IPO Alert: Avaada Electro Files Updated DRHP with SEBI to Raise Funds

Solar panel manufacturer Avaada Electro has submitted its updated draft red herring prospectus (UDRHP) to the Securities and Exchange Board of India (SEBI), aiming to raise ₹7,600 crore through an initial public offering (IPO), as per The Moneycontrol news report. 

Avaada's Financing Plans for Expansion 

As part of the IPO, Avaada Electro seeks to acquire ₹1,600 crore by issuing fresh shares. Additionally, its promoter, Avaada Ventures, plans to offload shares worth up to ₹6,000 crore through an offer for sale. 

The company filed the UDRHP on August 25, 2026, and may opt for a pre-IPO placement to raise funds, which would reduce the fresh issue size accordingly, as per the report.  

Avaada Electro received SEBI approval for its IPO plans in April 2026. 

Manufacturing Capacity and Technology 

Avaada Electro is among India's top 10 vertically integrated solar PV manufacturers, with an 8.50 GW solar module capacity. Its operational TOPCon solar cell capacity stands at 3.00 GW, with another 3.00 GW expected to become operational by September 2026. 

Financial Performance and Debt Management 

In FY 2025-26, Avaada Electro reported a five-fold increase in profits to ₹888.7 crore from ₹173.3 crore. Revenue surged by almost 6 times to ₹5,303.5 crore from ₹911.6 crore. 

Avaada Electro intends to allocate ₹1,200 crore from its fresh issue proceeds to repay debts, which totalled ₹3,926.4 crore as of June 2026. The remaining funds will support general corporate purposes. 

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Growth and Expansion Plans 

The firm plans to increase its solar module manufacturing capacity to 13.60 GW and solar cell capacity to 12.00 GW by FY 2028.  

An additional 5.10 GW of solar module capacity and 6.00 GW of solar cell capacity are under construction in Greater Noida, Uttar Pradesh. 

Conclusion 

Avaada Electro's updated DRHP reflects its intention to raise ₹7,600 crore through a mix of fresh share issuance and promoter OFS. The funds will support debt reduction and general corporate purposes, aligning with the company's strategic growth initiatives. 

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