Solar module and cell manufacturer Emmvee Photovoltaic Power has received approval from the Securities and Exchange Board of India (SEBI) to raise ₹30 billion (~$340.50 million) through an initial public offering (IPO).

The company filed the draft IPO papers with SEBI in July this year.

The IPO will include a fresh issue of equity shares worth ₹21.44 billion (~$243.36 million) and an offer-for-sale component of ₹8.56 billion (~$97.16 million) by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi.

Proceeds from the fresh issue will be utilized for repayment or prepayment of loans and interest, and for general corporate purposes.

Emmvee may opt for a pre-IPO placement of up to ₹4.28 billion (~$48.58 million), which would proportionately reduce the fresh issue size if executed.

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 2028, Emmvee aims to reach a total manufacturing capacity of 16.30 GW for modules and 8.94 GW for cells.

In an interview on the sidelines of the Mercom India Renewables Summit 2025, Suhas Donthi, President and CEO at Emmvee Photovoltaic Power, spoke at length about the solar manufacturing landscape in India, module technology trends, and his company’s research and development initiatives and plans for backward integration of the supply chain.

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 modules, polycrystalline modules, and thin-film technologies followed it.