APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Emmvee Photovoltaic Power Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) raised around US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) raised around US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) is looking to raise about US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.


Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Emmvee Photovoltaic has filed RHP for IPO with a total offer size of up to INR 29B, offering 133.6M shares at a price band of INR 206-INR 221 per share.</li>
<li>This includes a fresh issue of INR 21.4B (~ 98.8M shares). The company intends to use the proceeds for debt repayment and general corporate purpose.</li>
<li>Our recommendation would be that investors can buy into this issue as the valuation range looks relatively cheap when compared to peers.</li>
</ul>


Emmvee Photovoltaic has filed RHP for IPO with a total offer size of up to INR 29B, offering 133.6M shares at a price band of INR 206-INR 221 per share.
This includes a fresh issue of INR 21.4B (~ 98.8M shares). The company intends to use the proceeds for debt repayment and general corporate purpose.
Our recommendation would be that investors can buy into this issue as the valuation range looks relatively cheap when compared to peers.


Emmvee IPO: Issue Fairly Priced, Capacity Addition & Future Integration Holds Energy For Future

Rosita Fernandes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a>  (EPPL)  is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, IIFL, Jefferies, Kotak.</li>
<li>EPPL is an integrated solar PV module and cell manufacturer offering advanced technologies like TOPCon and Mono PERC.</li>
<li>According to the CRISIL Report, as on Mar 25, EPPL was the second largest pure-play integrated solar photovoltaic (PV) module and solar cell manufacturer in India by production capacity.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN)  (EPPL)  is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, IIFL, Jefferies, Kotak.
EPPL is an integrated solar PV module and cell manufacturer offering advanced technologies like TOPCon and Mono PERC.
According to the CRISIL Report, as on Mar 25, EPPL was the second largest pure-play integrated solar photovoltaic (PV) module and solar cell manufacturer in India by production capacity.


Emmvee Photovoltaic Power Ltd Pre-IPO Tearsheet

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.</li>
<li>Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.</li>
<li>India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.</li>
</ul>


India is rapidly scaling solar PV manufacturing, supported by strong policies, rising demand, and a surge of new companies entering the sector.
Despite fast growth, the sector shows wide valuation gaps and cost-driven dynamics, highlighting the importance of technology, efficiency, and operational strength.
India’s solar PV push is impactful and accelerating, but long-term sustainability depends on fundamentals like capacity, costs, and technology readiness.


Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

India

Emmvee Photovoltaic Power Limited manufactures solar energy equipment. The Company produces a range of photovoltaic modules, solar water heaters, and other industrial products. Emmvee  Photovoltaic Power serves customers in India.

Emmvee Photovoltaic Power Limited (0198068D IN)

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Emmvee Photovoltaic Power Limited (0198068D IN)

Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Emmvee Photovoltaic Power Ltd raised around US$327m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Emmvee IPO: Issue Fairly Priced, Capacity Addition & Future Integration Holds Energy For Future

Emmvee Photovoltaic files for IPO with offer size of up to INR 29B, offering shares at INR 206-221 per share. Investors advised to consider buying...

Tina Banerjee

Emmvee Photovoltaic Power Ltd Pre-IPO Tearsheet

Emmvee Photovoltaic Power Limited plans to raise $350m in India IPO, positioning itself as a top solar PV manufacturer in the country with...

Rosita Fernandes

Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Emmvee Photovoltaic Power Ltd raised around US$327m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Emmvee IPO: Issue Fairly Priced, Capacity Addition & Future Integration Holds Energy For Future

​Emmvee Photovoltaic files for IPO with offer size of up to INR 29B, offering shares at INR 206-221 per share. Investors advised to consider buying...

Tina Banerjee

Emmvee Photovoltaic Power Ltd Pre-IPO Tearsheet

​Emmvee Photovoltaic Power Limited plans to raise $350m in India IPO, positioning itself as a top solar PV manufacturer in the country with...

Rosita Fernandes

Thematic Report: Decoding India’s Solar PV Sector- Strong Growth, Big Valuation Divergence

​India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...

Sudarshan Bhandari

Emmvee Photovoltaic files for IPO with offer size of up to INR 29B, offering shares at INR 206-221 per share. Investors advised to consider buying...

Emmvee Photovoltaic Power Limited plans to raise $350m in India IPO, positioning itself as a top solar PV manufacturer in the country with...

India's booming solar PV manufacturing sector faces valuation gaps and cost challenges, emphasizing the need for technology and operational...