Avaada Electro files UDRHP with SEBI for ₹7,600 crore IPO; check financials

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

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

From the fresh issue proceeds, funds to the tune of ₹1,200 crore will be utilised to clear certain loans and meet obligations under letters of credit. The rest will be used for corporate general purposes.

"Our company expects to receive the benefits of listing of our equity shares on the Stock Exchanges, including enhancement of our Company’s brand name amongst our existing and potential customers and creation of a public market for our Equity Shares in India," the company said.

Avaada Electro: Financials

Avaada Electro had filed its draft IPO papers via confidential filing route in October last year. It received SEBI's approval in April 2026 to float the public issue.

Incorporated in 2021, Avaada Electro, which is backed by the Avaada Group, manufactures solar cells and modules, which are marketed 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.

The company plans to expand its solar module capacity to 13.60 GW, solar cell capacity to 12 GW and ingot and wafer capacity to 3 GW by FY28, creating an integrated manufacturing ecosystem spanning ingots, wafers, cells and modules.

Also, Avaada Electro plans to introduce energy storage solutions under the brand "Avaada Halo" and enter the third-party engineering, procurement and construction (EPC) and operations and maintenance (O&M) segments.

The company operates manufacturing facilities at Dadri in Uttar Pradesh and Nagpur in Maharashtra. The company's module installed capacity increased from 1.5 GW to 8.5 GW in one year, while its order book expanded more than seven-fold to 19,106 MW from 2,555 MW.

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 to the issue.