Emmvee Photovoltaic IPO Day 3: Bengaluru-Based Solar Company Subscribed 0.56 Times On Last Day; Check GMP

The Bengaluru-based solar panel company continue to witness muted subscription. On the third and the last day of bidding, the issue was subscribed by 0.56 times on Thursday, November 13, 2025. The s 2,900-crore IPO has been subscribed 22% so far on Day 3.

Also Read | Physics Wallah IPO Day 3: GMP of Edtech Company Falls on Last Day of Subscription.

Emmvee Photovoltaic IPO was subscribed 0.60 times by qualified institutional buyers, non-institutional investors were subscribed 0.23 times, while the retail individual investors were subscribed 0.96 times. The maiden public issue of the solar panel company received bids for nearly 1.7 crore shares against an offer size of 7.74 crore shares, as per the data on the NSE website at 11.42 am.

Emmvee Photovoltaic IPO GMP

The shares of Emmvee Photovoltaic were trading at Rs 3 over the IPO price in the grey market premium (GMP), on Thursday, November 13 at 2.35 pm, as per data on Investorgain.com. The estimated listing price is Rs 220 with a 1.38% the estimated profit, likely to be Rs 207.

This is lower than the 9% GMP quoted by the site a day before the IPO opened for public bidding. Emmvee Photovoltaic launched its IPO earlier this week to raise Rs 2,900 crore from the primary market through a fresh issue of shares worth Rs 2,143.9 crore and an offer for sale of Rs 756.1 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha. The price band has been set at Rs 206-217 per share.