{"id":84915,"date":"2025-11-12T00:00:00","date_gmt":"2025-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/adia-is-backing-solar-outfit-emmvees-usd-327-mn-ipo\/"},"modified":"2025-11-12T00:00:00","modified_gmt":"2025-11-12T00:00:00","slug":"adia-is-backing-solar-outfit-emmvees-usd-327-mn-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2025\/11\/12\/adia-is-backing-solar-outfit-emmvees-usd-327-mn-ipo\/","title":{"rendered":"Adia is backing solar outfit Emmvee\u2019s USD 327 mn IPO"},"content":{"rendered":"

Speaking of Adia\u2026 The UAE investor was among several anchoring Bengaluru-based <\/strong>solar<\/strong> manufacturer <\/strong>Emmvee Photovoltaic Power<\/a><\/strong>\u2019s <\/strong>INR 29 bn<\/strong> (USD 327 mn) IPO<\/strong>, the subscription period for which opened on Tuesday, according to a regulatory filing (pdf).<\/a> The sovereign wealth fund snapped up a 5.75% stake for INR 750 mn (USD 31.1 mn).<\/p>\n

Adia<\/strong> as marquee investor: <\/strong>Emmvee raised some USD 155 mn from 55 anchor investors, including Adia, Morgan Stanley, Goldman Sachs, BNP Paribas Funds, Citigroup, and Nomura Singapore. Domestic mutual funds took nearly half of the position. Analysts like Emmvee\u2019s visibility in India\u2019s solar manufacturing cycle, backed by its 5.4 GW order book, and forecast strong profitability tailwinds as debt is pared down.<\/p>\n

What\u2019s on the table? <\/strong>The IPO includes new shares with INR 214.3 bn (USD 2.4 bn) while existing investors are selling shares worth a combined INR 75.6 bn (USD 860 mn). Up to 75% of the offer was earmarked for qualified institutional buyers, not more than 10% for retail investors and up to 15% for non-institutional investors. <\/p>\n

ADVISORS- <\/strong>Lead managers and bookrunners for the offering are JM Financial<\/a>, IIFL Capital<\/a>Services,<\/a>Jefferies India<\/a>, and Kotak Mahindra Capital<\/a>. Trilegal<\/a> is providing counsel to the issuer on matters of Indian law. MSKC & Associates are auditors for Emmvee. KFin Technologies<\/a> is registrar. Bankers to the Emmvee are Axis Bank and HDFC Bank. <\/p>\n

Nearly three-quarters of the proceeds <\/strong>are going into the company\u2019s coffers<\/a><\/strong>.<\/strong> Proceeds will largely pay off debt and support expansion, including its new Bengaluru capacity. As of June this year, Emmvee operates 7.8 GW module and 2.9 GW cell capacity.<\/p>\n

Adia\u2019s<\/strong> India bet is no longer episodic, but strategic capital deployment at scale.<\/strong> It has moved well beyond passive foreign portfolio investments into concentrated ownership among category leaders.<\/p>\n

India is effectively taking up <\/strong>Adia\u2019s<\/strong> most important <\/strong>Emerging Markets allocations<\/a><\/strong> in Asia. <\/strong>The sovereign fund is coming in at late growth stage or pre-IPO rounds, then doubling down again at listing, as seen across Lenskart, LG\u2019s India unit, and Groww, alongside multiple bank and manufacturing exposures. Here are some of the SWF\u2019s recent India investments:<\/p>\n