Emmvee Photovoltaic’s IPO, which opened on November 11 and closed on November 13, is set to list on the stock market on Tuesday, November 18. The company’s shares will debut on both the BSE and NSE.
Grey market trends suggest a flat listing, with the Emmvee Photovoltaic IPO GMP currently at ₹0, according to Investorgain. This indicates the expected listing price is likely to match the issue price of ₹217 per share. So far, the GMP has ranged between ₹0 and ₹20.
The IPO allotment was finalized on November 14. Overall demand remained modest, with the issue subscribed 97% against the 7.74 crore shares on offer, NSE data showed. Among investor groups, QIBs subscribed 1.26 times their quota, and retail investors 1.10 times, while the NII segment lagged at just 30% subscription.
The issue comprised a fresh share sale worth ₹2,144 crore and an offer for sale of ₹756 crore by promoters. Of the fresh issue proceeds, ₹1,621 crore will be used to repay or prepay loans owed by Emmvee and its subsidiary, with the remainder earmarked for general corporate needs. As of March 2025, the company’s borrowings stood at around ₹1,950 crore.
