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India's Azure Power files amendment to Form F-1 for New York IPO

Indian solar power producer Azure Power Global Ltd this week filed an amendment to its Form F-1 registration statement regarding its planned roughly USD-100-million (EUR

87.8m) initial public offering (IPO) in New York.

As announced in December 2015, the company has applied to list its shares on the New York Stock Exchange (NYSE) and trade under the ticker symbol “AZRE”. UK’s Barclays Plc will serve as the sole underwriter of the offering.

The amended registration statement includes updated information about the company's activities and its portfolio. Azure Power, backed by the World Bank’s International Finance Corp (IFC) among others, develops, build, owns and operates solar parks in India. As of end-January 2016, the company had 21 utility-scale plants and a number of commercial rooftop installations with a combined rated capacity of 276 MW. 

As of that date it was also building 10 solar farms totalling 214 MW and had an additional 314 MW committed, according to its SEC filing. The company seeks to have 520 MW of solar parks in operation by the end of 2016 and 1 GW of committed or operating assets by December 31, 2017. Its target for the end of the decade is 5 GW.

 

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