Avaada Electro Begins Roadshows for Rs 7,600 Crore India IPO

Solar equipment maker Avaada Electro has formally kicked off investor roadshows for an initial public offering (IPO) seeking to raise up to ₹7,600 crore ($792.57 million), according to sources familiar with the matter. Backed by Canadian asset manager Brookfield, the company is targeting a listing on the National Stock Exchange (NSE) and BSE before the end of the year.

The development marks one of the largest forthcoming listings in India's renewable manufacturing sector, coinciding with heightened primary market appetite and aggressive government incentives aimed at building domestic solar capacities.

Issue Structure and Capital Allocation

According to the updated draft red herring prospectus filed with the Securities and Exchange Board of India (SEBI), the proposed book-built issue is structured into two main components:

• Fresh Issue: The company plans to raise ₹1,600 crore through the issuance of fresh equity shares.
• Offer for Sale (OFS): Promoter entity Avaada Ventures Private Limited will offload shares worth up to ₹6,000 crore.

Avaada Electro plans to deploy ₹1,200 crore of the fresh issue proceeds toward prepaying or repaying existing debt obligations and settling acceptances under letters of credit. The remainder will be used for general corporate purposes, helping deleverage its balance sheet as it funds ambitious multi-gigawatt capacity additions.

The book running lead managers for the issue include ICICI Securities, Axis Capital, HSBC Holdings, IIFL Capital Services, and Bank of America.

Operational Scale and Financial Profile

Avaada Electro, founded as the manufacturing vertical of the Vineet Mittal-led Avaada Group, operates in the production of high-efficiency N-Type TOPCon solar cells and solar photovoltaic (PV) modules. The company currently runs 8.50 gigawatts (GW) of operational solar module manufacturing capacity alongside 3.00 GW of operational cell manufacturing facilities, with plans to expand total module capacity to 13.6 GW.

The firm's operational ramp-up is reflected in its recent financial disclosures:

• Revenue Growth: Revenue from operations surged to ₹5,303.52 crore in FY26, up from ₹911.62 crore in FY25.
• Earnings: Profit after tax (PAT) climbed to ₹888.74 crore in FY26 compared to ₹173.30 crore in the preceding fiscal year.
• Operating EBITDA: Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached ₹1,258.86 crore, compared with ₹241.68 crore in FY25.
• Production Volume: Module production reached 3.77 GW in FY26, up significantly from 0.63 GW in FY25.

Significance for the Indian Market

Avaada Electro's roadshows follow confidential pre-filing clearances earlier granted by SEBI. The company is en route to join peers in tapping Indian primary markets at a time when capital expenditure across solar manufacturing is accelerating, spurred by initiatives like the Approved List of Models and Manufacturers (ALMM) and production-linked incentives.

If completed within the guided timeframe, the share sale will stand among the benchmark clean-tech offerings in India, offering domestic institutional and retail market participants exposure to a vertically integrated domestic manufacturer backed by global alternative asset managers.

Tags: Avaada Electro Brookfield SEBI BSE NSE Renewable Energy