Price Band fixed at ₹206 per equity share of face value ₹2 each to ₹217 per equity share of the face value of ₹2 each (“Equity Shares”) of Emmvee Photovoltaic Power Limited (the “Company”)
Anchor Investor Bidding Date – Monday, November 10, 2025
Bid /Offer Opening Date – Tuesday, November 11, 2025, and Bid/ Offer Closing Date –Thursday, November 13, 2025
Bids can be made for a minimum of 69 Equity Shares and in multiples of 69 Equity Shares thereafter
Red Herring Prospectus (“RHP”) link: https://www.jmfl.com/Common/getFile/5369 https://www.icicisecurities.com/Upload/ArticleAttachments/RHP%20-%20Indiqube%20Spaces%20Limited.pdf
National, November 06, 2025 ( TGN ): Emmvee Photovoltaic Power Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its equity shares of face value of ₹2 each (“Equity Shares”) on Tuesday, November 11, 2025. The Anchor Investor Bidding Date is one Working Day before the Bid/Offer Opening Date, being, Monday, November 10, 2025. The Bid/ Offer Closing Date is Thursday, November 13, 2025.
The Price Band of the Offer has been fixed from ₹206 per Equity Share of face value ₹2 each to ₹217 per Equity Share of face value ₹2 each. Bids can be made for a minimum of 69 Equity Shares of face value ₹2 each and multiples of 69 Equity Shares of face value ₹2 each thereafter.
The offer comprises a fresh issue of equity shares aggregating up to ₹21,438.62 million (₹2,143.86 Crore) and an offer for sale of up to ₹7,561.38 million (₹756.14 Crore) by existing shareholders, Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi(“Promoter Selling Shareholders”).
The company is primarily a solar module manufacturer and are the second largest pure-play integrated solar photovoltaic (“PV”) module and solar cell manufacturing company and one of the largest solar PV module manufacturers in India, each in terms of production capacity as of March 31, 2025. (Source: Crisil Report). As of June 30, 2025, the company have a solar PV module production capacity of 7.80 GW and a solar cell production capacity of 2.94 GW, with a track record of over 18 years. In addition, the company is one of the first companies in India to adopt higher efficiency tunnel oxide passivated contact (“TOPCon”) technology to manufacture solar cells, and are among a limited number of solar cell manufacturers in India as of March 2025 to leverage this technology. (Source: Crisil Report).
The Offer is being made through the Book Building Process in compliance with Regulation 6(2) of the SEBI ICDR Regulations wherein in terms of Regulation 32(1) of the SEBI ICDR Regulations, not less than 75% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”) provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which at least one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion.
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs.
Further, not more than 15% of the Offer shall be available for allocation to NIBs out of which (a) one-third of such portion shall be reserved for Bidders with application size of more than ₹0.20 million and up to ₹1.00 million; and (b) two-third of such portion shall be reserved for Bidders with application size of more than ₹1.00 million provided that the unsubscribed portion in either of such sub-categories may be allocated to Bidders in other sub-category of the NIBs in accordance with SEBI ICDR Regulations and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders (“RIB”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price
All Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA accounts (and UPI ID in case of UPI Bidders using the UPI Mechanism), (in which case the corresponding Bid Amounts will be blocked by the SCSBs or under the UPI Mechanism, as applicable to participate in the Offer. Anchor Investors are not permitted to participate in the Anchor Investor Portion of the Offer through the ASBA process.
The Equity Shares of the Company are proposed to be listed on BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (BSE and NSE together, the “Stock Exchanges”).
JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), Jefferies India Private Limited, Kotak Mahindra Capital Company Limited are the Book Running Lead Managers (“BRLMs”) to the issue.
All capitalised terms not defined herein would have the same meaning as attributed to them in the RHP.
