Avaada Electro, part of the Avaada Group, received SEBI’s nod to raise Rs 9,000-10,000 crore via IPO for solar manufacturing expansion. The funds will aid in developing a 5.1 GW facility in Uttar Pradesh and expanding at the Butibori plant. Other firms like Sonaselection India also got SEBI approval.

Avaada Electro: Big Leap with IPO Approval

Avaada Electro, the solar manufacturing division under the Brookfield-backed Avaada Group, has secured approval from the Securities and Exchange Board of India (SEBI) to initiate an initial public offering (IPO) valued between Rs 9,000 crore and Rs 10,000 crore. This green light was revealed in an update released by the regulator on Friday.

Avaada Electro filed its preliminary documentation with SEBI confidentially in October, and the IPO is anticipated to feature a mix of new share issuance and an offer for sale from current shareholders. The funds are slated for enhancing their solar cell and module manufacturing capacity, focusing on a 5.1 GW integrated facility in Uttar Pradesh and an expansion at the Butibori plant in Maharashtra.

The Avaada Group is a diverse clean energy firm, delving into solar PV manufacturing, renewable power generation, and more. Additionally, Sonaselection India and Grand Housing have also received SEBI's approval for their IPOs, with the companies set to list on the BSE and NSE.

(With inputs from agencies.)