The offering consists of a total of 3,409,091 equity shares. Of these, 2,242,424 are to be sold by Azure Power, while 1,166,667 will come from certain selling shareholders. The company has also granted underwriters a 30-day option to purchase up to 511,364 additional equity shares at the IPO price, minus underwriting discounts and commissions.
Azure Power will also raise proceeds of US$75 million from the sale of equity shares from a concurrent private placement transaction. Gross proceeds (before underwriting discounts, commissions and expenses) from the IPO to Azure Power and the selling shareholders are expected to be around US$136 million.
The proceeds will primarily fund the companys purchase of equity shares in its subsidiary, Azure Power India Private Limited (AZI), as well as future operating expenses. AZI is then expected to use the net proceeds for growth capital expenses, new project development and other corporate purposes.
Barclays and Credit Suisse as book running managers, and Roth Capital Partners as co managers are jointly managing the offering.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.