Avaada Electro, the solar manufacturing arm of Avaada Group, has started investor roadshows for its proposed ₹7,600 crore initial public offering (IPO), with the company targeting a stock market listing in India before the end of the year, according to people familiar with the matter.
The proposed IPO comprises a fresh issue of shares worth ₹1,600 crore and an offer for sale (OFS) of up to ₹6,000 crore by promoter Avaada Ventures. The final issue size, structure and timing remain subject to change as discussions continue.
Of the proceeds from the fresh issue, ₹1,200 crore is proposed to be used for repayment or prepayment of certain borrowings and obligations under letters of credit. The remaining amount will be used for general corporate purposes.
Avaada Electro had initially filed its draft IPO papers through the confidential filing route in October 2025 and received regulatory approval in April 2026. It subsequently filed updated public draft offer documents with the Securities and Exchange Board of India (SEBI) in August.
The company operates solar module manufacturing facilities with an operational capacity of 8.5 GW as of July 31, 2026. Its operational solar cell manufacturing capacity stood at 3 GW. Avaada Electro plans to expand its module manufacturing capacity to 13.6 GW and solar cell capacity to 12 GW by FY28, alongside plans to establish 3 GW of ingot and wafer capacity.
The proposed expansion is aimed at creating an integrated solar manufacturing chain covering ingots, wafers, cells and modules. The company also plans to introduce energy storage solutions under the Avaada Halo brand and enter the third-party engineering, procurement and construction (EPC) and operations and maintenance (O&M) segments.
Avaada Electro operates manufacturing facilities at Dadri in Uttar Pradesh and Nagpur in Maharashtra. Its module manufacturing capacity increased from 1.5 GW to 8.5 GW within a year, while its order book expanded to 19,106 MW from 2,555 MW.
The company reported revenue from operations of ₹5,303.52 crore in FY26, compared with ₹911.62 crore in FY25. Profit after tax increased to ₹888.74 crore from ₹173 crore during the same period.
The IPO comes as renewable energy companies increasingly tap India’s equity markets to fund expansion. Avaada Electro joins a pipeline of renewable energy businesses preparing to access the public markets as domestic solar manufacturing capacity expands.
Brookfield does not directly hold a stake in Avaada Electro. It had backed parent Avaada Ventures through a financing commitment of up to $1 billion in optionally convertible debentures. The final structure of the IPO and the timing of the listing remain subject to regulatory and market processes.
