(L-R)1) Akhil Dokania, Senior Vice President, Infrastructure and Energy Transition, Jeffries India Private Limited, 2) Devan Kampani, Managing Director- Investment Banking, JM Financial Limited, 3) Pawan Kumar Jain, Chief Financial Officer, Emmvee Photovoltaic Power Limited, 4) Manjunatha Donthi, Chairman and Managing Director, Emmvee Photovoltaic Power Limited, 5) Suhas Donthi, Whole Time Director, President and Chief Executive Officer, Emmvee Photovoltaic Power Limited 6) Sumanth Donthi, Head of Business Development, Emmvee Photovoltaic Power Limited,7) Manish Jain, Asst. Vice President, IIFL Capital Services Limited, 8) Nitin Pasricha, Managing Director, Industrials & Auto, Kotak Mahindra Capital Company Limited
· Price Band fixed at Rs.206 per equity share of face value Rs.2 each to Rs.217 per equity share of the face value of Rs.2 each (“Equity Shares”) of Emmvee Photovoltaic Power Limited (the “Company”) Anchor Investor Bidding Date – Monday, November 10, 2025
· Bid /Offer Opening Date – Tuesday, November 11, 2025, and Bid/ Offer Closing Date –Thursday, November 13, 2025
· Bids can be made for a minimum of 69 Equity Shares and in multiples of 69 Equity Shares thereafter
MUMBAI, 06 NOVEMBER, 2025 (GPN/ SACHIN MURDESHWAR 📞 8108510506): Karnataka-based renewable energy company Emmvee Photovoltaic Power Ltd on Thursday announced a price band of Rs 206 to Rs 217 per share for its Rs 2,900-crore initial public offering (IPO).At the upper end, the company is targeting a valuation of over Rs 15,000 crore.The IPO opens for public subscription on November 11 and closes on November 13. The anchor book will open on November 10.
The IPO comprises fresh issue of shares worth Rs 2,143.86 crore and an offer for sale (OFS) valued at Rs 756.14 crore by promoters Manjunatha Donthi Venkatarathnaiah and his wife Shubha , aggregating the issue size to Rs 2,900 crore.
Proceeds from the fresh issue worth a little over Rs 1,621 crore be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary and a general corporate purposes.As of March 2025, the company’s borrowings stood at close to Rs 1,950 crore, the draft papers showed.The company is the leading pure-play integrated solar PV
(photovoltaic system) module and solar cell manufacturing company. It has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW as of May 31, 2025.
The financial performance in the recent past years has been strong with Emmvee reporting profit of Rs 187.7 crore in the June 2025 quarter, growing 581 percent over Rs 27.6 crore in corresponding period last year, and revenue at Rs 1,027.8 crore, increasing 208.4 percent from Rs 333.2 crore in the same period.
Profit in the fiscal 2025 stood at Rs 369 crore, soaring nearly 13-fold from Rs 28.9 crore in previous fiscal. Revenue from operations during the same financial years surged 145.4 percent to Rs 2,335.6 crore, against Rs 951.9 crore.
According to the company, 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.Investors can bid for a minimum of 69 shares and in multiples thereof.JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are the book-running lead managers for the IPO. Emmvee shares will get listed on the bourses on November 18.
NOTE – The RHP shall be available on the website of SEBI at www.sebi.gov.in, and is available on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of the Company at www.emmveepv.com and the websites of the BRLMs, i.e., JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Jefferies India Private Limited and Kotak Mahindra Capital Company Limited at www.jmfl.com, www.iiflcapital.com, www.jefferies.com and https://investmentbank.kotak.com, respectively.
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.
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