Avaada Electro Files Confidential DRHP for ₹10,000 Crore IPO to Expand Solar Manufacturing

New Delhi, 20 October 2025: Avaada Electro, the solar manufacturing unit of Brookfield-sponsored group Avaada, has submitted a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise an Initial Public Offering (IPO) in size of between ₹9,000 crore and ₹10,000 crore. The proposed IPO is to be a mix of fresh issue and offer-for-sale (OFS) by existing shareholders, likely valuing the firm at ₹1.10 lakh crore to ₹1.30 lakh crore.

Proposal to Expand and Expand Capacity

The IPO proceeds are to strengthen Avaada Electro’s solar cell and module manufacturing capacities. Key projects are the commissioning of a 5.1 GW integrated plant at Uttar Pradesh and enhancement of the Maharashtra-based Butibori facility. The company has a total solar-module capacity of 8.5 GW as of September 2025, and it is supposed to scale this up to 13.6 GW for modules and 12 GW for cells over the next two financial years. Additionally, the company intends to add 3 GW of ingot and wafer capacity by FY27, completing the end-to-end solar manufacturing value chain.

Technological Developments and Market Standing

Avaada Electro’s Butibori Super Factory located in the region around Nagpur comes under the Ministry of New and Renewable Energy (MNRE) Approved List of Models and Manufacturers (ALMM). It produces high-efficiency bifacial glass-to-glass n-type TOPCon G12 modules with a power output of up to 720 Wp, and G12R modules of up to 630 Wp. Operating on self-adaptive AI-integrated production lines and a smart energy management system, the plant has achieved a Takt time as low as 16 seconds.

Industry Setting and Growth Prospects

Avaada Electro is part of the Avaada Group, which is a diversified clean-energy conglomerate with interests in solar PV manufacturing, renewable power generation, green hydrogen, pumped hydro storage, battery systems, and green data centres. Backed by Brookfield Renewable Partners and Thailand’s GPSC (PTT Group), the Avaada Group raised over USD 1.3 billion in 2023 to fuel its growth in renewables and green hydrogen.

Industry estimates suggest that India’s annual solar PV demand can increase more than two-fold during the period FY26 to FY30, to above 40 GW per year, even when indigenous high-efficiency TOPCon cell capacity is limited. With its IPO on the horizon and large-ticket capacity expansion plans, Avaada Electro is positioning itself strongly to be a force to be reckoned with in the Indian solar manufacturing value chain, in line with the country’s dream of becoming a global renewable energy hub.

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