New Delhi's Avaada Electro has submitted a draft red-herring prospectus (DRHP) to SEBI, signalling its intent to raise approximately ?9,000-10,000 crore through an initial public offering (IPO). The move comes as the company ramps up its cell and module manufacturing capacity, for instance, its Butibori facility in Maharashtra is targeting 12 GW of annual capacity by FY27.  The IPO proceeds are expected to fund expansion into 5 GW+ integrated module and cell/manufacturing operations, underscoring India’s push for domestic solar manufacturing. 

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