Avaada Electro, the solar manufacturing arm of India’s Avaada Group, has opened roadshows for a Rs 76B ($793M) initial public offering and wants to list before the end of 2026, according to two people familiar with the matter.
Owner Avaada Ventures is selling Rs 60B of stock through an offer for sale, while Rs 16B comes from newly issued shares. Financial results for the half-year ending September 2026 are due to be added to the draft filing within the next month. Final size, structure and timing could still shift.
The company’s draft papers, filed in August, put operational solar module capacity at 8.5 gigawatts. Its confidential filing won the markets regulator’s approval in April; public offer documents followed in August.
Brookfield holds no direct stake in the manufacturing arm, though it backs parent Avaada Ventures through a $1B convertible debenture commitment. Clean energy developers have been crowding into India’s public markets, drawn by investor appetite for capacity. Clean Max and Juniper Green Energy made their debuts earlier in 2026, and Sembcorp’s India unit and SAEL Industries are among those still waiting to list.
The year opened quietly, with geopolitical tension weighing on sentiment, but the IPO market has recovered since the midpoint: $9.9B was raised across more than 190 listings by September 21, LSEG data shows, marginally below the same point a year earlier. The country’s stated goal is 500 gigawatts of non-fossil generating capacity by 2030.
