Avaada Electro, the solar manufacturing arm of the Brookfield-backed Avaada Group, has filed preliminary papers with markets regulator Sebi through a confidential route for raising Rs 9,000-10,000 crore through an Initial Public Offering (IPO), people familiar with the development said.
With this, the company expects its valuation in the range of Rs 1.10 lakh to Rs 1.3 lakh crore, they added.
The IPO is expected to comprise a mix of fresh issue and offer-for-sale (OFS) components by existing shareholders.
Proceeds are likely to be utilised toward capacity expansion in high-efficiency solar cell and module manufacturing, including the development of a 5.1 GW integrated facility in Uttar Pradesh and capacity scale-up at its Butibori plant in Maharashtra, the people added.
Avaada Electro is part of the Avaada Group, a diversified clean-energy conglomerate spanning solar PV manufacturing, renewable power generation, green hydrogen and derivatives, pumped hydro storage, battery storage,
