Azure Power Global (AZRE) expects to raise $150 million in an initial public offering on Tuesday, October 4th. The company will be issuing 6,800,000 shares at a price of $21.00-$23.00 per share.

In the last twelve months, Azure Power Global generated $46.2 million in revenue and had a net loss of $43.4 million. The company has a market cap of $516 million.

Barclays and Credit Suisse served as the underwriters for the IPO and Roth Capital Partners was co-manager.

Azure Power Global provided the following description of their company for its IPO: “Our mission is to be the lowest-cost power producer in the world. We sell solar power in India on long term fixed price contracts to our customers, at prices which in many cases are at or below prevailing alternatives for these customers. We are also developing micro-grid applications for the highly fragmented and underserved electricity market in India. Since inception, we have achieved a 66% reduction in total solar project cost, which includes a significant decrease in balance of systems costs due in part to our value engineering, design and procurement efforts. We developed India’s first utility scale solar project in 2009. As of September 30, 2015, we operated 17 utility scale projects and several commercial rooftop projects with a combined rated capacity of 242MW which represents a compound annual growth rate, or CAGR, of 135% from May 2012. “.

Azure Power Global was founded in 2009 and has 360 employees. The company is located at 8 Local Shopping Complex, Pushp Vihar, Madangir, New Delhi 110062, India and can be reached via phone at (91-11) 49409800 or on the web at http://www.azurepower.com.

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