BUZZ-Azure Power Global: Dim debut

Wed Oct 12, 2016 10:39am EDT
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** India-focused solar power producer Azure Power Global sinks in weak debut

** Stock opens over 10 pct below issue and continued to fall. At $15.20 session low, co valued at roughly $360 mln

** Azure prices 3.4 mln shares (2.2 mln sold by co) at $18, well below $21-$23 filed range

** Azure also selling $75 mln of equity shares at IPO price to Canadian pension fund Caisse de depot et placement du Quebec in concurrent private placement

** According to the IPO prospectus, AZRE currently has 357MW of productive capacity across 24 facilities; also constructing 12 projects, totaling 390MW of productive capacity with another 258MW committed

** Barclays and Credit Suisse acted as joint bookrunners