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Emmvee Photovoltaic Power poised for flat debut as grey market shows no premiumThe company's ₹2,900-crore IPO saw 97% subscription by the close of bidding on Thursday. The issue was open from November 11 to 13.By Meghna Sen   November 18, 2025, 6:55:58 AM IST (Published)2 Min ReadShares of Emmvee Photovoltaic Power are set to debut on Dalal Street on Tuesday, November 18. The stock is expected to see a flat listing, according to indications from the grey market.

Grey market trackers suggest that Emmvee Photovoltaic shares are trading at a flat premium in the unregulated market. However, grey market signals are only indicative and tend to fluctuate quickly.

The company's ₹2,900-crore IPO saw 97% subscription by the close of bidding on Thursday. The issue was open from November 11 to 13.

The maiden public issue received bids for 7.50 crore shares against an offer size of 7.74 crore shares.

Retail investors fully subscribed their portion at 110%, while Non-Institutional Investors (NIIs) subscribed 30% of their quota. Qualified Institutional Buyers (QIBs) subscribed 126% of the shares reserved for them.

Emmvee Photovoltaic Power raised ₹1,305 crore from anchor investors ahead of the issue launch.

Global investors including Abu Dhabi Investment Authority, Ashoka WhiteOak, Amundi Funds, Prudential Hong Kong, Eastspring Investments, BNP Paribas Funds, Société Générale, Morgan Stanley, Goldman Sachs, Nomura Singapore, and Citigroup participated in the anchor round.

The price band for the issue was set at ₹206-217 per share.

At the upper end of the band, the company's post-issue market capitalisation is estimated at ₹15,023.89 crore.

The IPO comprises a ₹2,143.9-crore fresh issue and a ₹756.1-crore offer for sale (OFS) by promoters Manjunatha Donthi Venkatarathnaiah and his wife, Shubha.

The company plans to utilise a little over ₹1,621 crore from the fresh issue for repayment or prepayment of loans and interest for itself and its key subsidiary, along with general corporate purposes.

Company Overview

Emmvee Photovoltaic Power is an integrated solar PV module and solar cell manufacturer with a production capacity of 7.80 GW for solar PV modules and 2.94 GW for solar cells as of May 31, 2025.

The company reported strong financial performance, with revenue rising from ₹951 crore in FY24 to ₹2,336 crore in FY25, supported by strong demand for solar modules and cells.

EBITDA stood at ₹721 crore (30.9% margin), while profit after tax came in at ₹369 crore (15.8% margin).

Emmvee delivered a robust ROE of 104.6% and ROCE of 23.33%, backed by strong cash flows and a growing order book in the renewable energy sector.

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company were the book-running lead managers to the issue.Continue ReadingNote To ReadersDisclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsIPO