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Mumbai: Avaada Electro, the solar PV modules manufacturing arm of the Brookfield-backed Avaada Group, has taken a significant step toward a public listing by filing a Confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Reports indicate the Initial Public Offering (IPO) is poised to raise an estimated ₹9,000 to ₹10,000 crore.
Should the offering proceed, it would mark the largest fund-raising through an IPO by a solar PV modules manufacturer in India, signaling strong investor confidence in the nation’s burgeoning renewable energy sector.
IPO to Fuel Major Capacity Expansion
While the confidential nature of the filing restricts public disclosure of specific details, sources suggest the IPO will be a combination of a fresh issue of shares and an Offer-For-Sale (OFS) by existing shareholders.
The capital raised from the fresh issue is slated for aggressive expansion. Avaada Electro, which currently boasts an operational solar module production capacity of 8.5 GW, plans to use the funds to:
- Develop an additional 5.1 GW solar module manufacturing facility in Uttar Pradesh.
- Scale-up its existing Butibori plant in Maharashtra.
These projects aim to boost the company’s total module capacity to 13.6 GW by fiscal 2027. Furthermore, the company is set to massively scale up its solar cell production capacity to 12 GW over the next two fiscals.
Strategic Move Through Confidential Filing
Avaada Electro’s choice of the confidential DRHP route, introduced by SEBI, allows the company to engage with the regulator and refine its offer documents without immediate public scrutiny of its sensitive business and financial data.
The timeline for this route is also more flexible. Unlike a regular filing where a company must launch the IPO within one year of receiving SEBI’s observations, the confidential route grants a longer window of 18 months to file the Updated DRHP and proceed to the final public offering.
The company joins a growing list of new-age companies, including Swiggy, Meesho, and PhonePe, that have utilized this discreet IPO route.
A Leader in High-Efficiency Solar
A wholly owned subsidiary of the Avaada Group, which is one of India’s largest renewable power generators, Avaada Electro specializes in manufacturing high-efficiency N-Type TOPCon solar PV modules. The broader Avaada Group, backed by Brookfield, has diversified interests across green hydrogen, green ammonia, green methanol, and pumped hydro.
This planned IPO arrives amidst a projected boom in India’s renewable sector. A recent CRISIL report projects an addition of 25-27 GW of solar projects in FY26, with the nation’s total solar capacity expected to increase by 150 to 170 GW between FY26 and FY30. Avaada Electro’s large-scale funding and expansion are strategically timed to capture a significant share of this massive clean energy growth.
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