Avaada Electro Files for ₹7,600 Cr IPO with SEBI

Avaada Electro Limited has filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI, targeting an Initial Public Offering (IPO) to raise up to ₹7,600 crore.

• The IPO includes a fresh issue of shares worth ₹1,600 crore.
• An Offer for Sale (OFS) of up to ₹6,000 crore by its promoter, Avaada Ventures Private Limited, is also part of the plan.
• Approximately ₹1,200 crore from the fresh issue proceeds are earmarked for debt repayment.

Incorporated in 2021, Avaada Electro is a key part of the Avaada Group, led by Chairman Vineet Mittal. The company distributes solar modules under the Enlume and Integlow brands across 13 states.

Scaling Manufacturing Capacities

The company currently operates with 8.5 GW of solar module manufacturing capacity and 3 GW of TOPCon solar cell capacity. They aim for a fully integrated manufacturing business by FY28.

• Target module capacity: 13.6 GW.
• Target cell capacity: 12 GW.
• Target ingot and wafer capacity: 3 GW.
• Its Nagpur site features 7 GW of operational module capacity.

Avaada Electro utilizes N-type TOPCon technology, with bifacial glass-to-glass modules achieving efficiencies up to 23.61%. Their modules received ‘Top Performer’ recognition in the Kiwa PVEL 2026 PV Module Reliability Scorecard.

Strong Financial Performance

Avaada Electro reported significant financial growth in FY26, with revenue from operations surging to ₹5,303.52 crore. This marks a substantial increase from ₹911.62 crore in FY25.

• EBITDA grew to ₹1,258.86 crore from ₹241.68 crore.
• Profit after tax rose to ₹888.74 crore from ₹173 crore.
• The company’s order book expanded from 2,555 MW to 19,106 MW.

Notably, Avaada Energy, another group entity, contributed 89% of Avaada Electro’s revenue in FY26. The company plans to expand into energy storage and third-party EPC services.

Other SME Listings See High Demand

Beyond Avaada Electro, several other companies are progressing with their listings on the NSE SME platform, attracting notable investor interest. Their IPOs indicate a robust market for smaller enterprises.

• ABH Healthcare IPO saw a subscription of 13.43 times by day three, with listing expected on August 28, 2026.
• Tempsens Instruments IPO was subscribed 16.63 times by day three, slated for listing on September 1, 2026.
• Augmont Enterprises IPO recorded a subscription of 12.63 times by day three, also listing on September 1, 2026.

These filings and strong subscription rates underscore continued activity and investor confidence in India’s public markets, particularly within the renewable energy and SME sectors.