Emmvee Photovoltaic Ipo
Emmvee Photovoltaic IPO Review & Key Points
Review: May Apply
Capital Market Rating: 45
Rating: 3
IPO Lead Managers aka Merchant Bankers
JM Financial Ltd.
IIFL Capital Services Ltd.
Jefferies India Pvt.Ltd.
Kotak Mahindra Capital Co.Ltd.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 69 | ₹14,973 |
| Retail Maximum | 13 | 897 | ₹1,94,649 |
| S-HNI Minimum | 14 | 966 | ₹2,09,622 |
| S-HNI Maximum | 66 | 4,554 | ₹9,88,218 |
| B-HNI Minimum | 67 | 4,623 | ₹10,03,191 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | 4,00,92,166 Shares | 75% |
| NII Shares Offered | 2,00,46,083 Shares | 15% |
| Retail Shares Offered | 1,33,64,055 Shares | 10% |
| Anchor Bidding Date | November 10, 2025 |
| Anchor Investors List | |
| Shares Offered | 6,01,38,249 Shares |
| Anchor Size | 1305.00 Cr. |
| lock-in period end date 50% shares (30 Days) | December 14, 2025 |
| lock-in period end date 50% shares (90 Days) | February 12, 2026 |
| IPO Open Date: | November 11, 2025 |
| IPO Close Date: | November 13, 2025 |
| Basis of Allotment: | November 14, 2025 |
| Refunds: | November 17, 2025 |
| Credit to Demat Account: | November 17, 2025 |
| IPO Listing Date: | November 18, 2025 |
| IPO Bidding Cut-off Time: | November 13, 2025 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 59,35,49,550 | 100% |
| Promoter Holding Post Issue | 69,23,45,033 | -% |
| Purpose | Crores |
| Repayment/ prepayment, in full or part, of all or certain outstanding borrowings and accrued interest thereon availed by the Company and the Material Subsidiary | ₹1,621.29 |
| General Corporate Purpose | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹644.37 | ₹632.70 | ₹8.97 | ₹840.79 |
| 2024 | ₹954.44 | ₹906.82 | ₹28.90 | ₹2,189.99 |
| 2025 | ₹2,360.33 | ₹1,877.51 | ₹369.01 | ₹3,913.94 |
| June 2025 | ₹1,042.22 | ₹802.03 | ₹187.68 | ₹4,347.72 |
| KPI | Values |
| ROE: | 104.60% |
| ROCE: | 23.33% |
| EBITDA Margin: | 30.91% |
| PAT Margin: | 15.80% |
| Debt to equity ratio: | 3.63 |
| Earning Per Share (EPS): | ₹6.22 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 69.44% |
| Net Asset Value (NAV): | ₹8.95 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Waaree Energies Limited | 68.24 | 50.47 | 20.34% | 329.96 | 14,444.50 Cr. |
| Premier Energies Limited | 21.35 | 51.30 | 33.21% | 62.61 | 6,518.75 Cr. |
| Vikram Solar Limited | 4.61 | 70.97 | 11.26% | 39.24 | 3,423.45 Cr. |
| Saatvik Green Energy Limited | 19.09 | 27.49 | 63.41% | 30.14 | 2,158.39 Cr. |
| Websol Energy Systems Limited | 36.66 | 33.83 | 55.65% | 65.88 | 575.46 Cr. |
| IPO Open Date | November 11, 2025 |
| IPO Close Date | November 13, 2025 |
| Face Value | ₹2 Per Equity Share |
| IPO Price Band | ₹206 to ₹217 Per Share |
| Issue Size | Approx ₹2,900 Crores |
| Fresh Issue | Approx ₹2,143.86 Crores |
| Offer for Sale: | Approx 3,48,45,069 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |