Azure Power files for IPO in New York

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Azure Power files for IPO in New York

Azure Power Global Limited recently announced it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (the 'SEC') relating to a proposed initial public offering of its equity shares.

The number of shares to be offered and the price range for the proposed offering have not been determined. Azure intends to list its equity shares on the New York Stock Exchange under the ticker symbol "AZRE".

Barclays will act as a book-running manager for the proposed offering.

Azure Power’s solar portfolio amounts to 242 MW of cumulative capacity, comprising 17 utility-scale projects and several commercial rooftop projects.

Since May 2012 the company has posted CAGR of 135%, and according to the company, is aiming to have 520 MW of PV capacity in operation by the end of 2016.

Azure revealed in its prospectus summary: 

"Our longer term goals are to achieve 1 GW committed or operating by Dec. 31 2017, and 5 GW by Dec. 31 2020."

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