Emmvee Photovoltaic Power IPO
Emmvee Photovoltaic Power Limited (EMMVEE) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 18 November 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +1.2% (likely range -3% to +2%), day's high +11.6%, chance of a gain 50%. Actual: 0.0% at the open, +4.9% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 4,22,33,010 | 5,31,96,792 | 1.26x | |
| NII (HNI) total | 2,11,16,504 | 63,22,194 | 0.30x | |
| Big NII (above ₹10 lakh) | 1,40,77,670 | 27,05,697 | 0.19x | |
| Small NII (₹2-10 lakh) | 70,38,834 | 36,16,497 | 0.51x | |
| Retail | 1,40,77,669 | 1,55,25,552 | 1.10x | |
| Total | 7,74,27,183 | 7,50,44,538 | 0.97x |
Bids on NSE and BSE together, as published by NSE, as of 13 Nov 2025, 07:00 PM. Shares offered exclude the anchor portion. 18% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Emmvee Photovoltaic Power's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| WeWork India ManagementOct 2025 | 1.79x | 0.23x | 0.61x | 1.15x | ₹3,000 Cr | +0.3% | +0.3% |
| Bharat DynamicsMar 2018 | 1.50x | 0.50x | 1.41x | 1.30x | ₹1,667 Cr | -13.6% | -5.9% |
| Ather EnergyApr 2025 | 1.70x | 0.66x | 1.78x | 1.43x | ₹3,106 Cr | +2.2% | +3.7% |
| Entero Healthcare SolutionsFeb 2024 | 2.28x | 0.22x | 1.33x | 1.53x | ₹1,618 Cr | -2.3% | 0.0% |
| Carraro IndiaDec 2024 | 2.21x | 0.60x | 0.71x | 1.12x | ₹1,317 Cr | -7.5% | -3.1% |
| Hindustan AeronauticsMar 2018 | 1.73x | 0.03x | 0.39x | 0.99x | ₹7,191 Cr | -5.2% | -2.5% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| JM Financial | 109 | +22.8% | 75% |
| IIFL Capital Services | 94 | +19.3% | 71% |
| Jefferies India | 26 | +19.5% | 81% |
| Kotak Mahindra Capital Company | 83 | +20.8% | 76% |
Offer documents (NSE)
Frequently asked
What is the Emmvee Photovoltaic Power IPO price band and lot size? ₹206–217 per share, with a lot of 69 shares, so the smallest retail bid is ₹14,973.
How many times has it been subscribed? 0.97x overall: QIB 1.26x, NII 0.30x, retail 1.10x.
How did it list? It opened at ₹217, +0.0% against the issue price of ₹217, and closed its first day +1.1%.
