Azure Power Global, an Indian low-cost solar power producer with 357 MW of capacity, lowered the proposed deal size for its upcoming IPO on Monday.
The Madangir, India-based company now plans to raise $75 million by offering 3.4 million shares (28% insider) at a price range of $21 to $23. The company had previously filed to offer 6.8 million shares at a range of $21 to $23. At the midpoint of the revised range, Azure Power Global will raise -50% less in proceeds than previously anticipated. Canada's pension fund manager Caisse de dépôt et placement du Québec (CDPQ), a new investor, has agreed to purchase $75 million worth of shares at the lesser of $22 or the IPO price.
Azure Power Global was founded in 2009 and booked $46 million in sales for the 12 months ended June 30, 2016. It plans to list on the NYSE under the symbol AZRE. Barclays and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of October 10, 2016.
