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Emmvee Photovoltaic Power Ltd has raised INR 1,305 crore from anchor investors before its INR 2,900 crore Initial Public Offering (IPO). The anchor round attracted strong participation from leading domestic mutual funds, insurance companies, and global financial institutions. The company allotted over 6.01 crore shares at INR 217 each, the upper limit of its price band. The IPO, comprising both a fresh issue and an offer for sale, will open for public subscription soon, and the company is set to list on the stock exchanges later this month.
Solar photovoltaic module and cell manufacturer Emmvee Photovoltaic Power Ltd has secured INR 1,305 crore from anchor investors ahead of its upcoming INR 2,900 crore Initial Public Offering (IPO), as disclosed in a recent stock exchange update. Advertisement
The anchor placement received participation from a diverse group of investors, including domestic mutual funds, insurance firms, and foreign institutions. Notable investors include ICICI Prudential Mutual Fund, Kotak Mutual Fund, WhiteOak Capital, Franklin Templeton, SBI Life Insurance, Aditya Birla Sun Life Insurance, Prudential Hong Kong, Eastspring Investments, Nuvama, Societe Generale, Viridian (Hong Kong), Morgan Stanley, BNP Paribas, Goldman Sachs, Citigroup Global Markets Mauritius, and Nomura.
The company has allotted over 6.01 crore equity shares to 55 entities at INR 217 per share, which is the top end of the IPO price range. The total transaction size amounts to INR 1,305 crore. Of the total allocation, nearly 2.99 crore equity shares were assigned to ten domestic mutual funds through 26 schemes, according to the circular issued.
The INR 2,900 crore IPO will open for public subscription this week and remain open for three days. The price band has been set between INR 206 and INR 217 per share, with investors able to bid for a minimum of 69 shares and in multiples thereafter. At the upper price band, Emmvee is targeting a market valuation exceeding INR 15,000 crore.
The offering includes a fresh issue of shares worth INR 2,143.86 crore and an offer for sale of shares worth INR 756.14 crore by promoters. The company plans to use around INR 1,621 crore from the proceeds to repay or prepay loans and interest obligations of both the parent company and its key subsidiary, with the rest earmarked for general corporate purposes. As of March 2025, Emmvee?s total borrowings were close to INR 1,950 crore, according to its draft prospectus.
Emmvee Photovoltaic Power, a leading integrated solar PV module and cell manufacturer, operates with a solar module production capacity of 7.80 GW and a solar cell capacity of 2.94 GW as of May 2025. The company will debut on the stock exchanges on November 18.
A Crisil report notes that India's solar PV module and cell manufacturing capacities have expanded sharply from 21 GW and about 3.2 GW in March 2022 to 82 GW and 23 GW, respectively, by March 2025. This growth is supported by government policies encouraging domestic manufacturing and reducing import dependence. By FY30, module and cell production capacities are expected to reach 175-185 GW and 85-95 GW, respectively.
For its IPO, 75% of the issue has been reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors. JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company are acting as book-running lead managers for the issue.
Source PTI
5th Jun, 2025
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