The Avaada Electro IPO is reportedly planned for November 2026 at about $786 million, according to a report carried by AK&M. The solar module and cell maker has not announced a price band or dates. Neither has been confirmed by the company or the exchanges.
What is confirmed and what is only reported
The November timing and the $786 million figure come from a single report. At about ₹6,681 crore in our tracker, that is below the size in the company's filing.
The updated draft red herring prospectus (UDRHP), the revised draft prospectus filed with SEBI, was filed in August 2026 for up to ₹7,600 crore, according to Kotak Neo's report of 27 August. The company has not disclosed a price band.
| Item | Detail |
|---|---|
| Total issue (UDRHP) | Up to ₹7,600 crore |
| Fresh issue | Up to ₹1,600 crore |
| Offer for sale | Up to ₹6,000 crore |
| Reported size (November plan) | About $786 million |
| Face value | ₹5 per share |
| Price band and dates | Not announced |
Where the money goes
Only the ₹1,600 crore fresh issue reaches the company. Of that, ₹1,200 crore is meant to prepay and repay borrowings. The rest covers letter-of-credit obligations and general corporate purposes. The ₹6,000 crore offer for sale pays the selling shareholders, not Avaada Electro.
What the company does
Avaada Electro makes solar modules and cells at Dadri in Uttar Pradesh and Nagpur in Maharashtra. It runs 8.5 GW of module capacity and 3 GW of cell capacity. It targets 13.6 GW of modules and 12 GW of cells by FY28, plus 3 GW of ingot and wafer capacity.
ICICI Securities, Axis Capital, BofA Securities India, HSBC Securities and Capital Markets India, SBI Capital Markets and IIFL Capital Services are the lead managers.
What our data shows
At about ₹6,681 crore, Avaada Electro would be the 8th largest of the 31 IPO filings and plans we have tracked this year. Our tracker shows 57 companies have filed draft papers so far this month. Our mainboard listing record shows how earlier issues debuted.
What happens next
An IPO needs a red herring prospectus with the price band and dates before it opens. Until the company files one, the November timing stays a report. Companies that have filed but not yet announced dates are on our upcoming mainboard IPO page.
