Emmvee To Raise INR 30 Billion Via Initial Public Offering

Emmvee Solar, one of India’s oldest solar PV manufacturers, is planning to go public, seeking to raise INR 30 billion ($350 million) through an initial public offering (IPO). 

The Bengaluru, Karnataka-based Emmvee has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). It offers a fresh issue of equity shares worth INR 21.44 billion ($250 million) and an offer-for-sale component of INR 8.56 billion ($100 million). 

Emmvee plans to use the majority of the proceeds raised for the repayment or prepayment of its outstanding borrowings.

As of May 31, 2025, Emmvee’s total solar PV manufacturing capacity was 7.80 GW for modules and 2.94 GW for cells. It produces both bifacial and monofacial formats of TOPCon solar modules and cells, along with mono PERC. An Approved List of Models and Manufacturers (ALMM) enlisted company, Emmvee operates from its 4 manufacturing facilities across 2 locations in Karnataka.  

It aims to expand with a 6 GW integrated solar cell and solar PV module capacity in Bengaluru, targeting to bring it online in H1 2028.  

“Pursuant to our proposed expansion plans, we aim to increase our solar PV module production capacity to 16.30 GW and our solar cell production capacity to 8.94 GW using only TOPCon technology by the first half of Fiscal 2028,” states Emmvee in the DRHP. 

The manufacturer says it had an order book of 4.89 GW as of March 31, 2025, which increased to 5.26 GW as of May 31, 2025. 

Emmvee joins a growing list of Indian solar companies going public. Very recently, solar EPC Prozeal Green Energy filed DRHP to raise INR 7 billion (see Indian Solar EPC Prozeal Green Energy To Go Public).