Avaada Electro Ltd., the solar manufacturing arm of Avaada Group, is planning to publicly file as early as this month for an initial public offering that could raise as much as $800 million, according to people familiar with the matter.
The Brookfield Renewable Partners-backed company has appointed ICICI Securities Ltd., Axis Capital Ltd., HSBC Holdings Plc, IIFL Capital Services Ltd. and Bank of America Corp. to help manage the potential share sale in India, the people said, asking not to be identified because the information is private.
The offering is expected to consist primarily of new shares and also include a secondary sale of shares by existing investors, people said. Deliberations are ongoing and details including the size and timing of the offering could change, the people said.
Representatives for Avaada Group and the banks didn’t respond to requests for comment. A representative for Brookfield declined to comment.
Avaada Electro filed draft documents through India’s confidential filing route in October 2025 and received regulatory approval in April 2026.
The company is joining a growing list of renewable energy firms seeking to tap India’s capital markets. Continuum Green Energy Ltd. and SAEL Industries Ltd. have received regulatory approval for IPOs, while Sembcorp Green Infra Ltd., Greenko Energies Pvt., Inox Clean Energy Ltd. and Goldi Solar Pvt. are among companies preparing to file draft documents, people familiar with the matters have said.
Avaada Electro makes high-efficiency solar photovoltaic cells and modules, according to its website. The company currently operates 8.5 gigawatts of solar-cell manufacturing capacity across Nagpur and Dadri and plans to add 5.1 gigawatts, taking its total module capacity to 13.6 gigawatts.
