Avaada Electro Ltd., the solar manufacturing arm of Avaada Group, is planning an initial public offering as early as mid-November. Backed by Brookfield Renewable Partners, the company confidentially filed documents in October 2025 to raise up to 76 billion rupees ($786 million) and received regulatory approval in April. The IPO includes a fresh issue of 16 billion rupees and an offer for sale of 60 billion rupees by parent Avaada Ventures Pvt.
ICICI Securities, Axis Capital, Bank of America, HSBC, SBI Capital Markets, and IIFL Capital are managing the offering. Deliberations are ongoing, and details may change. India’s IPO market has seen strong momentum, with nearly $14 billion raised by 278 offerings so far this year.
Avaada Electro produces high-efficiency solar photovoltaic cells and modules, operating 8.5 gigawatts of manufacturing capacity in Nagpur and Dadri, with plans to expand to 13.6 gigawatts.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing