ICICI Securities, Axis Capital, BofA Securities, HSBC, SBI Capital Markets and IIFL Capital Services are managing the issue | Photo Credit: Ildo Frazao

Avaada Electro Ltd, a vertically integrated solar photovoltaic manufacturer, has filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for a ₹7,600 crore initial public offering.

IPO structure

The IPO comprises a fresh issue of shares worth ₹1,600 crore and an offer for sale (OFS) of ₹6,000 crore by promoter Avaada Ventures Private Ltd. Net proceeds from the fresh issue will primarily go towards repaying borrowings worth ₹1,200 crore, with the remainder earmarked for general corporate purposes.

The Nagpur-headquartered company currently operates 8.5 GW of solar module manufacturing capacity and 3 GW of TOPCon solar cell capacity. It targets expanding module capacity to 13.6 GW and cell capacity to 12 GW by fiscal 2028, adding ingot and wafer production to complete vertical integration.

Revenue surge

Financially, the company reported a sharp turnaround in scale. Revenue from operations jumped nearly sixfold from ₹911.62 crore in FY25 to ₹5,303.52 crore in FY26, while profit after tax grew from ₹173 crore to ₹888.74 crore. Group subsidiary Avaada Energy accounted for 89 per cent of FY26 revenues.

The company holds a 3 GW allocation under the government’s Production Linked Incentive scheme and is eligible for incentives of up to ₹961.62 crore. ICICI Securities, Axis Capital, BofA Securities, HSBC, SBI Capital Markets and IIFL Capital Services are managing the issue.

Published on August 26, 2026