India's Azure Power Files $100 Million IPO to List Stock on NYSE

Azure Power Global Ltd., an Indian clean energy company with financing from the World Bank, registered to sell as much as $100 million in stock in an initial public offering on the New York Stock Exchange to help pay for its expansion.

Barclays Plc is the sole underwriter, according to a filing at the Securities and Exchange Commission. The stock would trade under the ticker symbol AZRE.

Azure Power has been considering a listing since at least June. Its top holders currently are IW Green, whose sole owner is Inderpreet S. Wadhwa, founder of Azure, the World Bank’s International Finance Corp., Helion Venture Partners and FC VI India Venture.

Azure operates 17 utility scale projects and several commercial rooftop projects with a combined rated capacity of solar projects of 242 megawatts. It has been expanding at a compound annual growth rate of 135 percent since May 2012.

“We are targeting having 520 megawatt operating by Dec. 31, 2016,” the company said in a prospectus detailing the offer. “Our longer term goals are to achieve 1 gigawatt committed or operating by Dec. 31, 2017 and 5 gigawatt by Dec. 31, 2020," the company said in its prospectus summary.

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