Avaada Electro, a key player in India’s solar manufacturing industry, is set to file for an IPO this month, aiming to raise up to $800 million as it expands its production capacity and accelerates its presence across the solar value chain.
Avaada Electro is preparing to file publicly as soon as this month for an initial public offering in India that could raise as much as $800 million, according to people familiar with the matter. The solar manufacturing business of the Avaada Group has appointed ICICI Securities, Axis Capital, HSBC Holdings, IIFL Capital Services and Bank of America to help arrange the share sale, the people said.
The planned offering is expected to include a mix of new shares and a secondary sale by existing investors, although the final structure, size and timing could still change. Representatives for Avaada Group and the banks did not respond to requests for comment, while a representative for Brookfield declined to comment. Brookfield Renewable Partners is among Avaada Electro’s backers.
The move follows Avaada Electro’s confidential filing route in October 2025, after which the company received regulatory approval in April 2026, according to earlier reports in Indian business media. Those reports said the company was targeting roughly ₹10,000 crore, or about $1.1 billion, before the latest indication of a smaller deal size. Avaada Electro has since said it started a 3 gigawatt solar-cell production line at its Nagpur plant in July, part of a wider plan to build out its manufacturing base.
Industry coverage has also shown the company expanding across the solar value chain. Avaada Electro currently operates 8.5 gigawatts of solar-module capacity across Nagpur and Dadri, and plans to lift that to 13.6 gigawatts. Separate reports said it is also working on a 5.1 gigawatt integrated facility in Uttar Pradesh, widening a pipeline that includes new cell, wafer and ingot capacity.
The proposed listing comes as renewable energy groups increasingly turn to India’s capital markets. Continuum Green Energy and SAEL Industries have already won regulatory approval for public offerings, while Sembcorp Green Infra, Greenko Energies, Inox Clean Energy and Goldi Solar are among other companies preparing filings, according to people familiar with those plans.
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