Bengaluru: Emmvee Photovoltaic Power Limited, a leading solar photovoltaic (PV) module and solar cell manufacturer, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an Initial Public Offering (Emmvee Photovoltaic Power IPO) worth ₹3,000 crore.
The IPO includes a fresh issue of equity shares worth ₹2,143.86 crore and an offer for sale (OFS) amounting to ₹856.14 crore by existing promoters.
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According to the DRHP, the proceeds from the fresh issue will be utilized to repay or prepay loans and interest obligations of the company and its key subsidiary.
A portion of the funds will also be allocated to general corporate purposes. The company may also consider a pre-IPO placement of up to ₹428.77 crore, which, if completed, will reduce the fresh issue component accordingly.
Based in Bengaluru, Emmvee Photovoltaic Power is positioned as one of India’s most prominent pure-play integrated solar PV manufacturers. As of May 31, 2025, the company has a solar module production capacity of 7.80 GW and solar cell capacity of 2.94 GW, making it a major contributor to India’s clean energy ambitions.
Emmvee Photovoltaic Power IPO
Emmvee Photovoltaic Power IPO comes at a time when India’s domestic solar manufacturing capacity is experiencing exponential growth.
As per a Crisil report, the country’s solar PV module and cell capacities have jumped from 21 GW and 3.2 GW in March 2022 to 82 GW and 23 GW, respectively, by March 2025 – a development fueled by favorable government policies, rising demand for renewable energy, and efforts to reduce dependency on imports.
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Looking ahead, Crisil projects that India’s solar module capacity could reach 175–185 GW and cell capacity may touch 85–95 GW by FY2030, creating significant opportunities for established players like Emmvee.
Merchant Bankers Appointed
To manage Emmvee Photovoltaic Power IPO, four leading investment banks have been appointed:
- JM Financial
- IIFL Capital Services
- Jefferies India
- Kotak Mahindra Capital Company
These institutions will oversee the IPO process, including roadshows, investor engagement, and book building.
The Emmvee Photovoltaic Power IPO is expected to provide a major capital boost for Emmvee’s expansion goals and strengthen its market leadership in the rapidly evolving solar manufacturing space. The move also aligns with India’s broader green energy transition under its Atmanirbhar Bharat and net-zero emissions goals.
