Emmvee Photovoltaic Power’s Rs.2,900-Cr IPO subscribed 97%

The INR 2,900 crore initial public offering (IPO) of Bengaluru-based Emmvee Photovoltaic was subscribed 97%. The issue of the solar modules and solar cells-maker received bids for nearly 7.50 crore shares, as against an offer size of 7.74 crore shares.Retail investors fully booked (110%) their reserved portion. Non Institutional Investors (NIIs) subscribed 30% sof the portion kept for them, while Qualified Institutional Buyers (QIBs) fully booked (126%) their allotted quota.Emmvee Photovoltaic launched its IPO to raise INR Rs 2,144 crore from the primary market and an offer for sale of INR 756 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha. The price band was set at INR 206-217 per share.