Emmvee Photovoltaic Power's IPO Sparks Interest Amidst Initial Share Sale

Emmvee Photovoltaic Power Ltd's initial public offering (IPO) achieved 9% subscription on the first day, with retail investors showing notable interest. The company aims to raise Rs 2,900 crore to manage debt and fund corporate needs, with plans for a stock market debut on November 18.

Emmvee Photovoltaic Power Ltd's initial public offering (IPO) saw a lukewarm response on the first day, as it was subscribed 9% on Tuesday. As per the National Stock Exchange data, bids were placed for 67,10,802 shares against the 7,74,27,183 shares available, highlighting the cautious approach of investors.

Retail investors showed comparatively higher interest with a 32% subscription, while non-institutional investors and qualified institutional buyers lagged behind at 6% and 2% respectively. Earlier, the company successfully raised Rs 1,305 crore from anchor investors.

The Rs 2,900-crore IPO, which ends on November 13, consists of a fresh issue of shares worth Rs 2,143.86 crore and an OFS of Rs 756.14 crore by promoters. With a price band set between Rs 206 and Rs 217 per share, Emmvee is targeting a valuation exceeding Rs 15,000 crore at the highest price point.