Emmvee Photovoltaic to raise ₹3,000cr via IPO
Emmvee Photovoltaic Power, one of the largest solar PV module manufacturers in India, is launching an IPO of up to ₹3,000 crore on November 11.
The offer includes ₹2,143.9 crore in new shares and an ₹856.1 crore sale by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi.
About 75% of the fresh issue proceeds will go toward paying off company debt.
Emmvee's solar tech
Based in Bengaluru, Emmvee builds high-tech solar panels and cells—including monocrystalline, polycrystalline, and TOPCon modules.
Right now they have 7.8GW of module capacity and 2.94GW for cells; big expansions are planned that could more than double both by mid-2028.
Financials and offer details
The IPO opens to anchor investors on November 10 and to everyone else on November 11; bidding wraps up November 13 with shares set to list November 18.
Emmvee's profits jumped nearly 13x in fiscal year (FY) 2025 as demand for Indian-made solar tech keeps rising—making it a name to watch in the renewable energy space.