Emmvee Photovoltaic Power IPO Bidding Crawls For Second Day; GMP Declines

The initial public offering of Emmvee Photovoltaic Power Ltd. remained undersubscribed on the second day.

The IPO is a book-built issue worth Rs 2,900 crore. The mainboard IPO comprises a fresh issue of 9.88 crore shares, amounting to Rs 2,143.86 crore, and an offer-for-sale of 3.48 crore shares, aggregating to Rs 756.14 crore.

The price band for the Emmvee Photovoltaic IPO has been fixed between Rs 206 and Rs 217 per share. The lot size comprises 69 shares, requiring a minimum investment of Rs 14,973 for retail investors.  

Subscription period will end on Nov. 13. The IPO allotment status is expected to be finalised on Nov. 14. The company is scheduled to initiate refunds and transfer of shares to demat accounts on Nov. 17.

The stock will be listed on the BSE and NSE on Tuesday, Nov. 18.

Emmvee Photovoltaic Power was incorporated in March 2007. It manufactures solar PV modules and solar cells. As of May 31, the company has a solar PV module capacity of 7.80 GW and a solar cell capacity of 2.94 GW.

The company's product portfolio includes bifacial and mono-facial TOPCon modules and cells, and Mono PERC modules. It has four manufacturing units across two Karnataka locations.