Avaada to raise ₹10,000 cr via IPO, makes confidential filing

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 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. Meanwhile, Inox Clean Energy, CleanMax and Juniper Energy have also filed for public listings, while Hero Future Energies and SAEL and others are looking to do so.