Leading vertically-integrated solar photovoltaic manufacturer Avaada Electro, which is backed by the global investor Brookfield, has filed for Rs 7,600 crore share sale with the regulator Sebi.
According to the updated filing, the Rs 7,600 crore issue comprises a fresh issue of Rs 1,600 crore and an offer for sale of up to Rs 6,000 crore. The OFS will be undertaken by Avaada Ventures, which is the promoter selling shareholder.
The company had in November 2025 had first filed for the share sale through the confidential route. The market was then expecting the company to hit the street with a Rs 10,000 crore. This is the first time that the company has officially disclosed the IPO.
This is the largest IPO from a PV modules manufacturer in the country.
Founded by the social entrepreneur Vineet Mittal in 2007, the Mumbai-based Avaada Group had a turnover of around Rs 4,000 crore in last financial year.
Avaada Electro is one of the largest solar PV module manufacturers by operational capacity as of September 2025. The company is an approved list of models and manufacturers (ALMM)-enlisted and has a strong foothold in the high-efficiency module market.
The proceeds from the fresh issue will be utilised primarily towards funding prepayment, repayment debt of about Rs 1,200 crore and the balance net proceeds will be utilised towards general corporate purposes.