New IPO Alert: The Rs 2900 crore IPO of Bengaluru-based company MV Photovoltaic Power has opened for subscription today. This IPO will remain open till 13 November. On November 10, the company has raised Rs 1305 crore from anchor investors. Big global players like Abu Dhabi Investment Authority, Ashoka Whiteoak, Amundi Funds, Prudential Hong Kong, Eastspring Investments, BNP Paribas Funds, Société Générale, Morgan Stanley, Goldman Sachs, Nomura Singapore and Citigroup participated in it. These are 55 anchor investors who are showing strong support at the very beginning of the IPO.
This company works in manufacturing solar photovoltaic modules and solar cells. It is well positioned in India’s rapidly growing solar manufacturing sector.
This is the price band
The price band of IPO is Rs 206 to Rs 217 per share. For retail investors, the minimum lot is 69 shares which will entail an investment of Rs 14973 at the upper price. After that you can bid in multiples of 69. This fresh issue is of Rs 2143.9 crore and offer for sale is of Rs 756.1 crore in which promoters Manjunath Donthi Venkataratnaiah and his wife Shubha are selling shares.
The money received from the fresh issue will be used to repay about Rs 1621 crore loan or for prepayment and general corporate purposes. The post issue market cap at the upper price will be Rs 15023.89 crore. The listing of shares will take place on BSE and NSE on 18 November. The allotment will be final on 14th November.
Financial performance of the company
By May 31, 2025, their production capacity is 7.80 GW for solar PV modules and 2.94 GW for solar cells. Talking about financials, the revenue was Rs 951 crore in fiscal year 2024, which increased to Rs 2336 crore in 2025. EBITA was Rs 721 crore whose margin is 30.9 percent. Profit after tax came to Rs 369 crore which shows 15.8 percent margin. Return on equity is 104.6 percent and return on capital employed is 23.33 percent. These numbers clearly show the scaling and operational efficiency of the company. Strong order book and capacity expansion indicate good growth going forward.
Should I subscribe?
Brokerage firm Angel One says that if FY26 earnings are annualized at the upper price, the PI ratio is 20.0 times while for FY25 it is 40.7 times. It is trading at a slight discount to bigger peers. Vare Energy is at 52.1 times, Vikram Solar at 81.3 times and Premier Energies at 49.8 times. Due to strong growth and solar sector, subscribe rating has been given for long term investors. According to Anand Rathi, the valuation is fully priced but subscribe for long term. In the last one year, solar companies like Vare Energies, Premier Energies, Vikram Solar and Satvik Green Energy have been listed and are performing well. MV will be fifth in this segment.
What kind of signal is the gray market giving?
In the gray market, shares are trading at a premium of about 9 percent but this is indicative and keeps changing quickly. The solar sector is growing rapidly in India where the capacity of solar and wind is expected to increase from 18 percent in 2019 to 33 percent in 2025. The company is one of the first companies to use Topcon technology which increases efficiency. But keep in mind, talk to a certified expert before investing. This IPO seems like a good opportunity to participate in the future of renewable energy, especially if you are thinking long term.
(Disclaimer: This news has been published for informational purposes only. If you want to invest money in any of these shares, then first consult a certified investment advisor. StuffUnknownwill not be responsible for any profit or loss of yours.)
