The Securities and Exchange Board of India (SEBI) has approved three public issue proposals this week: Avaada Electro, Grand Housing, and Sonaselection India Ltd., backed by Brookfield.
Avaada Electro Ltd., a solar manufacturing subsidiary of the Avaada Group, submitted a confidential draft red herring prospectus (DRHP) to SEBI in October 2025. Sources indicate that the company aims to launch an initial public offering (IPO) valued between ₹9,000 crore and ₹10,000 crore, consisting of both fresh issues and an offer-for-sale (OFS) from existing shareholders.
Part of the diversified clean-energy conglomerate, Avaada Group is involved in solar photovoltaic manufacturing, renewable power generation, and green hydrogen production, among other sectors. The proceeds from the fresh issue are intended for the development of an additional 5.1 GW solar module manufacturing facility in Uttar Pradesh, as well as for expanding capacity at its Butibori plant in Maharashtra.
In 2023, the group, supported by Brookfield Renewable Partners and Thailand’s GPSC (PTT Group), raised over $1.3 billion to facilitate expansion across its solar, hydrogen, battery-storage, and green-ammonia projects.
The IPO of Sonaselection India, a Rajasthan-based producer of cotton fabrics, will consist entirely of a fresh issue amounting to 1.43 crore shares. The raised funds are earmarked for debt repayment, procurement of plant and machinery, and other general corporate expenses.
Conversely, the proposed IPO of Chennai-based Grand Housing will consist solely of an offer-for-sale of 3.55 crore shares by promoter J Vijay Surana.
Published on April 17, 2026.
