Blue skies for Indian solar: Azure Power sets terms for $150 million IPO

Azure Power Global, an Indian low-cost solar power utility with 357 MW of capacity, announced terms for its IPO on Thursday.

The Madangir, India-based company plans to raise $150 million by offering 6.8 million shares (14% insider) at a price range of $21 to $23. At the midpoint of the proposed range, Azure Power Global would command a fully diluted market value of $516 million.

Azure Power Global was founded in 2009 and booked $39 million in revenue for the 12 months ended March 31, 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.

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