India’s Azure Power may reconsider New York IPO plan

Indian solar power producer Azure Power Global Ltd’s plan to list on the New York Stock Exchange (NYSE) may be reconsidered, the Economic Times said Saturday.

Citing informed sources, the newspaper said Canadian institutional fund manager Caisse de depot et placement du Quebec (CDPQ) is negotiating the acquisition of a 30%-35% stake in the Indian solar firm. The investment would be of about USD 180 million (EUR 160.5m) to USD 200 million.

Talks are at an advanced stage and the deal could be completed this year, an informed person was quoted as saying. Specific details on the deal’s effect on the NYSE listing were not disclosed.

As announced in December 2015, Azure has applied to list its shares and trade under the ticker symbol “AZRE”. Barclays Plc is the sole underwriter of the initial public offering (IPO), which targets up to USD 100 million.

Azure Power had 343 MW of operational solar capacity and a further 403 MW under construction as of May 31. The list of shareholders with stakes of 5% or more includes the International Finance Corporation (IFC) and Helion Venture Partners, among others.

 

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