Avaada Electro Files Updated IPO Papers With SEBI For ₹7,600 Crore Issue

Brookfield-backed Avaada Group's solar manufacturing arm Avaada Electro Ltd has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).

The ₹7,600 crore IPO comprises a fresh issue of equity shares worth ₹1,600 crore and an offer for sale (OFS) of ₹6,000 crore by promoter Avaada Ventures Pvt Ltd, according to the updated draft papers made public on Wednesday.

Of the fresh issue proceeds, ₹1,200 crore will be used to repay or prepay certain loans and meet obligations under letters of credit. The remaining amount will be used for general corporate purposes.

The company said a listing would help enhance its brand among existing and potential customers and create a public market for its equity shares in India.

Avaada Electro IPO: What does the company do?

Incorporated in 2021, Avaada Electro manufactures solar cells and modules, which are sold under the Enlume and Integlow brands.

As of July 31, 2026, the company had 8.5 GW of operational solar module manufacturing capacity and 3 GW of operational TOPCon solar cell manufacturing capacity. It operates manufacturing facilities in Dadri, Uttar Pradesh, and Nagpur, Maharashtra.

The company has also set out an expansion plan that will take its solar module manufacturing capacity to 13.60 GW and solar cell capacity to 12 GW by FY28. It plans to build 3 GW of ingot and wafer capacity over the same period, giving it an integrated manufacturing setup covering ingots, wafers, cells and modules.

Avaada Electro also plans to enter energy storage solutions under the Avaada Halo brand and expand into third-party engineering, procurement and construction (EPC) and operations and maintenance (O&M) services.

Avaada Electro's manufacturing footprint has expanded sharply over the past year. Its module installed capacity increased from 1.5 GW to 8.5 GW, while its order book rose more than seven-fold to 19,106 MW, from 2,555 MW.

The sharp increase in capacity and orders comes as the company looks to expand its presence across the solar manufacturing value chain.

Avaada Electro financials

Avaada Electro's financial performance improved sharply in FY26. Revenue from operations rose to ₹5,303.52 crore from ₹911.62 crore in FY25, while profit after tax increased to ₹888.74 crore from ₹173.30 crore in the previous financial year. Total assets stood at ₹6,470.92 crore as of FY26, compared with ₹2,044.88 crore a year earlier.

The company had reported a net profit of ₹22.56 crore in FY24, while total assets stood at ₹869.47 crore during the year.

Avaada Electro IPO: Earlier filing

Avaada Electro had initially filed its draft IPO papers through the confidential filing route in October 2025. The company received SEBI's approval in April 2026 to proceed with the public issue.

The IPO will be managed by ICICI Securities, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), SBI Capital Markets and IIFL Capital Services, which are the book-running lead managers to the issue.

The updated filing brings the proposed ₹7,600 crore IPO back into focus as the company prepares for its next steps towards a public listing.

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