Avaada Electro files updated draft papers for Rs 7,600 crore solar IPO

Avaada Electro filed its updated draft red herring prospectus with the Securities and Exchange Board of India on Wednesday. The proposed initial public offering is valued at Rs 7,600 crore, combining a fresh equity issue and an offer for sale by the promoter.

The fresh issue component totals Rs 1,600 crore, while promoter Avaada Ventures Pvt Ltd will offload shares worth Rs 6,000 crore. Of the new capital raised, Rs 1,200 crore is earmarked to repay or prepay existing loans and settle letter of credit obligations, with the balance directed toward general corporate purposes.

The filing highlights the explosive financial growth of the solar manufacturer over the past year. Revenue from operations surged to Rs 5,303.52 crore in the 2026 fiscal year, up sharply from Rs 911.62 crore in FY25. Profit after tax also expanded significantly, jumping to Rs 888.74 crore from Rs 173 crore in the preceding period.

Backed by the Avaada Group, the company has aggressively scaled its manufacturing footprint since its incorporation in 2021. Its module installed capacity grew from 1.5 GW to 8.5 GW within a single year. Concurrently, the order book expanded more than seven-fold, reaching 19,106 MW compared to 2,555 MW previously.

The company produces solar cells and modules under the Enlume and Integlow brands, operating facilities in Dadri, Uttar Pradesh, and Nagpur, Maharashtra. The public issue is being managed by a syndicate of book-running lead managers, including ICICI Securities, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets, SBI Capital Markets, and IIFL Capital Services.

This listing follows a confidential filing in October 2025 and subsequent regulatory approval in April 2026. It offers investors a direct gauge of market appetite for India’s domestic renewable energy manufacturing capacity amid global supply chain realignments and accelerating local demand.