New Delhi, Aug. 26 -- Vineet Mittal's Avaada Electro Ltd has scaled down its proposed initial public offering (IPO) to Rs.7,600 crore from an earlier potential target of Rs.10,000 crore, according to an updated draft red herring prospectus submitted to the Securities and Exchange Board of India (Sebi) on 24 August.

The adjustment comes after preliminary discussions with prospective investors regarding valuation and concentration risks, two people familiar with the matter told Mint. It also coincides with a broader moderation in appetite across India's primary market, as Mint reported on Wednesday morning.

"There is a lot of competition in the solar photovoltaic manufacturing space, from listed as well as unlisted players," one of these ...