Emmvee Photovoltaic Power to do an initial public offering of Rs 2,900 crore on November 11

Makers of photovoltaic solar panels and solar cells Emmvee Photovoltaic Power Ltd is gearing up to launch its initial public offering (IPO) on November 11, aiming to raise Rs 2,900 crore. The initial share sale will be completed on November 13. According to the red herring prospectus (RHP), the shares will be allocated to anchor investors on November 10.

The IPO includes a fresh issue of shares worth Rs 2,143.86 crore and an offer for sale (OFS) of shares worth Rs 756.14 crore by promoters, taking the size of the issue to Rs 2,900 crore.

Proceeds from the fresh issue worth a little over Rs 1,621 crore will be used for repayment or prepayment of loans and interest taken by the company and its principal subsidiary and for general corporate purposes.

As of March 2025, the company’s borrowings stood at nearly Rs 1,950 crore, the draft documents showed.

Emmvee Photovoltaic Power is a purely integrated company for integrated solar PV modules (photovoltaic system) and solar cells. It has a solar PV module manufacturing capacity of 7.80 GW and a solar cell manufacturing capacity of 2.94 GW as of May 31, 2025. According to a Crisil report, India’s solar PV module and cell manufacturing capacity has increased from 21 GW and around 3.2 GW respectively in March 2022 to 82 GW and 23 GW respectively in March 2025, driven by government policies to reduce production capacity. dependence on imports, market dynamics and a growing commitment to renewable energy. By the end of FY 2030, the nameplate capacity of the domestic module and cell manufacturing industries is expected to reach 175-185 GW and 85-95 GW, respectively, the report said.

JM Financial, IIFL Capital Services, Jefferies India and Kotak Mahindra Capital Company have been appointed as investment bankers to manage the IPO.