This renewable energy firm is planning $800M IPO in India
What's the story
Avaada Electro, the solar manufacturing division of Avaada Group, is gearing up for an initial public offering (IPO) that could raise as much as $800 million, as per Bloomberg. The company has hired ICICI Securities, Axis Capital, HSBC Holdings, IIFL Capital Services and Bank of America to manage the potential share sale in India. The offering will mainly consist of new shares but will also include a secondary sale by existing investors.
Trend
Renewable energy firms entering capital market
Avaada Electro had filed draft documents through India's confidential filing route in October 2025. The company received regulatory approval in April 2026.
This IPO move comes as part of a larger trend of renewable energy firms looking to enter India's capital market.
Other companies such as Continuum Green Energy and SAEL Industries have also received approvals for their IPOs, while Sembcorp Green Infra and Goldi Solar are among those preparing to file draft documents.
Manufacturing capacity
Manufacturing capacity and expansion plans
Avaada Electro specializes in high-efficiency solar photovoltaic cells and modules.
The company currently has a manufacturing capacity of 8.5 gigawatts (GW) for solar cells across Nagpur and Dadri.
It also has plans to expand this capacity by an additional 5.1GW, which will take its total module capacity to a whopping 13.6GW.