Emmvee Photovoltaic Files ₹3,000 Crore IPO Plan with SEBI

Emmvee Photovoltaic Power Ltd, a solar equipment manufacturer based in Bengaluru, has filed its draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering that could raise as much as ₹3,000 crore. The company is looking to strengthen its balance sheet and fund ongoing expansion.

According to the DRHP filed on July 6, the IPO will include a fresh issue of shares worth ₹2,143.9 crore. An additional ₹856.1 crore worth of shares will be offered by existing promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi through the offer-for-sale route.

The company may consider a pre-IPO placement of up to ₹428.8 crore. If this is taken forward, the fresh issue size will be reduced accordingly.

Emmvee plans to use around ₹1,607.9 crore from the new capital to reduce its debt. As of mid-June 2025, its consolidated borrowings stood at ₹2,709.7 crore. Any remaining proceeds will be used for general corporate expenses.

The company currently operates with a solar PV module production capacity of 7.80 gigawatts (GW) and a solar cell manufacturing capacity of 2.94 GW. Its facilities use tunnel oxide passivated contact (TOPCon) technology, which is designed to improve efficiency in solar modules.

As part of its expansion, Emmvee is setting up a new 2.5 GW module line and a 6 GW integrated solar cell and module facility. Once completed, its capacity is expected to increase to 16.30 GW for modules and 8.94 GW for cells by the first half of FY28.

The company has built a strong client base in recent years. Over 525 customers have worked with Emmvee, including names like Clean Max Enviro Energy, KPI Green Energy, Aditya Birla Renewables, and Blupine Energy. By the end of FY25, the order book stood at 4.89 GW. In April and May 2025 alone, new orders totalling 1.01 GW were added.

In FY25, it reported a profit of ₹369 crore, a substantial jump from ₹28.9 crore the previous year. Revenue also rose significantly, reaching ₹2,335.6 crore compared to ₹951.9 crore in FY24.

With the clean energy sector gaining policy support and strong investor interest, Emmvee’s move to tap the capital market may help the company reduce its debt load and scale operations at a time when India is accelerating its solar transition.

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