Avaada Electro Files Confidential Draft Prospectus with SEBI for INR 9,000-10,000 Cr IPO If the IPO materialises, it could become the largest fund-raising by a solar PV module manufacturer in India.
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Avaada Electro, the solar panel manufacturing subsidiary of the Brookfield-backed Avaada Group, has filed a confidential Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering.
Reports indicate that the IPO could be in the range of INR 9,000 to 10,000 crore. Since the filing is confidential, specific details of the issue are not publicly available. Sources suggest that the offering may include both fresh shares and an offer-for-sale by existing shareholders.
Confidential filings differ from traditional IPO submissions, as public access to the draft document is restricted. Once SEBI provides observations on the confidential draft, the company has up to 18 months to submit an updated draft and the final red herring prospectus to the Registrar of Companies before proceeding with the IPO. In contrast, a regular filing allows companies to launch their IPO within one year of receiving SEBI's observations.
Avaada Electro is reported to be one of India's leading producers of N-Type TOPCon solar photovoltaic modules. The company currently operates an 8.5 GW solar module production capacity and plans to expand by 5.1 GW by fiscal year 2027, bringing the total capacity to 13.6 GW.
Proceeds from the IPO are expected to be used for developing the additional facility in Uttar Pradesh and scaling up production at the Butibori plant in Maharashtra. The company also plans to increase solar cell production capacity to 12 GW over the next two years.
The Butibori Super Factory near Nagpur is a central part of Avaada Electro's expansion strategy. Approved by the Ministry of New and Renewable Energy, the facility produces high-efficiency bifacial TopCon modules with output up to 720 Wp.
Current production capacity at Nagpur is 7 GW, with an additional 6 GW of solar cell capacity expected by fiscal 2026. The company is simultaneously developing a fully integrated manufacturing hub in Nagpur, covering ingot, wafer, cell, and module production.
Avaada Group, one of India's largest renewable power generators, has diversified into solar manufacturing, green hydrogen and derivatives, sustainable aviation fuel, and pumped hydro.
The group secured over USD 1.3 billion in 2023 for expansion across these verticals. The Indian solar market is projected to grow significantly in the coming years, with an expected addition of 25 to 27 GW of solar projects in fiscal 2026 and total solar capacity forecast to increase by 150 to 170 GW between 2026 and 2030.
Confidential DRHP filings have been used by several new-age companies in the past, including Swiggy, Meesho, Groww, boAt, Tata Play, PhonePe, Vishal Mega Mart, and Physicswallah, reflecting a trend among large private firms planning public listings.
