Azure Power Global Limited (Azure Power), a renewable energy provider in India, announced the launch of its initial public offering (IPO) of 6,818,182 equity shares.
The IPO consists of 5,863,637 equity shares to be sold by Azure Power and 954,545 shares to be sold by certain selling shareholders.
Azure Power expects to grant the underwriters a 30-day option to purchase up to an additional 1,022,727 equity shares at the initial public offering price.
The company expects IPO of 6.82 million equity shares to be priced between $21.00 and $23.00 per equity share, according to reports.
Azure Power has applied to list its equity shares on the New York Stock Exchange under the symbol ‘AZRE.’
The company intends to use the net proceeds from the offering primarily to fund the purchase by Azure Power of equity shares of its subsidiary, Azure Power India Private Limited (‘AZI’), and to fund future operating expenses of Azure Power.
Net proceeds to be received by AZI as a result of such purchase are intended to be used for growth capital requirements, new project development and other general corporate purposes.
Barclays and Credit Suisse are acting as joint book-running managers for the offering. Roth Capital Partners is acting as a co-manager for the offering.