Azure Power Global Ltd., an Indian clean energy company with financing from the World Bank, fell in its U.S. trading debut after pricing the stock below the marketed range.
The stock slumped 19 percent to $14.60 at the close in New York. Azure and certain shareholders sold 3.41 million shares for $18 apiece in the initial public offering, which was less than the $21 to $23 marketed price range. That brought the total raised in the public offering to $61.4 million.
The New Delhi-based company raised an additional $75 million through a concurrent private placement, at the same price, according to a statement Wednesday. The proceeds will fund the development of new projects and for general corporate purposes. Azure is trading under the ticker AZRE.
Azure Power has been considering a listing since mid-2015. Its biggest shareholder is the World Bank’s International Finance Corp., according to data compiled by Bloomberg.
The company has 24 operational utility-scale solar farms and more than 500 rooftop systems in India, according to filings.
The U.S. IPO was underwritten by Barclays Plc and Credit Suisse Group AG, and Roth Capital Partners LLC acted as co-manager. The underwriters have a 30-day option to purchase as many as 511,364 additional shares at the initial price.