Azure Power, an Indian solar project developer, has set terms for its initial public offering (IPO) in New York. The IPO will comprise of 6.82 million shares priced between $21 (~Rs.1,403) and $23 (~Rs.1,537).

According to a company release, Azure Power will offer 6,818,182 shares, including 5,863,637 shares to be sold by Azure Power and 954,545 shares to be sold by certain other shareholders. The release also stated that Azure Power expects to grant its underwriters a 30-day option to purchase an additional 1,022,727 equity shares at the IPO price. Azure Power has applied to list its equity shares on the New York Stock Exchange under the symbol “AZRE.”

Sources at the company confirmed that the firm aims to raise close to $140 million (~Rs.9.35 billion) through its IPO. Azure Power initially filed for IPO in December of 2015 but delayed the IPO process due to tough market conditions. According to sources at the company, the market dynamics then and now are different.

Barclays and Credit Suisse are acting as joint book-running managers of the offering. Roth Capital Partners is acting as a co-manager of the offering.

According to Mercom’s India Solar Project Tracker, Azure has an operational capacity of 357 MW and a project pipeline of 664 MW. India is a growing solar market with 8.1 GW installed to date. The country has set a goal of installing 100 GW of solar by 2022.

Image credit: NYSE