Emmvee Photovoltaic Power files DRHP with Sebi to launch IPO, aims to raise Rs 3,000 Crore
Emmvee Photovoltaic Power, a prominent player in the solar energy sector, has filed preliminary papers with the Sebi to launch an IPO worth Rs 3,000 crore.
- Jul 7, 2025,
- Updated Jul 7, 2025 12:53 PM IST
Emmvee Photovoltaic Power, a prominent player in the solar energy sector, has filed preliminary papers with the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO) worth Rs 3,000 crore. The IPO will include a fresh issue of shares amounting to Rs 2,143.86 crore and an offer for sale (OFS) valued at Rs 856.14 crore by the company's promoters, according to the draft red herring prospectus (DRHP) submitted on July 6.
The proceeds from the fresh issue are intended primarily for the repayment or prepayment of company and subsidiary loans, with the remaining funds earmarked for general corporate purposes. Emmvee Photovoltaic Power, based in Bengaluru, is also considering a pre-IPO placement that could raise up to Rs 428.77 crore, which would subsequently reduce the total fresh issue size.
Emmvee Photovoltaic Power, known for its solar photovoltaic (PV) modules and solar cell manufacturing, boasts 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 utilises tunnel oxide passivated contact (TOPCon) technology in its manufacturing process.
Over the past three financial years, Emmvee has consistently expanded its market reach, serving around 525 customers including notable names like Clean Max Enviro Energy, Prozeal Green Energy, and Aditya Birla Renewables Solar. By the end of fiscal 2025, Emmvee had an outstanding order book of 4.89 GW for solar PV modules, and it received additional orders for 1.01 GW during April-May 2025.
Financially, Emmvee has demonstrated significant growth, recording a profit of Rs 369 crore for the year ending March 2025. This figure marks a nearly 13-fold increase from Rs 28.9 crore in the previous year. Additionally, revenue climbed from Rs 951.9 crore to Rs 2,335.6 crore during the same period.
The solar industry in India has witnessed substantial growth, with module and cell manufacturing capacities increasing from 21 GW and about 3.2 GW, respectively, in March 2022 to 82 GW and 23 GW by March 2025. This expansion aligns with government initiatives aimed at reducing dependency on imports and fostering renewable energy commitments.
Emmvee's IPO will be managed by a consortium of leading financial institutions, including JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company. These entities have been appointed as merchant bankers to oversee the IPO process.
Key promoters involved in the offer for sale include Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi. The offer is structured to balance new share issuance with a promoter stake sale, aiming to optimise the company's capital structure.
As the company moves forward, stakeholders and potential investors will closely monitor the IPO's progress, especially considering the significant allocation towards debt reduction and corporate growth.
Emmvee Photovoltaic Power, a prominent player in the solar energy sector, has filed preliminary papers with the Securities and Exchange Board of India (Sebi) to launch an initial public offering (IPO) worth Rs 3,000 crore. The IPO will include a fresh issue of shares amounting to Rs 2,143.86 crore and an offer for sale (OFS) valued at Rs 856.14 crore by the company's promoters, according to the draft red herring prospectus (DRHP) submitted on July 6.
The proceeds from the fresh issue are intended primarily for the repayment or prepayment of company and subsidiary loans, with the remaining funds earmarked for general corporate purposes. Emmvee Photovoltaic Power, based in Bengaluru, is also considering a pre-IPO placement that could raise up to Rs 428.77 crore, which would subsequently reduce the total fresh issue size.
Emmvee Photovoltaic Power, known for its solar photovoltaic (PV) modules and solar cell manufacturing, boasts 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 utilises tunnel oxide passivated contact (TOPCon) technology in its manufacturing process.
Over the past three financial years, Emmvee has consistently expanded its market reach, serving around 525 customers including notable names like Clean Max Enviro Energy, Prozeal Green Energy, and Aditya Birla Renewables Solar. By the end of fiscal 2025, Emmvee had an outstanding order book of 4.89 GW for solar PV modules, and it received additional orders for 1.01 GW during April-May 2025.
Financially, Emmvee has demonstrated significant growth, recording a profit of Rs 369 crore for the year ending March 2025. This figure marks a nearly 13-fold increase from Rs 28.9 crore in the previous year. Additionally, revenue climbed from Rs 951.9 crore to Rs 2,335.6 crore during the same period.
The solar industry in India has witnessed substantial growth, with module and cell manufacturing capacities increasing from 21 GW and about 3.2 GW, respectively, in March 2022 to 82 GW and 23 GW by March 2025. This expansion aligns with government initiatives aimed at reducing dependency on imports and fostering renewable energy commitments.
Emmvee's IPO will be managed by a consortium of leading financial institutions, including JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company. These entities have been appointed as merchant bankers to oversee the IPO process.
Key promoters involved in the offer for sale include Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi. The offer is structured to balance new share issuance with a promoter stake sale, aiming to optimise the company's capital structure.
As the company moves forward, stakeholders and potential investors will closely monitor the IPO's progress, especially considering the significant allocation towards debt reduction and corporate growth.