New Delhi: Avaada Electro, the photo voltaic module and cell manufacturing arm of Avaada Group, backed by Thailand’s PTT Group and Brookfield, has sought to boost ₹10,000 crore from an preliminary public providing, stated two folks within the know of the event.
The corporate has submitted a draft prospectus for the supply by a confidential submitting. It goals to make use of the capital for growth.
Sebi launched confidential IPO filings in November 2022 to supply firms—particularly new-age and high-growth corporations—extra flexibility and privateness through the preliminary levels of the IPO course of.
A number of green-energy firm have gone public of late. State-run NTPC Ltd’s inexperienced vitality arm NTPC Inexperienced Vitality Ltd hit the inventory markets final November with a ₹10,000-crore supply. Waaree Energies, Vikram Photo voltaic, ACME Photo voltaic, Premier Energies, Saatvik Inexperienced and Alpex Photo voltaic are different green-power element makers which have gone public up to now 12 months. In the meantime, Inox Clear Vitality, CleanMax and Juniper Vitality have additionally filed for public listings, whereas Hero Future Energies and SAEL and others are trying to take action.
Enlargement plans
“This cash will likely be used for development. The present capability stands at 8.5 GW (modules), which will likely be ramped up with additional backward integration,” stated one of many two folks talked about above.
Presently, the corporate has a module manufacturing capability of 8.5 GW and one other 5.1 GW is anticipated change into operational in FY27. About 6 GW of capability is anticipated to be arrange by January 2027 and one other 6 GW within the subsequent fiscal 12 months. Avaada Electro additionally plans to to enter the wafer and ingots enterprise by FY28, diversifying additional into the photo voltaic elements house.
India presently has 100 GW of module manufacturing capability and 25 GW of cell manufactuuring capability.
In an interview to Mint earlier this month, Avaada Group chairman Vineet Mittal stated the group’s module manufacturing arm plans to develop indigenous ingot-to-solar module manufacturing capability beginning FY28.
“Avaada desires to play the complete worth chain vitality safety resolution. Our imaginative and prescient is that we’ll convert sand into glass, then we’ll convert polysilicon into ingot, ingot into wafer, wafer into cell and cell into module, as a part of the sand-to-molecule philosophy,” he stated.
Avaada Group had raised the most important fairness spherical in India’s renewable vitality house in 2023, when it secured $1.3 billion from Brookfield’s Vitality Transition Fund and Thailand’s GPSC, a subsidiary of the PTT Group. GSPC holds a virtually 43% stake in Avaada Vitality, the group’s renewable vitality arm.
With diversified operations throughout renewable vitality technology, photo voltaic element manufacturing, inexperienced gasoline manufacturing and storage initiatives, Avaada is Mittal’s second innings within the inexperienced vitality house after Tata Energy purchased the complete 1.1 GW renewable vitality portfolio of Welspun Vitality Pvt. Ltd for $1.4 billion in 2016. Earlier this month, the group signed a memorandum of understanding with the federal government of Gujarat to speculate ₹36,000 crore throughout photo voltaic, wind and battery vitality storage system (BESS) initiatives within the state over the subsequent 5 years.
Bloomberg reported in September that Avaada had picked Axis Financial institution Ltd., HSBC Holdings Plc, ICICI Securities Ltd. and Financial institution of America Corp. to assist handle Avaada Electro’s IPO.
Avaada Electro didn’t instantly reply to Mint’s queries emailed on Saturday.
Buzzing with exercise
India’s renewable vitality and manufacturing house has seen important funding of late as the federal government pushes for 500 GW of non-fossil capability by 2030.
Based on a current EY report, the facility sector has emerged as a frontrunner in mergers & acquisitions (M&A) exercise within the first half of 2025, with a deal worth of $8.5 billion. Renewable vitality accounted for round 80% of the facility sector’s complete M&A exercise over the interval, and marked a big enhance from $3.2 billion within the first half of 2024 and $2.8 billion within the second half of 2024, indicating a powerful curiosity in sustainable investments, it stated. The report famous that India was now recognised because the world’s fourth-largest renewable-energy market, having attracted over $4 billion in overseas direct funding up to now 12 months alone.
