Emmvee Photovoltaic Power Plans Rs 3,000 Crore IPO to Cut Debt

Emmvee Photovoltaic Power, a Bengaluru-based leader in solar photovoltaic module and cell manufacturing, has filed for an initial public offering (IPO) to raise Rs 3,000 crore, comprising a fresh issue of Rs 2,143.9 crore and an offer-for-sale of Rs 856.1 crore by promoters. The company plans to use approximately Rs 1,607.9 crore from the fresh issue proceeds primarily to reduce its debt burden, which stood at around Rs 1,950 to Rs 2,709.7 crore in early 2025, with the remainder allocated for general corporate purposes. Emmvee operates with a solar PV module production capacity of 7.80 GW and a solar cell capacity of 2.94 GW, utilizing advanced TOPCon technology, and is expanding its capacity to reach 16.30 GW for modules and 8.94 GW for cells by FY28. The Indian solar PV manufacturing sector has seen significant growth, with domestic module and cell capacities increasing substantially due to government policies aimed at reducing import dependence. Emmvee competes with peers like Websol Energy Systems and Waaree Energies and has cultivated a strong client base with over 525 customers, supported by optimistic industry forecasts projecting further capacity expansion by FY30.