Avaada Electro Ltd, a solar manufacturing arm of the Brookfield-backed Avaada Group, has filed updated <a href="https://www.mid-day.com/business/business-news/article/atomberg-technologies-files-draft-papers-with-sebi-aims-to-raise-rs-450-crore-23645874" target="_blank" rel="none noopener">draft papers with markets regulator Sebi</a> for its proposed Rs 7,600-crore initial public offering (IPO).
The IPO comprises a fresh issue of equity shares worth Rs 1,600 crore and an offer for sale (OFS) of Rs 6,000 crore by promoter Avaada Ventures Pvt Ltd, according to the updated draft red herring prospectus (UDRHP) made public on Wednesday.
Of the proceeds from the fresh issue, Rs 1,200 crore will be used to repay or prepay certain loans and meet obligations under letters of credit. The remaining amount will be utilised for general corporate purposes.
Avaada Electro had filed its <a href="https://www.mid-day.com/business/business-news/article/national-stock-exchange-files-draft-papers-for-indias-largest-ipo-worth-over-rs-30000-crore-23635795" target="_blank" rel="none noopener">draft IPO papers</a> through the confidential filing route in October 2025 and received regulatory approval in April 2026 to float the public issue.
Incorporated in 2021, Avaada Electro, which is backed by the Avaada Group, manufactures solar cells and modules, which are marketed under the Enlume and Integlow brands.
As of July 31, 2026, the company had 8.5 GW of operational solar module manufacturing capacity and 3 GW of operational TOPCon solar cell manufacturing capacity.
The company plans to expand its solar module capacity to 13.60 GW, solar cell capacity to 12 GW and ingot and wafer capacity to 3 GW by FY28, creating an integrated manufacturing ecosystem spanning ingots, wafers, cells and modules.
Also, Avaada Electro plans to introduce energy storage solutions under the brand "Avaada Halo" and enter the third-party engineering, procurement and construction (EPC) and operations and maintenance (O&amp;M) segments.
The company operates manufacturing facilities at Dadri in Uttar Pradesh and Nagpur in Maharashtra. The company's module installed capacity increased from 1.5 GW to 8.5 GW in one year, while its order book expanded more than seven-fold to 19,106 MW from 2,555 MW.
On the financial front, the company's revenue from operations rose to Rs 5,303.52 crore in FY26 from Rs 911.62 crore in FY25, while profit after tax rose to Rs 888.74 crore from Rs 173 crore.
ICICI Securities, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), SBI Capital Markets and IIFL Capital Services are <a href="https://www.mid-day.com/business/business-news/article/ipo-a-guide-to-understanding-how-companies-get-listed-on-the-stock-exchanges-23644953" target="_blank" rel="none noopener">the book-running lead managers</a> to the issue.
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