Emmvee Photovoltaic Power's ₹2,900cr IPO is now open
Emmvee Photovoltaic Power, an integrated solar PV module and solar cell manufacturer, just opened its ₹2,900 crore IPO.
The price per share is set between ₹206 and ₹217, with the offer closing this Thursday.
Issue details and listing
The IPO mixes new shares (₹2,143.9 crore) and shares sold by promoters (₹756.1 crore).
You'll need at least ₹14,973 to buy 69 shares.
Big names like Abu Dhabi Investment Authority and Goldman Sachs have already invested as anchor investors.
Shares will be allotted on November 14 and are expected to list on November 18.
Strong financials and growth plans
Emmvee has more than doubled its revenue in a year—from ₹951 crore in FY24 to ₹2,336 crore in FY25—and profits have soared to ₹369 crore.
The company has a healthy order book and plans to scale up its solar module capacity using advanced technology.
Valuation and brokerage recommendations
At a P/E ratio of 40.7x for FY25, Emmvee is priced lower than rivals like Vikram Solar and Waaree Energies.
Brokerages such as Angel One and Anand Rathi are recommending "Subscribe" for long-term investors.
Most of the funds raised will go toward paying off debt (about 76%), with the rest used for general business needs.