India's largest solar panel maker plans ₹10,000cr IPO
Avaada Electro, backed by Brookfield, is gearing up for a massive ₹9,000-10,000 crore IPO—set to be India's largest ever for a solar PV module maker.
The offer will combine new shares and some being sold by current investors.
Avaada currently has 8.5 GW capacity
Avaada Electro makes high-efficiency solar panels (N-Type TOPCon) and currently runs factories in Uttar Pradesh and Maharashtra with 8.5 GW capacity.
They're aiming to boost this to 13.6 GW by FY27 and add 12 GW of solar cell production—basically doubling down as India's solar needs skyrocket.
Funds will be used to expand production capacity
Funds from the IPO will help build a new 5.1 GW facility in Uttar Pradesh and scale up the Butibori plant in Maharashtra.
With India's solar demand expected to more than double by 2030, Avaada is betting big on clean energy's future.