Sterling & Wilson, Spandana slash IPO size amid choppy market conditions

To hit the market next week, Sterling & Wilson and Spandana have cut their issue size by a third

Shapoorji Pallonji Group company Sterling & Wilson Solar and microfinance company Spandana Sphoorty Financial Services have cut the size of their initial public offering (IPO) by a third to realign with market conditions, said sources in the know.

To hit the market next week, the two IPOs will raise a cumulative Rs 4,300 crore, down from nearly Rs 6,000 crore planned earlier.

The IPO of Sterling & Wilson Solar, a solar power engineering, procurement, and construction company, is entirely an offer for sale (OFS). The issue size has been cut from Rs 4,500 crore to Rs 3,150 crore.

Meanwhile, Spandana