Brookfield-backed Avaada Group's solar arm Avaada Electro Pvt. has filed confidential papers with the Securities and Exchange Board of India for an initial public offering of up to Rs 10,000 crore, people aware of the matter said.
The IPO will likely be a mix of fresh issue and offer-for-sale components by existing shareholders, the above-mentioned people added on the condition of anonymity. Proceeds from the fresh issue are said to be earmarked for capacity expansion in solar cell and module manufacturing in Uttar Pradesh and Maharashtra.
Avaada Electro is one of the largest solar PV module manufacturers in India by operational capacity as of Sept. 30. It is part of the Avaada Group, a diversified clean-energy conglomerate spanning solar PV manufacturing, renewable power generation, green hydrogen and derivatives.
The group, backed by Brookfield Renewable Partners and Thailand's Global Power Synergy Public Co, which in turn is part of the country's state utility PTT, raised over $1.3 billion in 2023 to fund expansion across solar, hydrogen, battery-storage, and green-ammonia verticals.
Avaada Electro currently operates 8.5 GW of solar-module capacity across its Uttar Pradesh and Maharashtra facilities and plans to ramp this up to 13.6 GW of module capacity and 12 GW of cell capacity over the next two fiscals.
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