Sebi has cleared four IPOs including Avada Electro and Grand Housing

Capital markets regulator SEBI has allowed four companies to launch their IPOs. The approved issues include Awada Electro, Grand Housing, SonaSelection India and Vishal Nirmithi, renewable energy, real estate, manufacturing and infrastructure.

Among the approved companies, Avaada Electro is expected to be the largest offerer, with the solar manufacturing firm offering around Rs. 9,000-10,000 crore plans to raise, according to PTI. The Brookfield-backed company is likely to launch a mix of new issues and offers-for-sale.

The proceeds will primarily be used to expand manufacturing capacity, including a 5.1 GW integrated solar facility in Uttar Pradesh and additional capacity at its Maharashtra plant. Avaada Electro operates as part of the broader Avaada Group, which has a diversified clean energy presence in solar generation, renewable energy, green hydrogen and storage solutions.

The IPO values ​​the company at Rs. 1.1 lakh crore to Rs. 1.3 lakh crore range, making it one of the largest renewable energy listings in India.

Chennai-based real estate developer Grand Housing intends to launch a fully public issue through an offer-for-sale of up to 3.55 crore shares, with no fresh capital raised.

The company focuses on plotted development and has a strong presence in Tamil Nadu especially around Chennai. Its portfolio includes residential plots as well as industrial land parcels, catering to both individual buyers and institutional demands.

As of March 2025, Grand Housing has completed 39 projects with 13 ongoing and 7 upcoming developments, reflecting a stable pipeline in a region witnessing robust real estate and industrial activity.

Textile-focused SonaSelection India will come out with a pure fresh issue of 1.43 crore equity shares, with the amount earmarked for debt reduction, capacity expansion and general corporate purposes.

The company is about Rs. 80 crore for debt repayment and Rs. 47.55 crore for plant and machinery, focusing on strengthening its balance sheet and operational capabilities.

Infrastructure player Vishal Nirman Rs. 125 crore will raise funds through a combination of a fresh issue and a smaller offer-for-sale component.

The company deals in civil engineering and construction, with a focus on pre-stressed concrete products, railway infrastructure and irrigation projects. It also manufactures specialty components such as PSC sleepers and steel pipes for large infrastructure applications.