Bengaluru-based solar and cell module manufacturer, Emmvee Photovoltaic Power’s ₹30 billion (~$350.12 million) initial public offering (IPO) was subscribed 0.97 times at the end of the bidding window on November 13, 2025.

The IPO saw bids for 75 million shares out of the 77 million shares on offer.

Qualified institutional buyers led the demand with a subscription rate of 1.26, followed by retail individual investors at 1.1 and non-institutional investors at 0.3.

The company’s shares were trading at a nil grey market premium.

The price band for the IPO was set at ₹206 (~$2.3) to ₹217 (~$2.4) per equity share with a face value of ₹2 (~$0.02).

The shares are expected to be listed on the BSE and NSE on November 18, 2025.

In July 2025, Emmvee filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and received the nod from SEBI for its IPO in September.

The IPO included 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.

Emmvee has a solar module manufacturing capacity of 7.8 GW and a solar cell capacity of 2.94 GW.

The company plans to add a 2.5 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 16.3 GW for modules and 8.94 GW for cells.

In August 2025, Emmvee Energy was enlisted in the Approved List of Models and Manufacturers List-II for its bifacial N-type TOPCon cells of 1,553 MW/year capacity. The cells have an average efficiency of 24.62% and a wattage of 8.24 W.

According to the Mercom India research report, “State of Solar PV Manufacturing in India 1H 2025, India added 44.2 GW of solar module capacity and 7.5 GW of solar cell capacity in the first half of 2025.