Emmvee Photovoltaic IPO: GMP Drops to Zero Ahead of Listing; Check Shares Allotment Status

The Emvee Photovoltaic Power Limited IPO, which aimed to raise Rs 2,900 crore, opened on November 11 and closed on November 13, 2025. Investors who allotted shares after the final sing are now awaiting the listing of shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange.

The primary objective of the IPO is to partially or fully repay outstanding loans of the company and its subsidiaries, including accrued interest, for which about Rs 1,621.29 crore will be utilised. The secondary objective is to meet general corporate requirements.

Emvee Photovoltaic IPO GMP

According to Investorgain.com, the Emvee Photovoltaic shares in the grey market premium (GMP) is trading at Rs 0. The IPO’s price band was Rs 206 to Rs 217 per share. Based on the upper price band and the current GMP, the expected listing price is Rs 217, indicating a flat debut that may disappoint investors on November 18, 2025. However, the GMP unlisted market and can change quickly.

Emvee Photovoltaic’s shares were trading at Rs 20 in the unlisted market before the issue opened, fell to Rs 5 on the opening day and dropped further to Rs 0 by the closing day, showing weak investor interest. The issue saw minimal subscription. 

SBI Securities assigned the IPO a “Subscribe for Long Term” rating, suggesting it is suitable for long-term investors. The brokerage believes the company’s profitability may improve after debt repayment, strengthening its long-term prospects.

However, the report also highlighted risks. More than 85% of the company’s revenue comes from its top 10 customers, which creates dependency. Its heavy reliance on imported raw materials, mainly from China, is another concern.

How to Check Emmvee Photovoltaic IPO Allotment Status on BSE?

1. Visit the official website at bseindia.com/investors/appli_check.aspx.

2. Select issue type to Equity

3. Select issue name to 'Emmvee Photovoltaic Power Ltd'

4. Enter application number or PAN no.

5. Click on 'I'm not a robot'

6. Click on 'Search'

Also Read | Physics Wallah IPO: GMP Falls Ahead of Listing; Steps to Check Allotment Status.

How to Check Emmvee Photovoltaic IPO Allotment Status on NSE?

1. Visit the official website at nseindia.com/invest/check-trades-bids-verify-ipo-bids.

2. Select equity and SME IPO bid details.

3. Select Symbol as 'Emmvee'

4. Enter PAN no and application no 

5. Click on the submit button.

About Emvee Photovoltaic 

Emvee Photovoltaic Power Limited was incorporated in March 2007. It is an integrated solar PV module and cell manufacturer. As of 31 May 2025, the company has a solar PV module production capacity of 7.80 GW and a solar cell manufacturing capacity of 2.94 GW. Its product range includes bifacial and mono-facial TOPCon modules and cells, along with mono PERC modules.