IPO Update: Sterling and Wilson Solar IPO to open on Aug 6

The Rs. 3,125 crore Initial Public Offering (IPO) of the global solar EPC company belonging to the Shapoorji Pallonji Group hits the exchanges on Tuesday, August 6, 2019. The company is an integrated solar engineering company.

The offer opens for subscription on August 6 and closes on August 8, 2019. The price band for the IPO is fixed at Rs. 775 to 780. The IPO comprises of an offer for sale (OFS) aggregating to Rs. 2,083.33 crore by selling shareholders Shapoorji Pallonji & Company and Rs. 1,041.67 crore by Khurshed Yazdi Daruvala. The pre-offer holding of Shapoorji Pallonji & Co. is 65.77 per cent and while that of Khurshed Yazdi is 33.33 per cent.

Sterling & Wilson Solar is a pure-play solar engineering, procurement and construction (EPC) enterprise. The company provides project execution services from conceptualising to commissioning including procurement of raw materials, selection of vendors, quality monitoring, inspection and audit of the construction.

The company has a global presence across 26 countries. It has eight directly held subsidiaries with operations in Brazil, Oman, Saudi Arabia, Thailand among others. The company has nine indirect subsidiaries with businesses in Australia, the Middle East, Singapore, Spain, the US and other countries. Sterling & Wilson Solar has 183 commissioned and contracted solar power projects with an aggregate capacity of 6,062.83 MWp.