Emmvee's Solar IPO Shines: Near Complete Subscription Achieved

Emmvee Photovoltaic Power Ltd's IPO garnered a 97% subscription on its final bidding day, signaling strong market interest in the solar sector. The company aims to raise Rs 2,900 crore, with funds to be used for loan repayment and general corporate purposes. Stock market debut set for November 18.

Emmvee Photovoltaic Power Ltd's initial public offering (IPO) concluded with a 97% subscription on its final bid day. Investors showed robust interest in India's solar sector, with offers amounting to 7.5 crore shares against 7.7 crore shares available.

The company, a leader in solar photovoltaic modules and cells, set its share price range between Rs 206 and Rs 217, aiming for a valuation exceeding Rs 15,000 crore. The IPO comprises a mix of fresh issue and offer for sale, targeting a total capital raise of Rs 2,900 crore.

Proceeds will fund debt repayment and other corporate initiatives. Already, Emmvee has raised Rs 1,305 crore from anchor investors. The much-anticipated stock market debut is slated for November 18.

(With inputs from agencies.)