Avaada Electro, the solar manufacturing arm of Avaada Group, has begun investor roadshows for a proposed ₹76 billion, or roughly $792.57 million, initial public offering in India, according to sources cited by Reuters. The company is targeting a listing on the National Stock Exchange and BSE before the end of 2026, although the timing, structure, and size could still change. The offering would add to a growing pipeline of renewable energy companies seeking capital from India’s public markets.
IPO Structure and Timing
The proposed IPO is expected to include a fresh issue worth ₹16 billion and an offer for sale of approximately ₹60 billion by promoter Avaada Ventures Private Limited. Avaada Electro plans to use a significant portion of the fresh proceeds to repay or prepay debt and settle obligations linked to letters of credit, with the remainder allocated to general corporate purposes. ICICI Securities, Axis Capital, HSBC, IIFL Capital Services, and Bank of America are among the banks working on the transaction.
Avaada Electro received approval from India’s securities regulator for its confidential IPO filing in April and filed public offer documents in August. Reuters reported that the company plans to update its filings with financial results for the half year ending September 2026 by the end of October as preparations progress. The confidential filing process allowed Avaada Electro to receive regulatory feedback before publicly disclosing detailed information about the proposed offering.
Manufacturing Expansion and Financial Growth
Avaada Electro has 8.5 gigawatts of operational solar module manufacturing capacity and also operates 3 gigawatts of solar cell capacity, according to the materials provided. The company manufactures high-efficiency N-Type TOPCon solar cells and photovoltaic modules, with plans to expand module manufacturing capacity to 13.6 gigawatts. Avaada Electro operates as the manufacturing business of the broader Vineet Mittal-led Avaada Group.
Recent financial disclosures indicate a substantial increase in scale as manufacturing operations have expanded. Revenue from operations increased to ₹53.04 billion in fiscal 2026 from ₹9.12 billion a year earlier, while profit after tax rose to ₹8.89 billion from ₹1.73 billion. Operating EBITDA reached ₹12.59 billion, while solar module production increased to 3.77 gigawatts from 0.63 gigawatts in fiscal 2025.
Brookfield Relationship and IPO Market
Brookfield does not directly own a stake in Avaada Electro, according to Reuters, although it backs parent company Avaada Ventures through a $1 billion financing commitment structured through convertible debentures. The distinction means Avaada Electro is indirectly Brookfield-backed through its parent rather than through direct ownership in the solar manufacturer. The planned IPO comes as India continues expanding domestic clean-energy manufacturing while pursuing 500 gigawatts of installed non-fossil-fuel power capacity by 2030.
India’s IPO market has strengthened during the second half of 2026 following a slower start to the year, with renewable energy businesses increasingly pursuing public listings. Clean Max and Juniper Green Energy listed earlier in 2026, while Sembcorp’s Indian renewable energy unit and SAEL Industries are among companies preparing offerings. LSEG data cited by Reuters showed companies had raised about $9.9 billion through more than 190 Indian IPOs by September 21.
Avaada Electro’s investor roadshows move the company closer to a potential year-end listing and place the offering among the larger renewable manufacturing IPOs currently being prepared in India. The proposed ₹76 billion transaction combines a substantial secondary share sale by Avaada Ventures with fresh capital intended partly to reduce financial obligations. Completion of the IPO will remain dependent on updated financial filings, market conditions, regulatory requirements, and final decisions regarding the size and structure of the offering.
Source: Reuters