Sterling and Wilson Solar Ltd IPO (Sterling and Wilson IPO) Detail

Aug 6, 2019 - Aug 8, 2019

Incorporated on 2017, Mumbai based Sterling & Wilson Solar Limited (SWSL) is engaged in providing solar engineering, procurement and construction (EPC) solutions to the end-users. SWSL is focused on utility-scale solar power projects and manages the solar projects from conceptualizing to commissioning. It provides operations and maintenance (O&M) services for the 3rd party projects as well. It was previously named as Rashmika Energy Private Limited.

The company started its operation as a Solar EPC Division of SWPL in 2011 and demerged on April 1, 2017. According to IHS Markit, the company was the world's largest solar EPC solutions provider in 2018 based on annual installations of utility-scale PV systems. Currently, it has a wide presence across 26 countries.

Sterling & Wilson offers customized solutions to its customers for solar power projects. The company follows a "hub-and-spoke" business model where services go from the central hub to several spokes or routes to reach the end-users. India works as a hub of the company for the complete supply chain including engineering functions, design, and engage 3rd party subcontractors and suppliers. The company aims to improve the performance ratio by offering cost-effective and innovative designing solutions supported by an engineering and competent design team. It has 138 employees in the design and engineering team.

Competitive Strengths

1. World's largest solar EPC solutions provider
2. A dedicated design and engineering team
3. Takes benefits of the brand image of the SP group and S&W
4. Strong financial performance
5. Strong promoter

Risk to Investors

  • The six global coordinators and book running lead managers and two book running lead managers associated with the offer have handled 48 public issue in the past three years out of which 18 closed below the issue price on listing date.
  • The Price/Earnings ratio based on diluted EPS for fiscal 2019 for the issuer at the upper end of the Price Band is as high as 19.57.
  • The average cost of acquisition per Equity Share for the promoter selling shareholders is nil per equity share.

Company Promoters:

The promoters of the Company are Shapoorji Pallonji and Company Pvt Ltd and Khurshed Yazdi Daruvala.

Company Financials:

Summary of financial Information (Restated)
Particulars For the year/period ended (in Rs. 10 Lakhs)
31-Mar-19 31-Mar-18 31-Dec-17
Total Assets 53,919.19 49,203.81 35,701.70
Total Revenue 82,404.08 68,717.08 32,324.81
Profit After Tax 6,382.33 4,505.35 1,733.62

Objects of the Issue:

The objects of the Offer are:
1. To achieve the benefits of listing the Equity Shares on the Stock Exchanges.
2. For the Offer of the Equity Shares by the Promoter Selling Shareholders.
3. To enhance visibility and brand image.

Sterling and Wilson IPO Details

IPO DateAug 6, 2019 - Aug 8, 2019
Issue TypeBook Built Issue IPO
Issue Size40,322,580 Eq Shares of ₹1
(aggregating up to ₹3,145.16 Cr)
Offer for Sale[.] Eq Shares of ₹1
(aggregating up to ₹3,125.00 Cr)
Face Value₹1 per equity share
IPO Price₹775 to ₹780 per equity share
Market Lot19 Shares
Min Order Quantity19 Shares
Listing AtBSE, NSE

Sterling and Wilson IPO Tentative Date / Timetable

Bid/Offer Opens OnAug 6, 2019
Bid/Offer Closes OnAug 8, 2019
Finalisation of Basis of AllotmentAug 14, 2019
Initiation of RefundsAug 16, 2019
Credit of Shares to Demat AcctAug 19, 2019
IPO Shares Listing DateAug 20, 2019

Sterling and Wilson IPO Lot Size and Price (Retail)

ApplicationLotsSharesAmount (Cut-off)

Sterling and Wilson IPO Promoter Holding

Pre Issue Share Holding100%
Post Issue Share Holding75%

Offer Size Allocated

QIB Portion: At least 75% of the offer;
Retail Portion: Not more than 10% of the offer
NII Portion: Not more than 15% of the offer

IPO Notices

External Link

Sterling and Wilson Solar IPO Successfully Subscribed

As the issue is entirely an Offer for Sale and the QIB portion is 75%, the basic requirement for the success of the same according to the SEBI regulations, is that the QIB portion should be fully subscribed. Hence, this OFS of Sterling and Wilson Solar is successfully subscribed with an overall 92% subscription including anchor investors. Issue stands close with the subscription received. All eligible applicants will get full allotment.

