Avaada Electro Files Revised IPO Papers For ₹7,600 Crore Issue

Avaada Group's solar manufacturing business, Avaada Electro, has submitted an updated draft red herring prospectus (UDRHP) to the Securities and Exchange Board of India (SEBI) for its proposed ₹7,600 crore initial public offering (IPO)

The Avaada Electro IPO will have two components. Avaada Electro plans to raise ₹1,600 crore through a fresh issue, while existing shareholders will offer shares worth ₹6,000 crore through an offer for sale (OFS).

The company has not yet disclosed the IPO price band.

Fresh Issue To Help Reduce Debt

Avaada Electro plans to use a large part of the money raised through the fresh issue to meet its debt-related obligations.

Of the ₹1,600 crore fresh issue, ₹1,200 crore has been earmarked for prepayment and repayment of borrowings. The funds will also be used to meet obligations linked to letters of credit.

The remaining proceeds will be used for general corporate purposes.

The company has a face value of ₹5 per equity share.

Avaada Group counts global investors such as Brookfield, Global Power Synergy Company (GPSC), Asian Development Bank and DEG among its backers.

Avaada Electro Plans Major Capacity Expansion

Avaada Electro currently operates a solar module manufacturing capacity of 8.5 gigawatts (GW) and solar cell manufacturing capacity of 3 GW. Its manufacturing facilities are located in Dadri, Uttar Pradesh, and Nagpur, Maharashtra.

The company plans to significantly expand these capacities by FY28. Its target is to take solar module manufacturing capacity to 13.6 GW and solar cell capacity to 12 GW. It also plans to establish 3 GW of ingot and wafer manufacturing capacity.

Avaada Electro is also looking to diversify into energy storage solutions. It plans to launch a product called Avaada Halo and enter third-party engineering, procurement and construction (EPC) and operations and maintenance (O&M) services.

Focus On TOPCon Solar Technology

The company has adopted N-type TOPCon technology across its existing solar module manufacturing lines.

Its modules are designed for an operating life of up to 30 years. The company's bifacial glass-to-glass TOPCon modules have reported efficiencies of up to 23.61%.

Avaada Electro said its N-type TOPCon modules have a bifaciality rate of around 80-85%, compared with roughly 70-75% for conventional passivated emitter and rear cell (PERC) modules.

The company is also working on co-locating supporting components such as solar glass, aluminium frames and encapsulants near its manufacturing plants. This is expected to reduce logistics expenses and turnaround time.

ICICI Securities, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets India, SBI Capital Markets and IIFL Capital Services are the book-running lead managers for the proposed IPO.

Also Read - Stock Market Update 27 August 2026