Avaada Electro files confidential papers with SEBI for IPO

Avaada Electro, the solar manufacturing subsidiary of the Brookfield-backed Avaada Group, has filed confidential documents with the Securities and Exchange Board of India (SEBI) to raise between Rs 90–100 billion through an initial public offering (IPO).

The proposed IPO is expected to include both fresh equity issuance and an offer for sale by existing shareholders. According to market sources, the company is targeting a valuation in the range of Rs 1.10–1.30 trillion. Funds raised will be used to expand manufacturing capacity, including a 5.1 GW integrated solar cell and module facility in Uttar Pradesh and scale-up operations at the existing Butibori plant in Maharashtra.

Under SEBI’s confidential filing route, companies can proceed with the IPO within 18 months of receiving regulatory observations by submitting an updated Draft Red Herring Prospectus (DRHP), followed by the Red Herring Prospectus (RHP) with the Registrar of Companies. In contrast, a regular filing allows IPO launch within one year after SEBI’s review of the draft document.