Sterling and Wilson IPO Subscription Status (Bidding Detail)

Sterling and Wilson IPO how much subscribed?

No. of Times Issue Subscribed (BSE + NSE)

As on Date & Time





Shares Offered





Aug 8, 2019 17:00





Sterling and Wilson IPO Prospectus

Sterling and Wilson IPO Rating

Rating:Rated 4.1 stars

Vote Here ...

Sterling and Wilson IPO Listing Date

Listing DateTuesday, August 20, 2019
BSE Script Code542760
Listing InB
IPO Price₹780 per equity share
Face Value₹1 per equity share

Listing Day Trading Information

IPO Price
Last Trade

Sterling and Wilson IPO Registrar

Link Intime India Private Ltd
   Link Intime India Private Ltd
   C 101, 247 Park, L.B.S.Marg,
   Vikhroli (West), Mumbai - 400083

Phone: +91-22-4918 6270

Sterling and Wilson IPO FAQs

  1. What is Sterling and Wilson IPO?

    Sterling and Wilson IPO is a main-board IPO of 40,322,580 equity shares of the face value of ₹1 aggregating up to ₹3,145.16 Crores. The issue is priced at ₹775 to ₹780 per equity share. The minimum order quantity is 19 Shares.

    The IPO opens on Aug 6, 2019, and closes on Aug 8, 2019.

    Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

  2. When Sterling and Wilson IPO will open?

    The Sterling and Wilson IPO opens on Aug 6, 2019 and closes on Aug 8, 2019.

  3. What is the lot size of Sterling and Wilson IPO?

    Sterling and Wilson IPO lot size is 19 Shares and the minimum order quantity is 19 Shares.

  4. How to apply for Sterling and Wilson IPO?

    You can apply in Sterling and Wilson IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Edelweiss, ICICI Bank, HDFC Bank and SBI Bank.

  5. When Sterling and Wilson IPO allotment?

    The finalization of Basis of Allotment for Sterling and Wilson IPO will be done on Aug 14, 2019, and the allotted shares will be credited to your demat account by Aug 19, 2019. Check the Sterling and Wilson IPO allotment status.

  6. When is Sterling and Wilson IPO listing date?

    The Sterling and Wilson IPO listing date is on Tuesday, August 20, 2019.

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Sterling and Wilson IPO Review / Comments

👉 IPO Janadesh 💃
107. 👉 IPO Janadesh 💃  Sep 13, 2019 22:22
IPO Mentor IPO Mentor (800+ Posts, 2000+ Likes)
If Nifty closes above 11,200 next week , more IPOs are likely to hit in the market.Most probable IPOs are ASK invt. manager , AGS Tech. , Harsh Eng.
👉 IPO Janadesh 💃
107.2. 👉 IPO Janadesh 💃  Sep 16, 2019 15:18
IPO Mentor IPO Mentor (800+ Posts, 2000+ Likes)
Equitas touch Lower Circuit after declaration of IPO process by March 2020.
👉 IPO Janadesh 💃
107.3. 👉 IPO Janadesh 💃  Sep 20, 2019 11:54
IPO Mentor IPO Mentor (800+ Posts, 2000+ Likes)
11200 (+ 500 )

