Avaada Electro, a solar manufacturing arm of the Brookfield-backed Avaada Group, has filed updated draft papers with the market regulator Securities and Exchange Board of India (SEBI) 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. The company had filed its draft IPO papers through the confidential filing route in October 2025 and received regulatory approval in April 2026 to float the public issue.
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. ICICI Securities, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets (India), SBI Capital Markets and IIFL Capital Services are the book-running lead managers to the 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.
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