Azure Power announces the launch of its initial public offering

Azure Power Global Limited (“Azure Power”) has announced the launch of its initial public offering of 6,818,182 equity shares. 5,863,637 equity shares will be sold by Azure Power, while 954,545 shares will be sold by certain selling shareholders says the official statement.

The company expected 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.

Azure Power has applied to list its equity shares on the New York Stock Exchange under the symbol “AZRE.”

The company aims 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 will be received by Azure Power India Private Limited 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 of the offering. Roth Capital Partners is acting as a co-manager of the offering. The proposed offering of these securities will be made only by means of a prospectus.

A registration statement, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective, and, even then, the securities may only be sold pursuant to the registration statement and final prospectus.