Avaada Electro likely to file $800 million India IPO this month
Business
Avaada Electro, the solar arm of Avaada Group, is gearing up for a big move: an $800 million IPO in India, likely to be filed this month.
Most of the shares will be new, but some will come from existing investors.
This step puts Avaada among the growing number of renewable energy companies tapping into India's capital markets.
Banks underwrite Avaada IPO 13.6GW capacity
The IPO is being handled by major players like ICICI Securities, Axis Capital, HSBC Holdings, IIFL Capital Services, and Bank of America.
Avaada Electro makes solar cells and modules with 8.5 gigawatts of manufacturing power at its Nagpur and Dadri plants, and it plans to add 5.1 gigawatts, taking its total module capacity to 13.6 gigawatts.
With this move, Avaada joins other green energy firms racing for public listings.