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.
Subscription Status
The Emmvee Photovoltaic Power IPO has been subscribed 17% on Wednesday, as per BSE data.
Qualified Institutional Buyers (QIBs): 6%.
Non-Institutional Investors (NIIS): 11%.
Retail Individual Investors: 61%.
Emmvee Photovoltaic Power IPO GMP
The grey market premium (GMP) for the Emmvee Photovoltaic IPO has declined to Rs 3 per share, according to InvestorGain. The latest GMP indicates an estimated listing price of Rs 220 per share at a potential premium of 1.4% compared to the upper end of the price band of Rs 217 per share.
Note: GMP does not represent official data and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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