Avaada Electro Ltd. IPO Details
Avaada Electro was incorporated on April 27, 2021. The company is among India’s top 10 vertically integrated solar PV manufacturers and specializes in producing solar cells and modules. It has 8.50 GW of operational module capacity and 3.00 GW of operational TOPCon cell capacity, with another 3.00 GW of cell capacity nearing commissioning
| Bidding Dates |
|---|
| To Be Announced |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| - | - | - | - | 0 | - | - | ₹76,000.0 M | DRHP DOC |
Avaada Electro issue details
Avaada Electro IPO issue size is ₹ 76,000.0 M
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 10% | 15% | 75% |
Avaada Electro IMPORTANT IPO DATES
| Issue Open Date | - |
| Issue close Date | - |
| Allotment Date | - |
| Refund Date | - |
| Demat Account Credit Date | - |
| Listing Date | - |
| Listing on Exchange(s) | NSE and BSE |
Avaada Electro NUMBER OF SHARES ON OFFER
Avaada Electro FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 5,303.5 | 888.7 | 80.0 | -2,063.7 | 23.7% |
| FY25 | 911.6 | 173.3 | 532.0 | -23.5 | 26.5% |
Avaada Electro INFORMATION ON IPO ISSUE
About Avaada Electro
Avaada Electro was incorporated on April 27, 2021. The company is among India’s top 10 vertically integrated solar PV manufacturers and specializes in producing solar cells and modules. It has 8.50 GW of operational module capacity and 3.00 GW of operational TOPCon cell capacity, with another 3.00 GW of cell capacity nearing commissioning
Object of the Issue
- Funding prepayment, repayment and/ or payment obligations to their lenders towards certain borrowings, and acceptances pursuant to letters of credit availed by the company, in part or full
- General corporate purposes
Avaada Electro - PROMOTERS
| Name |
|---|
| Vineet Mittal |
| Sindoor Vineet Mittal |
| Avaada Ventures Private Limited |
Avaada Electro - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Vineet Mittal | Chairman & Whole-time Director |
| Sindoor Vineet Mittal | Vice Chairperson & Non-Executive Non-Independent Director |
| Vinoo George | Whole-time Director |
| Rajnish Kumar | Independent Director |
| Diana Miller | Independent Director |
| Subhash Kamath | Independent Director |
Avaada Electro Book Running Lead Manager
ICICI Securities Limited
ael.ipo@icicisecurities.com
Axis Capital Limited
avaada.ipo@axiscap.in
BofA Securities India Limited
dg.avaada_electro_ipo@bofa.com
HSBC Securities and Capital Markets (India) Private Limited
avaadaelectroipo@hsbc.co.in
SBI Capital Markets Limited
avaada.ipo@sbicaps.com
IIFL Capital Services Limited
avaada.ipo@iiflcap.com
Avaada Electro Registrar to the Offer
MUFG Intime India Private Limited
avaadaelectro.ipo@in.mpms.mufg.com
Avaada Electro Strengths
Cost-efficient manufacturing
The company has developed a cost-efficient solar PV module manufacturing platform, supported by disciplined capital expenditure and operational cost optimization. Its strategic procurement, government incentives and industrial-park locations help reduce setup costs, accelerate capacity expansion and support scalable growth
Robust order book
The company benefits from a strong demand pipeline through its strategic integration with AEPL, supported by its 7.00 GWp operational portfolio and 26.60 GWp project pipeline as of March 31, 2026. AEPL’s long-term commitment to procure at least 20.00 GW of solar modules by December 2030, along with the company’s 19,190.83 MW confirmed order book, provides strong revenue visibility and supports capacity expansion
Rapid manufacturing scale-up
The company has demonstrated rapid execution by commissioning advanced solar manufacturing facilities within short timelines, growing module capacity from 1.50 GW to 8.50 GW, while adopting N-type TOPCon technology through global partnerships. Its facilities also emphasize ESG through renewable power, zero liquid discharge, rainwater harvesting, waste management and ISO-aligned quality and safety standards
Avaada Electro Risks
EPC & O&M diversification risk
The company plans to diversify beyond solar cell and module manufacturing into EPC and O&M services, which may require significant investment, specialized expertise and new operational capabilities. Intense competition, regulatory or supply-chain challenges and weak market acceptance could limit the success of these new offerings and adversely affect its financial performance
Competition
The company faces intense competition from Indian as well as Chinese and Southeast Asian solar cell and module manufacturers, which could pressure prices and margins. Faster capacity expansion by competitors, technological changes or inability to maintain quality standards could result in market share loss and adversely affect its financial performance
Operational risks
The company is subject to safety, health, labour and environmental regulations and must obtain and renew various licences and permits, with non-compliance potentially resulting in fines, legal action, shutdowns or delayed approvals. An accident at its Nagpur Facility on December 19, 2025, which resulted in fatalities and injuries, also exposes the company to related operational and regulatory risks
IPO FAQs
The promoters of the company are Vineet Mittal, Sindoor Vineet Mittal and Avaada Ventures Private Limited.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.