Avaada Electro files confidential papers for up to Rs 10,000 crore IPO

New Delhi: Avaada Electro, the solar manufacturing arm of the Brookfield-backed Avaada Group, has filed preliminary papers with markets regulator Sebi through a confidential route for raising Rs 9,000-10,000 crore through an Initial Public Offering (IPO), people familiar with the development said.

With this, the company expects its valuation in the range of Rs 1.10 lakh to Rs 1.3 lakh crore, they added.

The IPO is expected to comprise a mix of fresh issue and offer-for-sale (OFS) components by existing shareholders.

Proceeds are likely to be utilised toward capacity expansion in high-efficiency solar cell and module manufacturing, including the development of a 5.1 GW integrated facility in Uttar Pradesh and capacity scale-up at its Butibori plant in Maharashtra, the people added.

Avaada Electro is part of the Avaada Group, a diversified clean-energy conglomerate spanning solar PV manufacturing, renewable power generation, green hydrogen and derivatives, pumped hydro storage, battery storage, and green data centres.

The group, backed by Brookfield Renewable Partners and Thailand's GPSC (PTT Group), raised over USD 1.3 billion in 2023 to fund expansion across solar, hydrogen, battery-storage, and green-ammonia verticals.

Avaada Electro's Butibori Super Factory near Nagpur has emerged as a key part of the company's expansion strategy.

The facility, which features on the Ministry of New and Renewable Energy's (MNRE) Approved List of Models and Manufacturers (ALMM), produces bifacial glass-to-glass TopCon G12 modules of up to 720 Wp and G12R modules of up to 630 Wp-- among the more efficient solar modules available in the Indian market.

Currently operating at 7 GW of module capacity, the Nagpur facility is expected to add 6 GW of solar-cell manufacturing capacity by FY26, paving the way for a more integrated domestic production setup.

Across its operations in Uttar Pradesh and Maharashtra, Avaada Electro has a total solar-module capacity of 8.5 GW. The company aims to increase this to 13.6 GW of module capacity and 12 GW of cell capacity over the next two financial years.

The company's operational capacity grew from 1.5 GW in September 2024 to 8.5 GW by September 2025, following the commissioning of the Nagpur plant and the start of commercial production at the Dadri facility.

Avaada Electro is also developing a fully integrated solar manufacturing hub at Nagpur, with plans to achieve 6 GW of TOPCon solar-cell capacity by FY26 and 12 GW by FY27. The company intends to add 3 GW of ingot and wafer capacity by FY27, completing the value chain from raw materials to finished modules.

Meanwhile, industry projections indicate that annual solar PV demand in India could more than double between FY26 and FY30, surpassing 40 GW a year, even as domestic capacity for high-efficiency TOPCon cells remains relatively limited.