Description
EMMVEE Photovoltaic Power Limited announces allocation of 60,138,249 equity shares to anchor investors at ₹217 per share in their IPO aggregating up to ₹9,000 crore.
Summary
EMMVEE Photovoltaic Power Limited has finalized the allocation of 60,138,249 equity shares to anchor investors at ₹217 per equity share (including share premium of ₹215 per share) on November 10, 2025. The IPO comprises a fresh issue aggregating up to ₹1,438.62 million and an offer for sale aggregating up to ₹7,561.38 million by selling shareholders, with total offer size of ₹9,000 crore. The allocation was decided by the IPO Committee in consultation with Book Running Lead Managers: JM Financial Limited, IIFL Capital Services Limited, Jefferies India Private Limited, and Kotak Mahindra Capital Company Limited.
Key Points
- Total anchor investor allocation: 60,138,249 equity shares
- Anchor investor allocation price: ₹217 per equity share (face value ₹2, share premium ₹215)
- Total IPO size: ₹9,000 crore
- Fresh issue component: ₹1,438.62 million
- Offer for sale component: ₹7,561.38 million by selling shareholders
- Major anchor investors include ICICI Prudential funds (multiple schemes), Kotak funds, 360 ONE funds, and Abu Dhabi Investment Authority
- Largest single allocation: Abu Dhabi Investment Authority - Stable (3,456,141 shares, 5.75% of anchor portion)
- ICICI Prudential Energy Opportunities Fund and ICICI Prudential Innovation Fund each allocated 2,718,876 shares (4.52%)
- IPO Committee meeting held on November 10, 2025
Regulatory Changes
No regulatory changes mentioned in this circular.
Compliance Requirements
- Company must inform stock exchanges (BSE and NSE) of anchor investor allocation details
- Disclosure of anchor investor names, allocation quantities, and pricing
- IPO Committee approval required for finalizing anchor allocations
- Consultation with Book Running Lead Managers mandatory
Important Dates
- November 10, 2025: IPO Committee meeting held and anchor investor allocation finalized
- November 10, 2025: Date of circular notification to stock exchanges
Impact Assessment
Market Impact: The successful anchor investor allocation with participation from marquee domestic institutional investors (ICICI Prudential, Kotak Mahindra) and international sovereign wealth fund (Abu Dhabi Investment Authority) signals strong institutional confidence in EMMVEE’s solar energy business. The anchor book represents significant demand and provides price discovery for the main IPO.
Investor Impact: Anchor allocation creates a reference point at ₹217 per share for retail and other institutional investors. The presence of quality anchor investors may positively influence subscription levels in the public offer.
Company Impact: Successful anchor allocation is a critical milestone for EMMVEE’s listing journey. The company, operating in the solar energy sector since 1992, is raising capital through fresh issue (₹1,438.62 million) while selling shareholders are divesting ₹7,561.38 million worth of shares. The anchor round validates the company’s valuation and business prospects in the renewable energy sector.
Sector Impact: This IPO adds to the growing list of renewable energy companies accessing public markets, reflecting investor appetite for clean energy investments in India’s energy transition landscape.
Impact Justification
Material IPO listing announcement for EMMVEE Photovoltaic Power Limited with significant anchor investor allocation details; relevant for IPO market participants and investors