Did Emmvee Photovoltaic Power light up the markets on listing day? Well… not quite. The solar manufacturer made a completely flat debut on Tuesday, November 18, listing at ₹217 on both NSE and BSE, exactly where the issue price was set. No spark, no surge, just a perfectly straight line. Even the GMP hinted at this calm landing, sitting at ₹0 per share ahead of the debut.
If you were hoping for a voltage spike, this one stayed firmly in power-saving mode. Still, a steady start isn’t always bad, sometimes stability is the brightest sign.
Curious how it trades next? Here are the key details-
Emmvee Photovoltaic made a flat debut on November 18, 2025, listing at ₹217 per share on the BSE, exactly matching its issue price.
The stock opened at ₹217 on the NSE as well, indicating a zero-premium listing across both exchanges.
The debut was fully in line with grey market expectations, where Emmvee Photovoltaic shares were also quoted at ₹217, signaling no premium ahead of listing.
| Category | Details |
|---|---|
| IPO Opened | November 11 |
| IPO Closed | November 13 |
| Allotment Date | November 14 |
| Listing Date | November 18, 2025 |
| Total Issue Size | ₹2,900 crore |
| Fresh Issue | ₹2,143.86 crore |
| Offer for Sale (OFS) | ₹756.14 crore |
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIBs) | 1.26× |
| Retail Investors (RII) | 1.10× |
| Non-Institutional Investors (NII) | 0.30× |
| Overall Subscription | 97% (7.50 crore bids vs 7.74 crore shares offered) |
Emmvee Photovoltaic Power intends to use a large portion of the fresh issue proceeds to strengthen its financial position. About ₹1,621 crore will be utilised for the repayment or prepayment of outstanding borrowings and related interest for the company and its core subsidiary. The remaining amount will be allocated towards general corporate purposes, supporting operational and strategic requirements. As per regulatory filings, Emmvee’s total borrowings stood at ₹1,950 crore as of March 2025.
Founded in March 2007, Emmvee Photovoltaic Power is one of India’s largest integrated manufacturers of solar PV modules and solar cells.
Key highlights:
Manufacturing Capacity (as of May 31, 2025):
7.80 GW solar PV modules
2.94 GW solar cells
(With Inputs)
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