Avaada to raise ₹10k cr via IPO, files draft papers

Avaada Electro, the solar module and cell manufacturing arm of Avaada Group, backed by Thailand’s PTT Group and Brookfield, has sought to raise ₹10,000 crore from an initial public offering (IPO), said two people aware of the development.

- Rituraj Baruah & Utpal Bhaskar

The company aims to use the capital for expansion.

(ISTOCKPHOTO)

The company has submitted a draft prospectus for the offer through a confidential filing. It aims to use the capital for expansion.

The Securities and Exchange Board of India (Sebi) introduced confidential IPO filings in November 2022 to provide companies—especially new-age and high-growth firms—more flexibility and privacy during the initial stages of the IPO process.

Several green-energy companies have gone public of late. State-run NTPC Ltd’s green energy arm NTPC Green Energy Ltd hit the stock markets last November with a ₹10,000-crore offer. Waaree Energies, Vikram Solar, ACME Solar, Premier Energies, Saatvik Green and Alpex Solar are other green-power component makers that have gone public in the past year.