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New Delhi: Solar module and solar cell manufacturer Avaada Electro has filed a draft for its initial public offering (IPO) with market regulator SEBI. According to reports, Avaada is aiming to raise Rs 9,000-10,000 crore (approximately $1.5 billion). The company belongs to the Avaada Group and is backed by Thailand's PTT Group and Brookfield. The company filed its papers via the confidential filing route. The firm mentioned that the proceeds from the issue will be used to expand its operations.
In 2022, the market regulator introduced the confidential route which provides companies greater flexibility and confidentiality during the initial stages of their public offering process. SEBI has appointed Axis Bank, HSBC Holdings, ICICI Securities, and Bank of America to manage Nevada Electro's IPO.
The Avaada Group is engaged in sectors such as solar PV manufacturing, renewable energy, green hydrogen and its derivatives, pumped hydro storage, battery storage, and green data centers. Avaada Electro's Butibori Super Factory plant, located near Nagpur, has emerged as a key part of the company's expansion strategy. The unit is included in the Ministry of New and Renewable Energy's (MNRE) Approved Models and Manufacturers List (ALMM) and produces bifacial glass-to-glass Topcon G12 modules (up to 720 Wp) and G12R modules (up to 630 Wp).
At present, Avaada Electro’s solar module manufacturing capacity stands at 8.5 gigawatts (GW), with an additional 5.1 GW expected to be operational by FY27. The company has plans to foray into the wafer and ingot manufacturing sector, which is expected to be completed by fiscal year 2027-28 (FY28).
Avaada Group raised a record $1.3 billion (approximately Rs 10,800 crore) in funding from Brookfield's Energy Transition Fund and PTT Group subsidiary GPSC in 2023. Additionally, Avaada Group signed an MoU with the Gujarat government to invest Rs 36,000 crore in solar, wind, and battery energy storage system (BESS) projects over the next five years.
(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold and crypto assets.)
