Azure Power Global (AZRE) IPO Opens Lower

October 12, 2016 9:50 AM EDT

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Today's IPO for Azure Power Global (NYSE: AZRE) opened for trading at $16.12 after pricing 3,409,091 shares at $18, below the expected $21-$23 price.

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.

Azure Power is a leader in the Indian solar industry. Azure Power developed India's first private utility scale solar project in 2009 and has been at the forefront of developments in the sector as a developer, constructor and operator of utility scale, micro-grid and rooftop solar projects since its inception in 2008. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power manages the entire development and operation process, providing low-cost solar power solutions to customers throughout India

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