Sterling & Wilson Solar slips on debut

Shares of Sterling & Wilson Solar were trading at Rs 727.95 at 10.54 IST on BSE, a discount of 6.67% over the initial public offer price of Rs 780.

The stock debuted at Rs 700, a discount of 10.26% to the initial public offer (IPO) price. So far the stock hit a high of Rs 755.50 and low of Rs 691. On BSE, so far 1.40 lakh shares were traded on the counter.

The IPO of Sterling & Wilson Solar received bids for 1.89 crore shares and it was subscribed 0.85 times. The issue opened for subscription on 6 August 2019 and it closed on 8 August 2019. The price band for the issue was fixed at Rs 775 to Rs 780 per share.

Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 5 August 2019, finalised allocation of 1.80 crore equity shares to anchor investors at Rs 780 per share.

The issue comprised of an offer for sale by the promoters Shapoorji Pallonji and Company aggregating up to Rs 2083.33 crore and Khurshed Yazdi Daruvala totaling Rs 1041.67 crore. The promoter selling shareholders will utilize a portion of the net offer proceeds, towards funding full repayment of the loans due to the company and Sterling and Wilson International Solar FZCO from SWPL and Sterling and Wilson International FZE, a subsidiary of SWPL, respectively within 90 days from the date of listing of the equity shares.

On a consolidated basis, Sterling and Wilson Solar reported profit after tax of Rs 638.99 crore on sales to Rs 8240.41 crore in the financial year ended on 31 March 2019.

Sterling & Wilson Solar (SWSL) promoted by Shapoorji Pallonji Group and Khurshed Yazdi Daruvala is an end to end solar engineering, procurement and construction (EPC) solutions provider. The company also provides operations and maintenance (O&M) services, including for projects constructed by third-parties.

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