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Avaada Electro Submits Confidential IPO Filing to Raise Rs9,000–10,000 Crore

Avaada Electro, the solar module manufacturing subsidiary of the Brookfield-backed Avaada Group, has filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO) aimed at raising Rs 9,000–10,000 crore. If successful, this would mark India’s largest-ever IPO by a solar photovoltaic (PV) module manufacturer, underscoring the rapid growth of the country’s clean energy sector.

Flexible Confidential Filing Route

The company has chosen to proceed through SEBI’s confidential route, which allows issuers to seek regulatory feedback privately before public disclosure. This approach gives firms up to 18 months to go public after receiving SEBI’s observations—compared to 12 months under the traditional filing system—providing greater flexibility in timing and market readiness.
While the final structure of the offering is yet to be revealed, the IPO is expected to include a combination of fresh equity issuance and an offer for sale (OFS) by existing shareholders.

Expansion and Capacity Plans

Avaada Electro, a major Indian manufacturer of N-Type TOPCon solar PV modules, currently operates with an 8.5 GW production capacity. The company plans to add 5.1 GW more by FY27, bringing its total manufacturing capacity to 13.6 GW.
Funds raised through the IPO are expected to support:
• Development of a 5.1 GW solar module facility in Uttar Pradesh, and
• Expansion of operations at the Butibori manufacturing unit in Maharashtra.
In addition, Avaada Electro is establishing a 12 GW solar cell production line, of which 6 GW is scheduled for commissioning within the current fiscal year, and the remaining 6 GW by FY27.

Part of Avaada Group’s Broader Clean Energy Ecosystem

The Avaada Group ranks among India’s leading renewable energy conglomerates, with businesses spanning solar power generation, green hydrogen, green ammonia, green methanol, sustainable aviation fuel, and pumped hydro storage.

Market Context and Sector Outlook

Avaada Electro’s IPO plans come as India’s solar manufacturing sector gains momentum. Peer companies such as Waaree Energies, Premier Energies, and Vikram Solar have already tapped public markets to support capacity expansion.
According to CRISIL, India is projected to add 25–27 GW of new solar capacity in FY26, supported by government incentives and accelerated project execution. Between FY26 and FY30, the nation’s total solar capacity is expected to increase by 150–170 GW, while per capita electricity demand is estimated to grow at a 2.5–3?GR.
Avaada Electro now joins a growing list of Indian companies—including Swiggy, Meesho, Tata Play, Groww, and PhonePe—that have adopted the confidential IPO filing mechanism to streamline their listing process and enhance market flexibility.