106. MS ASSOCIATE  Sep 13, 2019 15:44
upcoming IPO in Sep ???
amit K singh
106.2. amit K singh  Sep 15, 2019 12:24
IPO Mentor IPO Mentor (500+ Posts, 900+ Likes)
Agree, Money is looted from PSUs and PSBs by the politicians an their businessmen friends in thousands of crores.. corruption at it height in this country.. Where will these companies make profit? Avoid PSU,psb is the only option..
👉 IPO Janadesh 💃
106.3. 👉 IPO Janadesh 💃  Sep 16, 2019 15:16
IPO Mentor IPO Mentor (800+ Posts, 2000+ Likes)
Very much true Amit.Sky is the limit for this corrupted administration.No ' CHALLAN ' for these politicians.Rules are made only to rob common man.
105. Aniketiaf  Sep 14, 2019 22:15
IPO Guru IPO Guru (1100+ Posts, 6800+ Likes)
GoAir, the country's fourth largest airline by market share, is looking to raise close to Rs 5,000 crore through its initial public offer (IPO). Sources close to the matter claim that the airline is looking to dilute around 25% or more for the same. The airline has appointed Morgan Stanley, JM Financial, ICICI Securities and Citi as lead bankers for its public issue.
105.1. Aniketiaf  Sep 14, 2019 22:29
IPO Guru IPO Guru (1100+ Posts, 6800+ Likes)
aiming for a listing in February/March 2020.
104. Rajni  Sep 13, 2019 22:27
@ Admin can we have page for IRCTC IPO? It's coming in Navratri.
103. BKT  Sep 5, 2019 13:26
Do not trust the companies of Shapoorji Pallonji.. You will turn to RAGS from RICHES if invest in these companies .Glaring example is just listed company STERLING AND WILSON SOLAR LTD .
Debanjan Maiti
102. Debanjan Maiti  Sep 5, 2019 12:54
What is your thoughts whether to hold or sell....The performance of this fund is similar to yes bank.It is decreasing every day...
101. rvr  Sep 4, 2019 17:59
SETHANDA SEKARU" is the condition whoever bought this company share
101.1. Athar  Sep 4, 2019 20:40
Greedy promoter
100. jajo  Aug 20, 2019 12:20
The latest IPOs of Spandana Spoorthi & S&W spoiled the revival sentiments of primary market by fixing prices very high. The company managements and Lead mangers ignored the reality of secondary market where bluest of blue chips are available at tempting prices. Greed has no limits!
100.4. Kick  Aug 23, 2019 11:29
As said.. already down by ~20% waiting for little more
100.5. BKT  Sep 5, 2019 13:33
SPANDAN SPOORTY price is gradually incrasing and it has well surpassed its IPO PRICE .But SWSOLAR is speedily decrasing. I am afraid it will be zero in a few days.
Lukkas Raju
99. Lukkas Raju  Aug 21, 2019 19:23
issue mehnga tha wo abhi pata chala. loko ko ipo bharne ke liye reason bi acche mil jate hai. ye bahot subscribe nahi hua kisi ke pass maal nahi hai. ye to bhaage ga. Kya yaar.
Lukkas Raju
98. Lukkas Raju  Aug 21, 2019 19:22
Shapoorji ho ya pallonji apna dimah hamse chalu rakhe. yuhi apna paisa waste na kare, Festivals me kuch kharcha karne ke liye baki rakhe.
97. KING VINOD  Aug 20, 2019 10:03
IPO Guru IPO Guru (1300+ Posts, 2800+ Likes)
Opening at 706 compare to issue price at 780
opening down 74 down almost 10% down
amit K singh
97.1. amit K singh  Aug 21, 2019 09:44
IPO Mentor IPO Mentor (500+ Posts, 900+ Likes)
We also removed Palonji from our favorite promotors list !!
96. Hiteshji  Aug 20, 2019 19:42
Top Contributor Top Contributor (300+ Posts, 200+ Likes)
As earlier I told you, too much value.
Instead of buy good quality stock
at attractive price from secondary
Market. Stay away from costly IPO.
95. Maria  Aug 20, 2019 15:29
As you know the Promoters of this company and they are very well known people,what the meaning of it for the public?
They are here just cheating the common public.
94. BABUKALIA  Aug 19, 2019 21:41
94.1. kenil  Aug 20, 2019 09:55
93. Nikit  Aug 20, 2019 09:42
Probable listing @ 680/-
Market first
92. Market first  Aug 19, 2019 20:13
Your view about listing...
Please give suggestion to allotted person like me.
Lukkas Raju
91. Lukkas Raju  Aug 19, 2019 20:00
expert please post listing expecation and what to do.
Lukkas Raju
90. Lukkas Raju  Aug 19, 2019 19:55
This message has been removed by a moderator.
Lukkas Raju
90.1. Lukkas Raju  Aug 19, 2019 19:59
ye list me se 80% cancel hi honge sure. ese market me keval sher ka kaam hai aur ye sab shares hai
Lukkas Raju
89. Lukkas Raju  Aug 19, 2019 19:56
Looking at affle india and spandana listing if this goes down dont touch it this will not bounce back for sure
Jaspreet Singh Oberoi
88. Jaspreet Singh Oberoi  Aug 16, 2019 10:59
Money debited. Not sure if I should be sad or happy or both now.

Fingers and legs crossed.
88.3. Fakhri  Aug 16, 2019 13:40
since i was in a meeting at the core time i forgot to reduce my application and got many shares now, fingers crossed that this shows atleast little profit.
Lukkas Raju
88.4. Lukkas Raju  Aug 19, 2019 19:49
tomorrow will decide whether you will be happy or sad


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