SEBI clears 3 IPO papers including Brookfield-backed Avaada Electro

The Securities and Exchange Board of India has cleared three public issue proposals - Brookfield-backed Avaada Electro, Grand Housing, Sonaselection India Ltd - this week.

Avaada Electro Ltd, the solar manufacturing subsidiary of Avaada Group filed confidential draft red herring prospectus (DRHP) with SEBI in October 2025. According to sources, the company plans to launch ₹9,000-10,000 crore initial public offering, comprising a mix of fresh issue and offer-for-sale (OFS) by existing shareholders.

Avaada Electro is part of the Avaada Group, a diversified clean-energy conglomerate spanning Solar PV manufacturing, renewable power generation, green hydrogen and derivatives.

The company plans to use the proceeds from the fresh issue for the development of an additional 5.1 GW solar module manufacturing facility in Uttar Pradesh and to enhance capacity at its Butibori plant in Maharashtra.

The group, backed by Brookfield Renewable Partners and Thailand’s GPSC (PTT Group) raised over $1.3 billion in 2023 to fund expansion across solar, hydrogen, battery-storage, and green-ammonia verticals.

The IPO of Rajasthan-based cotton fabrics producer Sonaselection India will be entirely a fresh issue of 1.43 crore shares. The funds raised will be utilised for debt repayment, purchase of plant and machinery, besides general corporate purposes.

The proposed IPO of Chennai-based Grand Housing, on the other hand, will be entirely of an offer-for-sale of 3.55 crore shares by promoter J Vijay Surana.

Published on April 17, 2026