IPO · Climate, Energy & Sustainability

Avaada Electro files for ₹7,600 crore initial public offering

By Startup Enthusiast · 25 September 2026

What they do

Avaada Electro manufactures solar photovoltaic modules and cells using N-Type TOPCon technology for utility, commercial, and residential customers

The company has initiated roadshows for its proposed ₹7,600 crore initial public offering comprising a fresh issue and promoter offer for sale

The planned public offering seeks to deleverage the balance sheet while scaling up integrated domestic solar manufacturing capacity

Avaada Electro Limited has initiated roadshows for an initial public offering to raise up to ₹7,600 crore ($792.57 million).
The proposed public issue consists of a fresh issue of equity shares worth ₹1,600 crore and an offer for sale of up to ₹6,000 crore by promoter Avaada Ventures Private Limited.
The company intends to allocate ₹1,200 crore from the fresh issue proceeds toward prepayment, repayment, and payment obligations against borrowings and letters of credit.
The remaining proceeds from the fresh issue will be utilized for general corporate purposes, capped at 25% of the gross proceeds.
The firm maintains an installed base comprising 8.50 GW of active solar photovoltaic panels and 3 GW of functioning TOPCon solar cells.
An additional 3 GW of cell manufacturing capacity at the Nagpur facility is in advanced stages of commissioning to become operational by September 30, 2026.
Revenue from operations reached ₹5,303.52 crore in fiscal year 2026, compared to ₹911.62 crore in the previous fiscal year.

India's renewable energy sector is witnessing robust public market participation amid government targets to achieve 500 gigawatts of non-fossil fuel capacity by 2030.
The public offering allows the company to transition from a module assembler into a fully integrated solar manufacturing platform.
Parent promoter Avaada Ventures is backed by Brookfield through a $1 billion financing commitment via convertible debentures.

Manufactures high-efficiency solar panels and modules including Enlume and Integlow series based on N-Type TOPCon technology.
Serves utility-scale solar farms, independent power producers, commercial buildings, industrial facilities, and residential rooftops.
Operates manufacturing facilities located in Nagpur, Maharashtra and Dadri, Uttar Pradesh.
Offers integrated production covering polysilicon, ingots, wafers, solar cells, and finished photovoltaic modules.
Generates revenue through direct supply contracts with energy developers, commercial enterprises, and group companies.

Commission additional cell manufacturing capacity at the Nagpur facility.
Construct the Greater Noida facility to add module, cell, ingot, and wafer capacity.
Consider a pre-IPO placement of up to ₹320 crore prior to filing the Red Herring Prospectus.