Sterling & Wilson Solar IPO subscribed 85 pc on closing day

The initial public offer of Sterling & Wilson Solar Limited was subscribed 85 per cent so far on the closing day of bidding on Thursday.

The IPO through which the company plans to raise about Rs 3,125 crore received bids for 1,89,32,835 shares against the total issue size of 2,21,77,418 shares, as per the NSE data till 1700 hrs.

Price range for the offer has been fixed at Rs 775-780 per share.

The initial public offer of Sterling & Wilson Solar was subscribed 32 per cent on the second day of bidding on Wednesday.

The offer comprises an offer for sale by promoters Shapoorji Pallonji and the company aggregating up to Rs 2,083.33 crore and Khurshed Yazdi Daruvala totalling Rs 1,041.67 crore.

Sterling and Wilson Solar on Monday raised Rs 1,406 crore from 27 anchor investors.

The portion of the net proceeds will be utilised towards funding full repayment of the loans, the firm had said.

ICICI Securities, Axis Capital, Credit Suisse Securities India, Deutsche Equities India, IIFL Securities, SBI Capital Markets, IndusInd Bank and YES Securities India are managing the offer.

Shares of Sterling and Wilson, a solar engineering, procurement and construction solutions provider, are proposed to be listed on the BSE and the NSE.