Emmvee Photovoltaic Power Ltd, a solar cell and module manufacturer, has received capital markets regulator Securities and Exchange Board of India (SEBI’s) nod to proceed with their plan for an initial public offering (IPO).
In July 2025, the company had filed preliminary papers with SEBI to raise INR 3,000 crore through the IPO.
According to an update on SEBI website, Emmvee received the observations from the markets regulator on September 9, 2025.
In SEBI parlance, receiving observations is equivalent to getting the go-ahead to proceed with a public issue.
Emmvee’s IPO comprises fresh issue of shares worth INR 2,143.86 crore and an offer for sale (OFS) of shares valued INR 856.14 crore by promoters.
Proceeds from the fresh issue will be utilised for repayment or prepayment of loans and interest taken by the company and its key subsidiary and a portion will be used for general corporate purposes.
The Bengaluru-based company may mobilise up to INR 428.77 crore through a pre-IPO placement. If this is done, the raised amount will be deducted from the total fresh issue.
Emmvee Photovoltaic Power has a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW as of May 31, 2025.
JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company have been appointed as merchant bankers to manage the IPO.
Emmvee Photovoltaic Power
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