Avaada Electro Ltd., a division of the Avaada Group specializing in solar panel manufacturing, is preparing for an IPO in India. The offering may take place in mid-November 2026, with a size of $786 million. The structure includes a new issue of 16 billion rupees (approximately $190 million) and the sale of existing shares of the parent company Avaada Ventures worth 60 billion rupees (approximately $716 million): the proceeds from the latter component go to the selling shareholder, not the company.
Avaada Electro operates 8.5 GW of module manufacturing capacity at plants in Dadri (1.5 GW) and Nagpur (7 GW), as well as 3 GW of TOPCon cells. Plans include expanding to 13.6 GW of modules and 12 GW of cells by the 2028 fiscal year. The company is supported by Brookfield Renewable Partners: in 2023, the fund committed to investing up to $1 billion in Avaada Ventures through convertible bonds, and in September 2026, the holding settled its debt to Brookfield with a deal worth 67.13 billion rupees.
Out of the 16 billion rupees from the new issue, 12 billion rupees will go towards debt repayment by FY27, with the remainder allocated for general corporate purposes. As of June 30, 2026, the company's debt stood at approximately 39.26 billion rupees. The IPO is organized by ICICI Securities, Axis Capital, BofA Securities India, HSBC Securities, SBI Capital Markets, and IIFL Capital Securities, with MUFG Intime India as the registrar. The offering aligns with the overall trend: Indian IPOs attracted over $9 billion in July-September 2026, a record for this period, and the total volume since the beginning of the year has exceeded $13 billion. The Indian government actively supports the transition to renewable energy sources, creating favorable conditions for such offerings.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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