Joining a growing list of clean energy companies intending to raise funds from the stock market, Bengaluru-based solar cell and module manufacturer Emmvee Photovoltaic Power has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹30 billion (~$350.12 million) through an initial public offering (IPO).

The IPO will include a fresh issue of equity shares worth ₹21.44 billion (~$250.21 million) and an offer-for-sale component of ₹8.56 billion (~$99.9 million) by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi. The shares will have a face value of ₹2 (~$0.023).

Emmvee may opt for a pre-IPO placement of up to ₹4.28 billion (~$49.95 million), which would proportionately reduce the fresh issue size if executed.

A significant portion of the funds raised, around ₹16.07 billion (~$187.56 million), will be allocated to reduce the company’s consolidated borrowings, which stood at ₹27.09 billion (~$316.18 million) as of June 14, 2025. The remaining capital will be utilized for the company’s general corporate purposes.

JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital are the book running lead managers for the IPO.

Emmvee has a solar module manufacturing capacity of 7.80 GW and a solar cell capacity of 2.94 GW. The company plans to add a 2.50 GW module line and a 6 GW integrated solar cell and module facility. By the first half of the financial year (FY) 2028, Emmvee aims to reach a total manufacturing capacity of 16.30 GW for modules and 8.94 GW for cells.

Emmvee recorded a net profit of ₹36.9 billion (~$430.68 million) in FY25, marking a nearly thirteen-fold increase from ₹288.99 million (~$3.37 million) in FY24. The company’s revenue rose to ₹236.03 billion (~$2.75 billion) in FY25, up 145% from ₹95.44 billion (~$1.11 billion) in the previous financial year.

As of June 5, 2025, Emmvee has an enlisted capacity of 4,454 MW under the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers (ALMM). This capacity is spread across three facilities. The cumulative ALMM-listed module manufacturing capacity in India reached 79,320 MW following the latest updates.

According to Mercom’s State of Solar PV Manufacturing in India 2025 report, the country added 25.3 GW of solar modules and 11.6 GW of solar cell capacity in 2024. Monocrystalline modules, including those with passivated emitter and rear cell technology, made up nearly 59% of India’s module production capacity. Tunnel oxide passivated contact  (TOPCon) modules, polycrystalline modules, and thin-film technologies followed it.