Avaada Electro Files Confidential Papers for Up to ₹10,000 Cr IPO
Avaada Electro, the solar manufacturing arm of Brookfield-backed Avaada Group, has confidentially filed preliminary papers with SEBI for an IPO aiming to raise ₹9,000-10,000 crore. The company anticipates a valuation between ₹1.10 lakh crore and ₹1.3 lakh crore.
The IPO will likely include a fresh issue and an offer-for-sale by existing shareholders. Proceeds are earmarked for expanding high-efficiency solar cell and module manufacturing, including a 5.1 GW integrated facility in Uttar Pradesh and scaling up capacity at its Butibori plant in Maharashtra.
Avaada Group, a diversified clean-energy conglomerate, spans solar PV manufacturing, renewable power generation, green hydrogen, and storage solutions. Backed by Brookfield Renewable Partners and Thailand's GPSC, the group secured over $1.3 billion in 2023 to fuel expansion across solar, hydrogen, and green-ammonia verticals.
