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Sterling and Wilson Solar’s IPO worth Rs 3,125 crore set to open on August 6

Sterling and Wilson Solar set to launch initial public offering (IPO) worth Rs 3,125 crore on August 6. The price band has been set in the range of Rs 775 to Rs 780.

The issue, which will close on August 8, comprises of an offer for sale by the promoters Shapoorji Pallonji and Company, aggregating up to Rs 2,083.33 crore and Khurshed Yazdi Daruvala totalling Rs 1,041.67 crore reports ET.

A portion of the net offer proceeds will be used 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 respectively within 90 days from the date of listing of the equity shares says the official press release.

Up to 75 per cent of the offer will be available for allocation to qualified institutional buyers (QIBs), while one-third of the anchor investor portion will be reserved for domestic mutual funds.

Further, up to 15 per cent of the offer shall be available for allocation on a proportionate basis to non-institutional bidders and not more than 10 per cent of the offer will be available for the allocation to retail individual bidders in accordance with the SEBI ICDR Regulations.

ICICI Securities, Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, IIFL Securities and SBI Capital Markets are the global co-ordinators and book running lead managers to the offer.

IndusInd Bank and YES Securities are the book running lead managers to the offer.

Sterling and Wilson Solar is a solar EPC solution provider firm which also caters in operations and maintenance services, including for projects constructed by third-parties.

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