The Abu Dhabi Investment Authority (Adia) was among several anchor investors backing Bengaluru-based solar manufacturer Emmvee Photovoltaic Power’s INR 29 bn (USD 327 mn) IPO, which opened on Tuesday, according to a regulatory filing (pdf). The sovereign wealth fund snapped up a 5.75% stake for INR 750 mn (USD 31.1 mn).

Emmvee raised some USD 1.5 bn from 55 anchor investors, including Adia, Morgan Stanley, Goldman Sachs, BNP Paribas Funds, Citigroup, and Nomura Singapore. Domestic mutual funds took nearly half, according to the filing.

Details of the IPO: The offer included a fresh issuance of equity shares adding up to some INR 21 bn (USD 240 mn), with existing investors selling shares worth INR 7.6 bn (USD 91 mn), at a price range of INR 206-217. Up to 75% of the offer is allocated to qualified institutional buyers, while a maximum of 10% will go to retail investors and up to 15% to non-institutional investors.

Nearly three-quarters of the proceeds are going into the company’s coffers to 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.

REMEMBER- Adia has been going big on India this year, with the country taking up a huge portion of its emerging markets allocations in Asia. Investments are no longer episodic, but strategic capital deployment at scale — moving well beyond passive foreign portfolio investments into concentrated ownership among heavyweights.

The sovereign fund is coming in at late growth stage or pre-IPO rounds, with investments in Lenskart, LG’s India unit, and Groww, alongside multiple bank and manufacturing exposures. Other recent investments in India from Adia include:

  • A USD 750 mn investment in the debt of infrastructure firmGMR Group, marking a foothold in one of the world’s fastest-growing aviation markets;
  • a USD 310 mn investment in a 5.1% stake in Mumbai-based IDFC First Bank;
  • participation in the USD 38.7 mn pre-IPO funding round for HDB Financial Services alongside other global institutions in June;
  • an acquisition of a 3.45% stake in RBL Bank recently sold by Mahindra & Mahindra, after Emirates NBD acquired a stake in the Indian lender;
  • and a USD 12 mn investment in Indian EV maker Ather Energy’s pre-IPO funding round in April 2025.

**The story was corrected to clarify the value of the IPO and the shares on offer. An old version of the story incorrectly referred to it as a INR 290 bn IPO. 

Tags: