Upcoming IPO: Avaada Electro Plans $800 Million Issue, Filing May Come This Month
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Brookfield-backed Avaada Electro is preparing to file for an IPO of up to $800 million as it expands its solar manufacturing capacity to 13.6 gigawatts, joining a wave of renewable energy firms eyeing India's IPO market.
Avaada Electro Ltd, the solar manufacturing arm of Avaada Group, is planning to file for an initial public offering as early as this month, with the proposed issue potentially raising as much as $800 million, as reported by Moneycontrol.
The Brookfield Renewable Partners-backed company has appointed ICICI Securities, Axis Capital, HSBC Holdings, IIFL Capital Services and Bank of America to manage the proposed share sale in India. The people cited in the report asked not to be identified as the discussions are private.
The IPO is expected to comprise mainly a fresh issue of shares, along with an offer for sale by existing investors. However, the plans are still being discussed and the eventual size and timing of the issue could change, according to the report.
Representatives for Avaada Group and the banks involved in the proposed transaction did not respond to requests for comment. Brookfield also declined to comment.
Avaada Electro had submitted its draft IPO documents through India's confidential filing route in October 2025 and received regulatory approval in April 2026. The confidential pre-filing route allows companies to submit their draft offer documents to the market regulator without immediately making the papers public.
The proposed listing comes as several renewable energy companies are looking to tap India's equity markets. Continuum Green Energy and SAEL Industries have already received regulatory approval for their IPOs. Sembcorp Green Infra, Greenko Energies, Inox Clean Energy and Goldi Solar are among other renewable energy companies preparing to file their draft IPO documents, according to the people cited in the report.
Avaada Electro's Solar Manufacturing Capacity
Avaada Electro manufactures high-efficiency solar photovoltaic cells and modules. The company currently has 8.5 gigawatts of solar-cell manufacturing capacity across its facilities in Nagpur and Dadri.
It plans to add another 5.1 GW of capacity, which would take its total module manufacturing capacity to 13.6 GW. The planned expansion comes as India's solar manufacturing industry continues to scale up capacity to meet growing demand for domestically manufactured solar equipment.
The proposed IPO would give Avaada Electro access to the public markets as it expands its manufacturing footprint, while also providing existing investors an opportunity to sell part of their holdings through the offer-for-sale component.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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