The Initial Public offering of solar engineering, procurement and construction (EPC) company Sterling & Wilson Solar (SWSL) was subscribed 10% on the first day of bidding on Tuesday.
The portion reserved for qualified institutional buyers was subscribed 6%, non-institutional buyers 19% and retail buyers 6%. The overall subscription was 10%.
The Initial Public Offering (IPO), received about 21,06,264 bids, as against the total issue size of 2,20,35,256 equity shares to raise about Rs3,125cr, according to the data available with the Bombay Stock Exchange (BSE).
The price range for the bids for SWSL, whose promoters include Shapoorji Pallonji and Company Private and Khurshed Yazdi Daruvala and closes on Thursday, has been fixed at Rs775 to Rs780 per equity share of Rs1 face value.
On Aug 5, the company had raised Rs1,406cr by selling shares to a strong book of 18 anchor investors, including Fidelity Funds, Nomura India Investment Fund, Schroder International, Abu Dhabi Investment Authority, Massachusetts Institute of Technology, Carmignac portfolio.
ICICI Securities, Axis Capital, Credit Suisse Securities, Deutsche Equities, IIFL Securities, SBI Capital, IndusInd Bank, YES Securities are managing the offer.