Avaada Electro IPO: Avaada Electro is all set to launch its IPO. Avaada Electro said that it has now secured approval from SEBI to go ahead with its IPO plan to raise funds.

Avaada Electro is a solar manufacturing arm of the Avaada Group. The group is backed by Brookfield.

Avaada Electro is likely to raise around Rs 9,000-10,000 crore via IPO, according to reports.

Avaada Electro IPO Papers 

Avaada Electro had filed its IPO papers with SEBI in October. At the time, Avaada Electro had opted for a confidential route to file its IPO papers.

Avaada Electro IPO is likely to be a combination of a fresh issue of shares and an OFS as well. Under the OFS, Avaada Electro existing shareholders will trim their stake.

Avaada Electro is aiming for a valuation in the range of Rs 1.10 lakh crore to Rs 1.3 lakh crore.

Avaada Electro has said that funds raised via IPO will be utilised for capacity expansion in high-efficiency solar cell and module manufacturing in Uttar Pradesh and at its Butibori plant in Maharashtra.

Avaada Electro is part of the Avaada Group, a diversified clean energy conglomerate with interests spanning solar PV manufacturing, renewable power generation, green hydrogen and its derivatives, pumped hydro storage, battery storage, and green data centres.

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