Rays of Opportunity: Emmvee’s ₹3,000 Crore IPO Set to Energize the Market

Image Source: Business Standard

India's leading solar PV manufacturer Emmvee Photovoltaic Power Limited has submitted its Draft Red Herring Prospectus (DRHP) to SEBI for a marquee ₹3,000 crore Initial Public Offering (IPO), marking its intention to ride the country's surging renewable energy business.

Key Highlights:

IPO Structure:

New Issue: ₹2,143.86 crore
Offer for Sale (OFS): ₹856.13 crore by promoters
Total Issue Size: Maximum of ₹3,000 crore
Face Value: ₹2 per equity share
Potential Pre-IPO Placement: Not exceeding ₹428.77 crore, to be adjusted from the fresh issue if it is done.

Use of Proceeds:

Repayment / Prepayment of borrowings: ₹1,607.90 crore
General corporate purposes: Remaining amount.

Promoter Holding (Pre-IPO):

Manjunatha Donthi Venkatarathnaiah: 48.18%
Shubha Manjunatha Donthi: 48.18
Suhas & Sumanth Donthi Manjunatha: 3.64% (both).

Financial Performance:

FY25 Total Income: ₹2,360.3 crore
FY25 PAT: ₹369 crore
EBITDA Margin (FY25): 30.91%
Return on Net Worth (FY25): 69.44%
Consistent growth trajectory over the past three years.

Business Overview:

Second-largest vertically integrated manufacturer of solar PV cells and modules in India
Module power: 7.80 GW
Cell capacity: 2.94 GW (as of May 2025)
Facilities: Four in Karnataka, two others planned
Major clients: Clean Max, Hero Rooftop, Aditya Birla Renewables.

Industry Setting:

The IPO follows the listing of Waaree Energies and Premier Energies in 2024, both of which were hugely oversubscribed and did well in the aftermarket.
Emmvee's order book stands at 3.9 GW (approximately ₹5,898 crore) as of January 2025 with revenue visibility for the next 1-2 years.
The proceeds will be used by the firm to retire debt and expand manufacturing capacity to meet rising domestic and foreign demand for solar products.

Listing: