This Bengaluru-based company wants to raise ₹3,000cr via IPO
06 Jul 2025

Bengaluru-based Emmvee Photovoltaic Power, one of India's leading makers of solar photovoltaic (PV) modules, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

The company is looking to raise ₹3,000 crore through an initial public offering (IPO).

The move comes as part of its strategy to significantly reduce debt.

A look at the IPO
Offering structure

The proposed IPO will include a fresh issuance of equity stocks worth ₹2,143.9 crore and an offer-for-sale of ₹856.1 crore, by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi.

Emmvee Photovoltaic may also raise up to ₹428.8 crore in a pre-IPO round, which would reduce the size of the fresh issue in its IPO accordingly.

IPO proceeds to be used for debt reduction
Fund allocation

Emmvee Photovoltaic plans to use the proceeds from the fresh issue mainly to reduce its debt by ₹1,607.9 crore. The remaining funds will be used for general corporate purposes. As of June 14, the company's consolidated outstanding borrowings stood at ₹2,709.7 crore, according to DRHP.

Current and expected production capacity
Expansion strategy

Emmvee Photovoltaic currently has a solar PV module making capacity of 7.80GW and a solar cell capacity of 2.94GW.

The firm uses tunnel oxide passivated contact (TOPCon) technology for solar cell production.

It plans to increase its solar PV module production capacity to 16.30GW and solar cell making capacity to 8.94GW by the first half of fiscal year 2028.