Sterling and Wilson Solar witnesses weak debut at Rs700

Sterling and Wilson Solar debuts at discount; stock down 9%

Aug 20, 2019 10:08 IST India Infoline News Service

sterling and wilson
Sterling and Wilson Solar, a solar engineering solutions provider, had a weak debut on August 20 at Rs700 due to the tepid response to IPO and weak market conditions, stock down more than 9%.

Sterling and Wilson Solar Ltd, promoted by the Shapoorji Pallonji Group is the demerged Solar Engineering, Procurement and Construction (EPC) Division of Sterling and Wilson Pvt Ltd (SWPL).

The stock listed at Rs706 on NSE against issue price of Rs780. The company's initial public offering (IPO) was open for subscription during August 06 to August 08, with a price band of Rs775-780 a share.

The issue was entirely an offer-for-sale (OFS) by the promoters of the company, implying an issue size of Rs3,100cr and a post issue market capitalization of Rs12,500 at the higher price band.

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