Azure Power opens down after cutting price on US IPO

Solar panel green 230x150
By Jonathan Breen
13 Oct 2016

Indian solar power company Azure Power Global has traded down on its debut on the Nasdaq stock exchange after pricing its IPO below the price guidance.

The firm launched bookbuilding for its IPO on September 26, offering 6.8m shares at a price range of $21-$23 each. But it rejigged the terms during bookbuilding after a Canadian institutional investor came in to take half the deal.

So Azure Power sliced the portion being offered ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial