Emmvee Photovoltaic Power IPO: Slow Bidding Continues on Day 2
The initial public offering of Emmvee Photovoltaic Power Ltd. remained undersubscribed on the second day, with the issue receiving bids for only 17% of the total shares on offer.
The IPO is a book-built issue worth Rs 2,900 crore, comprising 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.
IPO Details
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.
The subscription period will end on November 13, and the IPO allotment status is expected to be finalized on November 14. The company is scheduled to initiate refunds and transfer of shares to demat accounts on November 17.
The stock will be listed on the BSE and NSE on Tuesday, November 18. To learn more about the IPO process and how to apply for an IPO, visit our website.
Company Overview
Emmvee Photovoltaic Power was incorporated in March 2007 and 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. For more information on solar energy stocks and their potential, read our latest article.
Subscription Status
The Emmvee Photovoltaic Power IPO has been subscribed 17% on the second day, as per BSE data. The breakdown of the subscription status is as follows:
- Qualified Institutional Buyers (QIBs): 6%
- Non-Institutional Investors (NIIS): 11%
- Retail Individual Investors: 61%
To understand the different types of investors and their roles in the IPO process, visit our page on IPO investors.
Grey Market Premium (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 that GMP does not represent official data and is based on speculation. For more information on grey market premium and its implications, read our detailed guide.
Investment Advice
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. To make informed investment decisions, it’s essential to stay updated on the latest stock market news and trends.