Emmvee Photovoltaic’s Rs 2,900-cr IPO on Nov 11

Makers of solar photovoltaic modules and solar cells 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 company’s initial share-sale will be open for public subscription on November 11 and conclude on November 13. Shares will be allocated to anchor investors on November 10, according to its public announcement.

The IPO comprises fresh issue of shares worth Rs 2,143.86 crore and an offer for sale (OFS) of shares valued at Rs 756.14 crore by promoters, 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.