IPO
Solar module maker Avaada Electro plans $800-M IPO
Mumbai-based Avaada Electro , the solar manufacturing subsidiary of the Avaada Group, is preparing to file for an initial public offering (IPO) aimed at raising USD 800 million. The company has engaged ICICI Securities, Axis Capital, HSBC Holdings, IIFL Capital Services, and Bank of America to manage the potential share sale. The offering is expected to consist primarily of new shares alongside a secondary sale of shares by existing investors.Founded by Vineet Mittal, the company makes high-efficiency solar photovoltaic cells and modules. It currently maintains a solar-cell manufacturing capacity of 8.5 gigawatts across facilities in Nagpur and Dadri, with plans to expand its total module capacity to 13.6 gigawatts.The firm previously filed draft documents through India’s confidential filing route in October 2025 and received regulatory approval in April 2026. The company is backed by Brookfield Renewable Partners.
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