Avaada Electro, the solar manufacturing business of Avaada Group, is preparing to tap India’s capital markets with an initial public offering that could raise as much as $800 million.
The company may publicly file its IPO documents as early as this month, according to a report by Bloomberg.
The potential issue is being managed by a consortium of investment banks, including ICICI Securities, Axis Capital, HSBC, IIFL Capital Services and Bank of America.
The offering is expected to comprise mainly fresh equity, along with a possible offer for sale by existing shareholders. However, the final issue size and timing could change as discussions continue.
Avaada Electro's IPO Plans
The company had submitted draft IPO papers through India’s confidential filing mechanism in October 2025 and secured regulatory approval in April 2026. The planned listing comes amid growing investor interest in India’s renewable energy and clean-tech sectors.
A number of renewable energy companies are also preparing to enter the public markets.
Continuum Green Energy and SAEL Industries have already obtained regulatory clearance for their proposed IPOs, while firms including Sembcorp Green Infra, Greenko Energies, Inox Clean Energy and Goldi Solar are working towards filing their draft documents.
Solar Manufacturing Capacity Expansion
Avaada Electro manufactures solar photovoltaic cells and modules, with its operations focused on high-efficiency products. The company currently has around 8.5 gigawatts of solar-cell manufacturing capacity spread across facilities in Nagpur and Dadri.
It is also planning a major capacity expansion of 5.1 gigawatts. Once completed, the expansion is expected to take its overall module manufacturing capacity to around 13.6 gigawatts.
The proposed IPO could provide Avaada Electro with additional capital to support its expansion plans while giving investors an opportunity to participate in India's rapidly expanding solar manufacturing industry.
