Avaada Electro files for ₹7,600 crore solar manufacturing IPO

Avaada Electro Limited, a solar cell and module manufacturer backed by the Brookfield-backed Avaada Group, has filed an updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of up to ₹7,600 crore.

The offering consists of a fresh issue of shares worth up to ₹1,600 crore and an Offer for Sale (OFS) of up to ₹6,000 crore by the promoter, Avaada Ventures Private Limited. The company intends to use approximately ₹1,200 crore from the fresh issue to repay or settle borrowings and letter-of-credit obligations, with the remainder allocated for general corporate purposes.

Founded in 2021, Avaada Electro currently maintains 8.5 GW of solar module manufacturing capacity and 3 GW of TOPCon solar cell capacity. The company aims to build an integrated manufacturing chain by FY28, targeting 13.6 GW of module capacity, 12 GW of cell capacity, and 3 GW of ingot and wafer capacity. Its operations are centered in Nagpur, Maharashtra, and Dadri, Uttar Pradesh.