Emmvee Photovoltaic IPO GMP Declines; Remains Undersubscribed As Subscription Resumes On Day 2
The price band for the IPO is set between Rs 206 and Rs 217 per share.
Emmvee Photovoltaic Power, which launched its initial public offering (IPO) on Tuesday, saw a muted investor response. The IPO was undersubscribed on the first day of subscription, with investors bidding for 67,10,802 shares against the 7,74,27,183 on offer, subscribing 0.09 times.
Emmvee Photovoltaic Power is a manufacturer of solar cells and modules. Investors will continue to monitor the grey market premium (GMP) as bidding for the public issue resumes on Wednesday.
Here's all you need to know about the IPO of Emmvee Photovoltaic Power, including the latest GMP, price band, lot size and more.
Emmvee Photovoltaic IPO GMP Today
The GMP for the Emmvee Photovoltaic IPO stood at Rs 5 as of 9:00 a.m. on November 12. It indicates a listing price of Rs 222 per share, a premium of 2.30% on the upper limit of the price band.
The grey market premium for the mainboard offer had remained unchanged for the past few days, but witnessed a 70% decline on Tuesday.
The highest GMP recorded for the IPO was Rs 20.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
Emmvee Photovoltaic IPO: Key Details
The Emmvee Photovoltaic IPO is a book build issue of Rs 2,900 crore. It comprises a fresh issue of 9.88 crore shares worth Rs 2,143.86 crore and an offer-for-sale (OFS) of 3.48 crore shares amounting to Rs 756.14 crore.
The price band for the IPO is set between Rs 206 and Rs 217 per share.
To participate in the IPO, retail investors must bid for a single lot size of 69 shares, requiring an investment of Rs 14,973. Small Non-Institutional Investors need to bid for 14 lots, amounting to an investment of Rs 2,09,622. Big Non-Institutional Investors can participate in the IPO by bidding for a minimum of 67 lots. It will lead to an investment of Rs 10,03,191.
JM Financial is the book-running lead manager and KFin Technologies is the registrar of the issue.
The subscription window will remain open till November 13, with the allotment expected to be finalised on November 14. The company will transfer shares to the demat accounts of successful bidders on November 17, and refunds to non-allottees will be done on the same day.
Shares of Emmvee Photovoltaic are scheduled to list on the BSE and NSE on November 18.
Emmvee Photovoltaic: Use Of Proceeds
The company will use proceeds from the IPO to clear debt and for general corporate purposes.
About Emmvee Photovoltaic
Emmvee Photovoltaic Power is a manufacturer of solar cells and modules. It is headquartered in Bengaluru. Since its inception in 1992, it has made continuous innovation in solar water heating systems and photovoltaic modules.
Financials
The company reported a massive 581% year-on-year (YoY) jump in profit after tax (PAT) to Rs 187.68 crore in Q1FY26 from Rs 27.56 crore in Q1FY25. Total income increased 212.6% YoY to Rs 1,042.22 crore in Q1FY26 from Rs 333.41 crore in Q1FY25.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
