Azure Power Global Limited’s $18 Million Initial Public Offering


Skadden, Arps, Slate, Meagher & Flom LLP, Shardul Amarchand Mangaldas & Co and Appleby Mauritius advised Azure Power Global Limited on its initial public offering on the New York Stock Exchange of 3,409,091 equity shares, at an initial public price of US$18.00 per equity share. The underwriters in the initial public offering are Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Roth Capital Partners, LLC. The equity shares are traded on Nasdaq under the symbol “AZRE”.

In a concurrent private placement transaction, Azure Power Global Limited has also entered into a share purchase agreement with CDPQ Infrastructures Asia Pte Ltd. (CDPQ), to sell CPDQ US$75 million of equity shares.

The Appleby team was led by Partner, Malcolm Moller (Picture) and assisted by Senior Associate, Muhammad Aadil Koomar and Associate, Ashley Oogorah.

Appleby Mauritius advised Azure Power Global Limited on Mauritius law aspects of the listing alongside Skadden, Arps, Slate, Meagher & Flom LLP, which provided US law advice, and Shardul Amarchand Mangaldas & Co, New Delhi, India, which advised on Indian law.

Azure Power Global Limited holds the whole structure of the Azure Group and is the parent company of Azure Power India Private Limited. The Azure Group 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, the Azure Group manages the entire development and operation process, providing low-cost solar power solutions to customers throughout India.

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