Avaada Electro Files Confidential DRHP to Raise INR 9,000–10,000 Crore

Avaada Electro, the solar module manufacturing arm of the Brookfield-backed Avaada Group, has filed confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

As per reports, the IPO size is expected to be in the range of INR 9,000–10,000 crore, which would make it the largest-ever listing by a solar PV modules manufacturer in India.

The filing has been made through the confidential route, which allows companies to seek SEBI’s observations privately before making the draft prospectus public. This route offers greater flexibility, giving firms up to 18 months to launch the IPO after receiving SEBI’s observations, compared to 12 months under the traditional filing system.

While details of the issue structure remain undisclosed, reports indicate the IPO is likely to comprise a mix of fresh shares and an offer-for-sale (OFS) by existing shareholders.

Avaada Electro is among India’s leading producers of N-Type TOPCon solar PV modules, with an installed manufacturing capacity of 8.5 GW. The company plans to expand its module capacity by 5.1 GW by fiscal 2027, taking its total to 13.6 GW.

Proceeds from the fresh issue are expected to fund the development of a 5.1 GW solar module facility in Uttar Pradesh, and to scale up operations at its Butibori plant in Maharashtra.

The company is also setting up 12 GW of solar cell manufacturing capacity, of which 6 GW is expected to be commissioned during the current fiscal year and the remaining by FY27.

Avaada Group, one of India’s largest renewable energy players, has a diversified portfolio spanning solar power generation, green hydrogen, green ammonia, green methanol, sustainable aviation fuel, and pumped hydro storage.

Several domestic solar manufacturers, including Waaree Energies, Premier Energies, and Vikram Solar, have previously tapped the capital markets through IPOs.

According to a CRISIL report, India is likely to add 25–27 GW of solar capacity in FY26, supported by favourable policy measures and a surge in project implementation. Between FY26 and FY30, India’s solar capacity is projected to grow by 150–170 GW, while per capita electricity consumption is expected to increase at a 2.5–3 percent CAGR.

Avaada Electro joins a growing list of companies, including Swiggy, Meesho, Tata Play, Groww, and PhonePe, that have opted for the confidential IPO filing route in recent years.