Avaada Electro, a solar cell and module manufacturer, has filed its updated draft red herring prospectus with SEBI for an IPO of up to ₹7,600 crore. The proposed issue comprises a fresh share sale of ₹1,600 crore and an offer for sale of up to ₹6,000 crore by promoter Avaada Ventures.
The company may also raise as much as ₹320 crore through a pre-IPO placement. If completed, the amount raised through this placement will be adjusted against the fresh issue.
Avaada Electro targets major solar capacity expansion
Avaada Electro entered the IPO process through the confidential pre-filing route in October 2025 and received SEBI approval for its IPO documents in April 2026.
The company currently has 8.50 GW of operational solar module manufacturing capacity and 3 GW of operational solar cell capacity. Another 3 GW of cell manufacturing capacity is expected to become operational in the quarter ending September 2026.
The company is also developing 5.10 GW of additional module capacity and 6 GW of solar cell capacity at Greater Noida, Uttar Pradesh. These facilities are targeted for commissioning by fiscal 2028.
By FY28, Avaada Electro aims to take its module manufacturing capacity to 13.60 GW, cell capacity to 12 GW and ingot and wafer capacity to 3 GW. Its upcoming cell manufacturing lines will use N-type TOPCon technology, which offers higher efficiency than traditional PERC technology.
₹1,200 crore IPO proceeds earmarked for debt repayment
Of the fresh issue proceeds, Avaada Electro plans to allocate ₹1,200 crore towards debt repayment. The company had outstanding borrowings of ₹3,926.4 crore as of June 2026, with debt rising amid manufacturing expansion.
The company reported a sharp improvement in FY26 financial performance. Profit surged nearly five-fold to ₹888.7 crore, while revenue increased nearly six-fold to ₹5,303.5 crore.
The IPO will compete with listed solar manufacturers including Premier Energies, Waaree Energies, Vikram Solar, Websol Energy Systems and Emmvee Photovoltaic Power.
