Sterling and Wilson files DRHP with SEBI to raise around INR 4500 crore

Sterling and Wilson Solar on Tuesday filed Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (SEBI) to raise around Rs 4,500 crore through an initial public offer.

Company’s chairman Khurshed Yazdi Daruvala holds 33.33 per cent stake and Shapoorji Pallonji and Company holds 65.77 per cent stake. Cyrus Mistry and other members of the promoter group holds remaining stake.

The IPO will be an offer for sale by the company’s chairman Daruvala and Shapoorji Pallonji and Company, according to the Draft Red Herring Prospectus (DRHP).

ICICI Securities, Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, IIFL Holdings, SBI Capital Markets are the global coordinators and book running lead managers.

IndusInd Bank and YES Securities (India) are the book running lead managers to the issue.

The shares of Sterling and Wilson are proposed to be listed on BSE and NSE.

Sterling and Wilson is a global pure-play, end-to-end solar EPC solutions provider. The company’s order book was Rs 4,309.09 crore as of December 31, 2018.

The company has operations in 26 countries, and use its subsidiaries and branch offices globally for operations.

Sterling and Wilson Solar Limited’s revenue from operations rose 83 per cent to Rs 5,915 crore in the first nine months of 2018-19, while net profit jumped 98 per cent to 343 crore during the period.

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