New Delhi, Aug. 26 -- Avaada Electro Ltd, the solar photovoltaic manufacturing arm of the Avaada group, has filed its updated draft documents for an initial public offering to raise as much as Rs 7,600 crore (about $798 million).
The proposed IPO comprises a fresh issue of shares by Avaada Electro to raise Rs 1,600 crore and an offer for sale of Rs 6,000 crore by its parent, Vineet Mittal-led Avaada Ventures Pvt. Ltd, according to the updated draft red herring prospectus. It had last year filed draft documents for the IPO through the confidential route.
Avaada Ventures is backed by Canadian alternative asset manager Brookfield. The Toronto- and New York-listed firm had invested $1 billion in Avaada Ventures through optionally convertible debentures in 2023. The Avaada group is also backed by the Asian Development Bank, German development finance institution DEG, Dutch development bank FMO, France's Proparco, and Thailand's Global Power Synergy Company.
The company said it will use Rs 1,200 crore of the net proceeds from the fresh issue to repay its debts. The balance net proceeds will be utilised towards general corporate purposes.
Avaada Ventures says it is among the top 10 vertically integrated solar photovoltaic manufacturers in India based on operational solar cell and module capacity as of July 31, 2026. It has 8.50 GW of operational solar module manufacturing capacity. It also has 3 GW of operational tunnel oxide passivated contact (TOPCon) solar cell manufacturing capacity and 3 GW of solar cell manufacturing capacity in an advanced stage of commissioning.
The company reported revenue from operations of Rs 5,303.5 crore for 2025-26, up from Rs 911.6 crore the year before. Net profit zoomed to Rs 888.7 crore from Rs 173.3 crore, according to the draft prospectus.
ICICI Securities, Axis Capital, BofA Securities, HSBC Securities and Capital Markets, SBI Capital Markets and IIFL Capital are the bankers to the issue.
Published by HT Digital Content Services with permission from VC Circle.