Avaada Electro files confidential IPO papers with SEBI to raise up to Rs 100 billion

Avaada Electro, the solar manufacturing arm of the Brookfield-backed Avaada Group, has filed confidential papers with the Securities and Exchange Board of India (SEBI) to raise Rs 90-100 billion through an initial public offering (IPO). The IPO is expected to include a mix of fresh issue and offer-for-sale components. According to sources, the company is targeting a valuation between Rs 1.10 trillion and Rs 1.30 trillion. Proceeds will be used to expand manufacturing capacity, including a 5.1 GW integrated solar cell and module facility in Uttar Pradesh and scale-up at the existing Butibori plant in Maharashtra.