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Chandigarh: In a significant development for India’s renewable energy and capital markets, Emmvee Photovoltaic Power Limited, one of the country’s leading integrated solar PV module and solar cell manufacturers, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹3,000 crore through an Initial Public Offering (IPO).
This strategic move marks a major milestone in Emmvee’s journey and positions it among the few pure-play solar companies tapping public markets to fund growth, capitalize on sector momentum, and scale innovation in the clean energy value chain.
IPO Structure and Fund Utilization
According to the DRHP, the proposed IPO includes a fresh issue of equity shares worth ₹2,143.86 crore and an offer for sale (OFS) of ₹856.14 crore by existing shareholders and promoters. The OFS component will allow early investors and promoters to partially monetize their holdings while offering new investors a chance to participate in the green energy transformation.
The company also plans to raise up to ₹428.77 crore via a pre-IPO placement, subject to regulatory approvals. If completed, the size of the fresh issue will be adjusted accordingly.
Strategic Use of IPO Proceeds
Funds raised from the fresh issue will be primarily utilized for:
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Repayment or prepayment of borrowings and accrued interest incurred by Emmvee and its key subsidiary, improving the overall financial leverage of the group.
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General corporate purposes, including expansion, working capital, and investments in technology to enhance product competitiveness and operational efficiency.
This capital injection is expected to strengthen Emmvee’s balance sheet and support its ambitious plans in expanding its domestic and global solar manufacturing footprint.
Emmvee’s Leadership in India’s Solar Manufacturing Ecosystem
Founded in Bengaluru, Emmvee has emerged as a leading integrated player in the clean energy space, specializing in the manufacturing of high-efficiency solar PV modules and solar cells. As of May 31, 2025, Emmvee boasts a 7.80 GW module production capacity and a 2.94 GW solar cell manufacturing capacity—ranking it among the top domestic players in India’s rapidly expanding renewable energy manufacturing landscape.
Emmvee’s integrated value chain, state-of-the-art manufacturing facilities, and focus on high-efficiency products give it a strong competitive advantage in both domestic and export markets.
India’s Renewable Push Fuels Growth
India’s solar PV manufacturing sector is undergoing rapid transformation, spurred by the government’s PLI schemes (Production Linked Incentives), import duties on Chinese solar components, and a sharp rise in energy transition investments.
According to a recent CRISIL report, India’s solar module capacity surged from 21 GW in March 2022 to 82 GW in March 2025, while solar cell capacity expanded from around 3.2 GW to 23 GW in the same period. By FY30, domestic capacities are projected to hit 175–185 GW for modules and 85–95 GW for cells, signaling robust demand for manufacturers like Emmvee.
This booming domestic ecosystem—combined with rising exports to Europe, the US, and Southeast Asia—positions Emmvee to benefit from global clean energy shifts and supply chain diversification strategies.
Backed by Leading Market Intermediaries
To manage the IPO, Emmvee has appointed JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company as book-running lead managers. These firms bring deep capital market expertise and a proven track record of handling large public issues in the infrastructure, energy, and industrial segments.
The shares are proposed to be listed on the BSE and NSE, subject to necessary approvals from SEBI and the stock exchanges.
Driving India’s Energy Security and Sustainable Future
This IPO marks a turning point not only for Emmvee, but also for India’s ambitions to become self-reliant in clean energy technologies. As the nation moves toward its net-zero emission target by 2070, domestic manufacturers like Emmvee are expected to play a critical role in decarbonizing the power sector, reducing import dependency, and creating green jobs.
By offering public investors a chance to participate in the country’s green energy transition, Emmvee’s IPO is more than just a capital-raising event—it’s a step forward in climate-conscious investing and energy independence.
For more information, investors can visit: www.emmvee.com
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