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The Securities and Exchange Board of India has approved initial public offerings of Avaada Electro, Sonaselection India and Grand Housing, with observations issued over the past week. Avaada Electro plans to raise INR 9,000–10,000 crore through a mix of fresh issue and offer-for-sale, with proceeds expected to fund solar manufacturing expansion, including a 5.1 GW facility in Uttar Pradesh and capacity additions in Maharashtra. Sonaselection India will issue 1.43 crore fresh shares to reduce debt and fund capex, while Grand Housing’s IPO is entirely an offer-for-sale of 3.55 crore shares. All three companies are set to list on the BSE and NSE.
The Securities and Exchange Board of India has granted approval to three companies Avaada Electro, Sonaselection India and Grand Housing to proceed with their initial public offerings, according to regulatory updates issued earlier this week. Advertisement
Avaada Electro, the solar manufacturing arm of the Brookfield-backed Avaada Group, is planning to raise approximately INR 9,000–10,000 crore through its IPO. The issue is expected to comprise a mix of fresh equity issuance and an offer-for-sale by existing shareholders. Market estimates indicate a potential valuation in the range of INR 1.10 lakh crore to INR 1.3 lakh crore.
The company had filed its draft papers through the confidential route in the past year. Proceeds from the offering are expected to be deployed towards expanding high-efficiency solar cell and module manufacturing capacity. This includes the development of a 5.1 GW integrated facility in Uttar Pradesh and expansion at its existing plant in Butibori, Maharashtra.
Avaada Electro operates within the broader Avaada Group, which has interests across renewable energy segments including solar manufacturing, power generation, green hydrogen, energy storage and related infrastructure.
Separately, Sonaselection India’s IPO will consist of a fresh issue of 1.43 crore equity shares, with no offer-for-sale component. According to its draft documents, the company plans to allocate approximately INR 80 crore towards debt repayment and INR 47.55 crore for capital expenditure on plant and machinery, with the remaining proceeds earmarked for general corporate purposes.
Chennai-based Grand Housing plans to launch its public issue entirely through an offer-for-sale of 3.55 crore equity shares, enabling existing shareholders to partially exit their holdings.
All three companies are proposed to be listed on the BSE and NSE. In regulatory terms, the issuance of observations by Sebi indicates clearance for companies to proceed with their public offerings, subject to compliance with applicable conditions.
Source - PTI
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