Avaada files for INR 76B India IPO

Avaada Electro Ltd., the solar manufacturing subsidiary of the Brookfield-backed Avaada Group, is reportedly preparing to file for an initial public offering in India, with estimates suggesting raise up to INR 76 billion (approximately $800 million). The company has engaged a consortium of investment banks, including ICICI Securities Ltd., Axis Capital Ltd., HSBC Holdings Plc, IIFL Capital Services Ltd., and Bank of America Corp., to manage the offering. The IPO is expected to include both new shares and a secondary sale of shares by existing investors, though final structure and timing remain subject to ongoing discussions.

Avaada Electro filed a confidential draft prospectus with India’s Securities and Exchange Board of India (SEBI) in October 2025 and received regulatory approval in April 2026. The company currently operates 8.5 gigawatts of solar-cell manufacturing capacity and plans to expand to 13.6 gigawatts. The offering would place Avaada Electro among renewable energy firms seeking capital in India’s increasingly competitive green energy sector.