Upcoming IPO Alert: Brookfield-Backed Solar Giant Avaada Electro Files Confidential DRHP with SEBI to Raise ₹10,000 Crore – Key Details for Investors
- 24th October 2025
- 03:00 PM
- 3 min read
Mumbai, October 24.
In one of India’s biggest clean-energy IPO moves yet, Avaada Electro Ltd, the solar-manufacturing arm of the Brookfield-backed Avaada Group, has filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise between ₹9,000 crore and ₹10,000 crore, according to people familiar with the filing.
If the offer materialises, the company’s valuation could range between ₹1.1 lakh crore and ₹1.3 lakh crore, making it one of the largest solar-manufacturing IPOs in India’s history.
IPO Structure and Use of Proceeds
According to the confidential DRHP, the proposed public issue will include a fresh issue of equity shares and an Offer for Sale (OFS) by existing shareholders.
The fresh proceeds will be utilised to develop a 5.1 GW integrated solar-cell and module facility in Uttar Pradesh, expand capacity at the Butibori Super Factory in Maharashtra, and strengthen working capital and debt repayment.
The confidential filing route allows Avaada Electro to fine-tune offer details privately and launch the IPO within 18 months of SEBI observations.
If successful, this will mark one of the largest fundraises by a solar manufacturer in India’s public-market history.
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Inside Avaada Electro: India’s Emerging Solar Powerhouse
Avaada Electro, established in 2022 under the Avaada Group’s clean-energy umbrella, has rapidly grown into one of India’s leading solar-module manufacturers.
Its Butibori Super Factory near Nagpur, approved under MNRE’s Approved List of Models and Manufacturers (ALMM), produces bifacial glass-to-glass TopCon G12 (720 Wp) and G12R (630 Wp) modules — among the most efficient in India.
| Operational Highlights | FY 2024 | FY 2025 E | FY 2027 Target |
| Module Manufacturing Capacity | 1.5 GW | 8.5 GW | 13.6 GW |
| Solar-Cell Capacity | – | 6 GW | 12 GW |
| Ingot & Wafer Capacity | – | – | 3 GW |
| Key Facilities | Butibori (MH), Dadri (UP) | — | Nagpur Integrated Hub |
| Technology | N-Type TOPCon Cells & Modules | — | — |
Commercial production at the Dadri facility began in late FY 2025, taking total operational capacity to 8.5 GW — a five-fold increase in a single year.
By FY 2027, Avaada Electro aims to operate a fully integrated solar hub covering ingot, wafer, cell and module production.
Avaada Group and Investor Backing
The Avaada Group, led by Vineet Mittal, is among India’s top renewable-energy conglomerates.
Backed by Brookfield Renewable Partners and Thailand’s GPSC (PTT Group), it has raised over $1.3 billion since 2023 to expand across solar generation, hydrogen, energy storage, and green fuels.
Avaada Electro is the manufacturing backbone of this ecosystem, aligning with India’s ‘Make in India’ and Atmanirbhar Bharat initiatives.
It holds certifications from BIS, IEC, UL, and ISO and is part of the PLI Scheme for Solar Manufacturing — a key driver of India’s self-reliance in renewable-energy components.
Industry Outlook: Why This IPO Matters Now
As per the DRHP, India’s solar-manufacturing industry is set for a major expansion, powered by strong policy support, localisation mandates, and rising renewable-energy targets.
The document notes that India’s annual solar PV demand could exceed 40 GW by FY 2030 — more than double the current capacity — even as domestic production of advanced N-type TOPCon cells remains limited.
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