Avaada Electro Limited, one of India’s leading vertically integrated solar photovoltaic manufacturers based on operational solar cell and module capacity as of July 31, 2026, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its proposed ₹7,600 crore initial public offering.
The proposed IPO will comprise a fresh issue of equity shares aggregating up to ₹1,600 crore and an Offer for Sale (OFS) of equity shares worth up to ₹6,000 crore. This takes the total issue size to as much as ₹7,600 crore. The equity shares will have a face value of ₹5 each.
The OFS portion of up to ₹6,000 crore will be offered by Avaada Ventures Private Limited, the promoter selling shareholder. The proposed issue will provide an opportunity for investors to participate in Avaada Electro’s growth as the company continues to expand its presence across the solar photovoltaic manufacturing value chain.
A significant portion of the proceeds from the fresh issue is proposed to be used for meeting the company’s financial obligations. Avaada Electro plans to utilise ₹1,200 crore towards the prepayment, repayment and/or payment of obligations to lenders relating to certain borrowings and acceptances under letters of credit.
The remaining net proceeds from the fresh issue will be used for general corporate purposes. The proposed deployment of funds is expected to strengthen the company’s balance sheet and support its ongoing business requirements. Avaada Electro has built its operations around the manufacturing of solar cells and modules and has been expanding its capabilities as demand for renewable energy and domestically manufactured solar equipment continues to increase.
The company’s vertically integrated manufacturing model is aimed at supporting greater control over production and supply while addressing the growing demand for solar photovoltaic products in India and international markets. The filing of the UDRHP marks another important step in Avaada Electro’s proposed public offering. The company will continue to work with the relevant regulatory authorities as it progresses towards the IPO.
ICICI Securities Limited, Axis Capital Limited, BofA Securities India Limited, HSBC Securities and Capital Markets (India) Private Limited, SBI Capital Markets Limited and IIFL Capital Services Limited are acting as the Book Running Lead Managers to the proposed issue. The IPO remains subject to applicable regulatory approvals, market conditions and other customary requirements.
Avaada Electro, the solar PV manufacturing business of Avaada Group, manufactures high-efficiency solar PV cells and modules. Backed by research and development and AI-enabled manufacturing, the company focuses on delivering high-performance, reliable and sustainable solar technologies for domestic and global markets. Avaada Group is an integrated energy transition company with businesses across renewable energy generation, solar manufacturing, green hydrogen, green fuels and energy storage solutions.
