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Avaada Electro, the solar manufacturing arm of Avaada Group, is planning to publicly file for an initial public offering (IPO) as early as this month with the issue potentially raising up to USD 800 million, according to people familiar with the matter.
The Brookfield Renewable Partners-backed company has appointed ICICI Securities, Axis Capital, HSBC Holdings, IIFL Capital Services and Bank of America to manage the proposed share sale.
The IPO is expected to comprise primarily a fresh issue, along with a secondary sale of shares by existing investors. The size and timing of the offering could change, according to the report.
Avaada Electro had filed draft IPO documents through India’s confidential filing route in October 2025 and received regulatory approval in April 2026.
The company currently operates 8.5 GW of solar-cell manufacturing capacity across Nagpur and Dadri. It plans to add another 5.1 GW, taking its total module capacity to 13.6 GW.
Avaada Electro is among several renewable energy companies preparing to tap India’s public markets. Continuum Green Energy and SAEL Industries have received IPO approvals, while Sembcorp Green Infra, Greenko Energies, Inox Clean Energy and Goldi Solar are also preparing to file draft documents.
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