November 18. Emmvee Photovoltaic shares will list on both BSE and NSE.

The initial share sale of Emmvee Photovoltaic Power Ltd received 97% subscription of the issue size on the final day of bidding. The part for qualified institutional buyers fetched 1.26 times subscription, while the portion for retail individual investors was subscribed 1.10 times. The category for non-institutional investors subscribed 30 per cent.

Emmvee Photovoltaic’s IPO grey market premium (GMP) stood at ₹0 today ahead of the debut, indicating that the shares were trading at their issue price of ₹217 with no premium or discount in the grey market, according to Investorgain.com.

Over the last 13 sessions, grey market activity has shown a downward trend, and analysts expect the GMP to decline further. During this period, the GMP has ranged from a minimum of ₹0 to a maximum of ₹20, as per market experts.

Stay tuned to Emmvee Photovoltaic IPO listing live blog today.

Shares of Emmvee Photovoltaic Power Ltd on Tuesday made a flat market debut, listing at par with the issue price of ₹217. The maiden public issue of the solar photovoltaic modules and solar cells-maker received bids for nearly 7.50 crore shares, as against an offer size of 7.74 crore shares at the upper end of the price band. Retail investors fully booked their reserved portion.

Non Institutional Investors (NII) subscribed more than 30 percent of the portion kept for them, while Qualified Institutional Buyers (QIB) fully booked (more than 130 percent) their allotted quota.

Emmvee Photovoltaic Power is India's second-biggest pure-play integrated solar PV module and cell maker renowned for reliable products with advanced technology. The company has an early mover advantage in high-efficiency TOPCon cells, integrated operations across the value chain supportive of productivity and sustainability, and strong client relationships underpin a growing order book.

Near term, keep an eye on Q3FY26 results for sustained margins amid competitive pressures on pricing. As a recent listing, liquidity may build up gradually and therefore fits into growth-oriented portfolios seeking solar exposure.

— Views from Master Capital

Emmvee demonstrates exceptional financial execution with 91% revenue CAGR (FY23-25) and a remarkable 541% profit CAGR reaching Rs. 369 Cr in FY25. The company has achieved 30.9% EBITDA margins with PAT margins expanding to 15.8%, reflecting operational excellence and pricing power.

Most critically, Emmvee provides revenue visibility through its robust 5.26 GW order book serving marquee B2B clients like SJVN Green and NTPC Renewable Energy. The company's integrated manufacturing model and early adoption of TOPCon technology, which has 25%+ efficiency vs PERC's 24%, provide sustainable competitive advantages.

With India's renewable capacity targeting 500 GW by 2030, sector tailwinds are structural. Planned capacity expansion to 16.3 GW modules by H1 FY28 positions Emmvee to capture significant market share in India's renewable manufacturing opportunity.

— Views by Abhinav Tiwari, Research Analyst at Bonanza

Emmvee Photovoltaic stock price rebounded 10% from its day's low of ₹206.85 to hit a high of ₹227.80. The stock had listed on a flat note. At current levels, it is trading over 4% higher than its IPO and listing price.

Emmvee Photovoltaic operates four manufacturing units across two locations in Karnataka, covering a total land area of 22.44 acres. The units are located close to each other, providing advantages such as streamlined logistics, reduced transportation costs, and improved operational efficiency. Its solar cell manufacturing facility at Dobbaspet, Bengaluru, Karnataka, is one of the largest TOPCon solar cell manufacturing units in India in terms of installed capacity as of May 31, 2025 (Source: Crisil Report). The company also maintains a zero liquid discharge system for its cell manufacturing operations, achieving a 96.80% water recovery rate as of June 30, 2025.

It is the leading pure-play integrated solar PV (photovoltaic system) module and solar cell manufacturing company. It has a solar PV module production capacity of 7.8 GW and a solar cell production capacity of 2.94 GW as of May 31, 2025.

Emmvee Photovoltaic market cap stands close to ₹14,600 crore post listing. At the upper band of the IPO price, Emmvee was targeting a valuation of ₹15,000 crore. But a fall in stock price post listing hurt the m-cap a bit.

Emmvee Photovoltaic share price declined nearly 5% after a flat start to listing in trade on Tuesday. On BSE, Emmvee Photovoltaic shares hit a low of ₹206.85 and on NSE of ₹207.

Emmvee Photovoltaic IPO shares listed at par with the issue price of ₹217 on the National Stock Exchange (NSE) and BSE. The listing was in line with expectations, as the GMP signals a flat debut.

Emmvee Photovoltaic IPO shares could list at par with the issue price as signalled by the GMP. Emmvee Photovoltaic share price opened at ₹217 on the BSE and NSE in the pre-open trade.

Bhavik Joshi, Business Head, INVasset PMS, said that Emmvee stands to benefit from India’s renewable manufacturing push. "Still, the cyclical nature of solar pricing and execution risks around expansion warrant a measured approach. Investors with medium- to long-term horizons may consider modest exposure, viewing it as a structural play on India’s energy transition rather than a short-term valuation bet," he said.

Valuations already appear to price in much of this optimism, with a post-issue P/E of ~40x FY25 earnings and ~20x FY26 annualized, making it a fully valued offering, according to Joshi.

The initial share sale of Emmvee Photovoltaic Power Ltd received 97% subscription of the issue size on the final day of bidding on Thursday. The ₹2,900-crore initial public offering (IPO) got bids for 7,50,44,538 shares against 7,74,27,183 shares on offer, translating to 97 per cent subscription, as per the data available on the NSE.

The part for qualified institutional buyers fetched 1.26 times subscription, while the portion for retail individual investors was subscribed 1.10 times. The category for non-institutional investors subscribed 30 per cent.

Emmvee Photovoltaic’s IPO grey market premium (GMP) stood at ₹0 today, indicating that the shares were trading at their issue price of ₹217 with no premium or discount in the grey market, according to Investorgain.com.

According to a notice from BSE, Trading Members of the Exchange are notified that starting Tuesday, November 18, 2025, the equity shares of Emmvee Photovoltaic Ltd will be listed and permitted for trading on the Exchange within the 'B' Group of Securities.

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