Bengaluru-based Emmvee Photovoltaic Power, a prominent Indian solar PV module and cell manufacturer, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) on July 6, seeking to raise ₹3,000 crore through an initial public offering (IPO). This strategic move aims primarily to significantly reduce the company's substantial debt burden, positioning it for accelerated growth within India's burgeoning renewable energy sector. The offering underscores increasing investor confidence in the domestic solar manufacturing landscape.
The proposed IPO comprises a fresh issue of equity shares valued at ₹2,143.9 crore and an offer-for-sale (OFS) of ₹856.1 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi. Emmvee may also consider a pre-IPO placement of up to ₹428.8 crore, which would adjust the fresh issue size accordingly. A critical component of the fundraising strategy is the allocation of ₹1,607.9 crore from the fresh issue proceeds towards paring down its consolidated borrowings, which stood at ₹2,709.7 crore as of June 14, 2025. The remaining funds will be directed towards general corporate purposes.
Emmvee currently boasts a solar PV module production capacity of 7.80 GW and a solar cell capacity of 2.94 GW, utilizing advanced tunnel oxide passivated contact (TOPCon) technology. The company is actively pursuing an ambitious expansion, planning to add a 2.50 GW solar PV module line and a 6 GW integrated solar cell and module facility. These additions are projected to elevate Emmvee's module capacity to 16.30 GW and its cell capacity to 8.94 GW by the first half of fiscal year 2028, significantly bolstering its market position.
Operating in a competitive landscape alongside listed peers like Websol Energy Systems, Waaree Energies, and Premier Energies, Emmvee has cultivated a robust customer base of over 525 clients in the past three years, including key players such as Clean Max Enviro Energy, KPI Green Energy, and Aditya Birla Renewables Solar. As of the end of FY25, the company reported a substantial order book of 4.89 GW, with an additional 1.01 GW secured in April-May 2025. Financially, Emmvee demonstrated impressive performance in FY25, with net profit soaring nearly thirteen-fold to ₹369 crore from ₹28.9 crore in FY24. Revenue also saw a significant surge of 145% to ₹2,335.6 crore, up from ₹951.9 crore in the preceding year, reflecting strong operational growth and market demand.