Brookfield-backed Avaada Electro files confidential DRHP with Sebi for ₹10,000 crore IPO

Avaada Electro, the solar manufacturing arm of the Brookfield-backed Avaada Group, has pre-filed its draft prospectus for a proposed ₹9,000-₹10,000 crore initial public offering (IPO).

While details about the company's public issue are not clear, the IPO is expected to comprise a mix of fresh issue and offer-for-sale (OFS) components by existing shareholders.

When a company makes a confidential filing, details about the business will not be released to the public, unlike the normal route when the entire draft red herring prospectus (DRHP) is publicly available as soon as it is filed with SEBI. It was first introduced in November 2022.

In a regular filing, the approval is valid for 12 months after the market watchdog gives it final observations. In confidential filing, this is valid for 18 months from the date of SEBI observations on the confidential draft prospectus.

Avaada Electro IPO objective

Proceeds from the issue are likely to be utilised toward capacity expansion in high-efficiency solar cell and module manufacturing, including the development of a 5.1 GW integrated facility in Uttar Pradesh and capacity scale-up at its Butibori plant in Maharashtra.

Avaada Electro is touted to be one of the largest solar PV module manufacturers in India by operational capacity as of September 30, 2025. The company is ALMM-enlisted and has a strong foothold in the high-efficiency module market.

Avaada Electro is part of the Avaada Group, a diversified clean-energy conglomerate spanning Solar PV manufacturing, Renewable Power generation, green hydrogen and derivatives, Pumped Hydro Storage, Battery Storage, and Green Data Centres.

The group, backed by Brookfield Renewable Partners and Thailand’s GPSC (PTT Group) raised over $1.3 billion in 2023 to fund expansion across solar, hydrogen, battery-storage, and green-ammonia verticals.

Avaada Electro currently operates 8.5 GW of solar-module capacity across its Uttar Pradesh and Maharashtra facilities and plans to ramp this up to 13.6 GW of module capacity and 12 GW of cell capacity over the next two fiscal years.

Avaada's plan to tap the Indian public markets to raise funds for its growth follows other solar panel makers that have raised funds through IPO last year or have already filed the draft papers for their IPOs.