Avaada Electro, the solar panel manufacturing arm of the Brookfield-backed Avaada Group, has quietly filed a Confidential Draft Red Herring Prospectus (DRHP) with SEBI to raise between ₹9,000 crore and ₹10,000 crore. This move could make it the largest IPO by a solar module manufacturer in India.
By choosing the confidential filing option, the company can submit its IPO papers to SEBI without making them public immediately. This lets Avaada Electro go through SEBI’s feedback in private and gives it up to 18 months to launch its IPO. In contrast, a regular IPO filing makes all details public immediately and gives companies only a year to proceed after SEBI’s review.
The upcoming IPO is expected to include both fresh equity shares and an offer-for-sale by existing shareholders.
Avaada Electro is one of India’s top makers of N-Type TOPCon solar panels. Right now, the company has a production capacity of 8.5 GW and plans to add another 5.1 GW by FY2027, which will increase its total capacity to 13.6 GW.
The money raised from the IPO will be used to build a new 5.1 GW solar panel factory in Uttar Pradesh and to expand its existing plant in Butibori, Maharashtra. The company is also putting money into making solar cells. It plans to have a total production capacity of 12 GW — 6 GW will be ready by the end of this financial year, and the remaining 6 GW will be completed by FY2027.
This IPO is happening at a time when India’s renewable energy industry is attracting huge investments. In just the first quarter of 2025, the sector got USD 9.84 billion in funding, about 7.7 times higher than the USD 1.28 billion it received during the same time in 2024.
By filing its DRHP privately, Avaada Electro has joined other big companies like Swiggy, Meesho, Groww, PhonePe, Tata Play, Vishal Mega Mart, and PhysicsWallah, which also chose to keep their IPO plans confidential before going public.
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