Brookfield-backed solar equipment maker Avaada Electro has begun roadshows for a 76-billion-rupee ($792.57 million) IPO and is targeting a stock market debut in India before the end of the year, two sources familiar with the matter told Reuters.
Renewable energy companies are increasingly tapping India’s public markets, driven by strong investor appetite for the country’s clean-energy expansion and its goal of achieving 500 gigawatts of installed non-fossil-fuel power capacity by 2030.
Avaada Electro, the solar manufacturing arm of Avaada Group, plans to update its draft IPO filing with financial results for the half-year ending September 2026 by the end of next month, the sources said, declining to be identified because the discussions are private.
The company has 8.5 GW of operational solar module capacity, according to the draft IPO papers filed in August.
India’s markets regulator approved Avaada Electro’s confidential IPO filing in April, and the company filed public offer documents in August.
A confidential filing allows companies to obtain regulatory feedback on IPO documents before publicly disclosing sensitive business information.
The IPO comprises a fresh issue of shares worth 16 billion rupees and an offer for sale worth 60 billion rupees by owner Avaada Ventures.
The final size, structure and timing of the share sale could still change as deliberations continue, the sources said.
Brookfield doesn’t directly own any stake in Avaada Electro. It backs parent Avaada Ventures through a $1 billion financing commitment through convertible debentures.
India’s IPO market has rebounded in the second half of 2026 after a muted start to the year, when geopolitical tensions dampened investor sentiment. Companies had raised $9.9 billion through more than 190 IPOs this year by September 21, down 0.9% from a year earlier, LSEG data showed.
Renewable energy firms Clean Max and Juniper Green Energy listed earlier this year, while Temasek-backed Sembcorp’s India unit and SAEL Industries, backed by Norway’s climate investment fund, are among the firms lining up IPOs.
Reuters
