Sterling & Wilson Solar raises Rs1,406cr from anchor investors; IPO opens today

The company has raised about Rs1,406cr by selling shares to its institutional investors as part of its anchor book allocation on Monday.

Aug 06, 2019 03:08 IST India Infoline News Service

Initial Public Offer, IPO
Shapoorji Pallonji Group’s solar engineering, procurement and construction (EPC) business Sterling and Wilson Solar (SWSL), will launch its initial public offering subscription today and it has raised about Rs1,406cr by selling shares to its institutional investors as part of its anchor book allocation on Monday.

The company, formed by the demerger of the solar EPC businesses of Sterling and Wilson Private Limited, has allotted 1,80,28,846 equity shares at Rs780 per share aggregating to Rs1,406cr.

The leading anchor investors include Nomura India Investment Fund, Schroder International, and Abu Dhabi Investment Authority who have been allocated 16%, 12.24% and 8.82% respectively of the total anchor book size.

Other marquee names who have come in as anchors are Reliance Mutual Fund, Eastspring, Keysquare, Carmignac Gestion, Massachusetts Institute of Technology, Fidelity, ICICI Prudential Life, HSBC Global, UPS Group Trust, Neptune, IIFL AIF, etc.

The IPO has been fixed at a price band of Rs775 to Rs780 per equity share of Re 1 face value, for the company, whose promoters include Shapoorji Pallonji and Company Private and Khurshed Yazdi Daruvala

The IPO closes on August 8. Later, the equity shares of the company are proposed to be listed on BSE and NSE. The allocation for the Mumbai based company, which is the first Indian solar engineering and construction company to go public, is 75% for Qualified Institutional Buyers (QIBs), 15% for non-institutional investors (NIIs) and 10% for retail investors.

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