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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

Issue OpenAug 6, 2019 - Aug 8, 2019
Issue TypeBook Built Issue IPO
Issue Size40,322,580 Eq Shares of Rs 1
(aggregating up to Rs 3,125.00 Cr)
Offer for Sale[.] Eq Shares of Rs 1
(aggregating up to Rs 3,125.00 Cr)
Face ValueRs 1 Per Equity Share
Issue PriceRs 775 - Rs 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 Acct:Aug 19, 2019
IPO Shares Listing Date:Aug 20, 2019

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 In
Issue Price
Face ValueRs 1 Per Equity Share

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

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Sterling and Wilson IPO Review / Comments

85. NforNandkishor  Aug 16, 2019 22:01 I Like It. 1 | Report Abuse Reply
Ujjivan sfb has filed RHP for ipo of Rs 1200crores on 14.08.2019. Shareholders of ujjivan micro finance will get reservation in Allotment. Can anyone suggest, should I purchase ujjivan micro finance on coming Monday to get reserved Allotment?
85.5. NforNandkishor  Aug 17, 2019 17:34 I Like It. 1 | Report Abuse
Yes I meant ujjivan finance not microfinance
85.6. AnkurGoel  Aug 18, 2019 20:49 I Like It. | Report Abuse
IPO Mentor IPO Mentor (900+ Posts, 800+ Likes)
Dear Rajakumar, if I m not wrong a retail investor can apply in both retail and shareholder category if he is eligible shareholder according to record date.
Analyst. Ipo
84. Analyst. Ipo  Aug 16, 2019 21:53 I Like It. 2 | Report Abuse Reply
Listing would on extreme side up or down... Qib money is locked, NII filled by promoters only and retails hardly any subscription... If go up u will not have selling pressure as most are long term... Go down in that scenario no buyer.. Purely game is with operator or promoter.
83. NforNandkishor  Aug 8, 2019 20:56 I Like It. 11 | Report Abuse Reply
Hdfc bank didn't allowed me to withdraw my application at 1.30 pm today. So I applied for another application of minimum lot through sbi.

As far I know, if duplicate application is applied for same pan number, both the application gets cancel due to technical reason.

Will my application be cancelled on that ground?
83.8. NforNandkishor  Aug 9, 2019 13:41 I Like It. 2 | Report Abuse
I am 90% sure that all applications will be rejected. In case of matrimony ipo this trick worked ☺️
83.9. NforNandkishor  Aug 16, 2019 18:17 I Like It. 7 | Report Abuse
No Allotment 😁😈
Jaspreet Singh Oberoi
82. Jaspreet Singh Oberoi  Aug 16, 2019 10:59 I Like It. 2 | Report Abuse Reply
Money debited. Not sure if I should be sad or happy or both now.

Fingers and legs crossed.
Regulagedda Ambica Prasad
82.2. Regulagedda Ambica Prasad  Aug 16, 2019 12:11 I Like It. 3 | Report Abuse
Be happy if you have long term perspective.
Future belongs to non conventional energy generating companies.
I made conscious and calculated decision to apply and no regrets for allotment
82.3. Fakhri  Aug 16, 2019 13:40 I Like It. 1 | Report Abuse
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.
Vikram Solanki
81. Vikram Solanki  Aug 16, 2019 13:33 I Like It. | Report Abuse Reply
I got 2/2.. any suggestions?
amit K singh
80. amit K singh  Aug 14, 2019 07:58 I Like It. 2 | Report Abuse Reply
Any new ipo in pipeline in Aug or Sep?
Rajeshkumar Shah
80.1. Rajeshkumar Shah  Aug 14, 2019 23:36 I Like It. 1 | Report Abuse
I think Alphalogic Techsys Limited and Harsha Engineers Limited is coming in the month of august.
amit K singh
80.2. amit K singh  Aug 15, 2019 11:15 I Like It. | Report Abuse
Sure, we need more and more IPOs to fulfill our PM's dream of 5Trillion economy..., At least a million for each us us!!! Happy indepence day.
Shakil panwala
79. Shakil panwala  Aug 9, 2019 11:08 I Like It. 3 | Report Abuse Reply
Fund is not unblocked in affle India ipo till today who applied through bhim UPI. When will be unblocked? If anyone has idea about this please reply.Tq..
Analyst. Ipo
79.2. Analyst. Ipo  Aug 13, 2019 23:41 I Like It. 2 | Report Abuse
How to complaint? There is no option on Bhim app and toll free is busy.
79.3. NAND KISHORE PARWAL  Aug 14, 2019 20:43 I Like It. 2 | Report Abuse
Finally lien removed today. Got lien removed message from U CO BANK now. Contact your branch for removal
78. Saurabhaga  Aug 13, 2019 11:28 I Like It. 3 | Report Abuse Reply
Shakil panwala
77. Shakil panwala  Aug 13, 2019 09:45 I Like It. 3 | Report Abuse Reply
Affle amount is still blocked. Mandate end date is competed on 12 August. When will it unblocked? Pls guide
76. Kick  Aug 7, 2019 09:57 I Like It. 4 | Report Abuse Reply
Stay Away from This IPO... Save your harden money... Build portfolio from open market using same money
76.1. Kick  Aug 12, 2019 09:45 I Like It. | Report Abuse
subscription figure confirm about prediction... Just because of good name Investor can not attract... Either you should have strong balance sheet with reasonable prizing for getting benefits of listing gain
75. AUG  Aug 9, 2019 22:19 I Like It. | Report Abuse Reply
Sterling & Wilson IPO sails through after company trims issue size.
πŸ‘‰ IPO Janadesh πŸ’ƒ
74. πŸ‘‰ IPO Janadesh πŸ’ƒ  Aug 9, 2019 12:47 I Like It. 8 | Report Abuse Reply
IPO Mentor IPO Mentor (600+ Posts, 1400+ Likes)
bhim upi affle ipo block unblock so many complains.
After mandatory implementation of bhim upi , retail subscription numbers would show like as in SSFL & SWSL .
πŸ‘‰ IPO Janadesh πŸ’ƒ
74.1. πŸ‘‰ IPO Janadesh πŸ’ƒ  Aug 9, 2019 16:19 I Like It. 10 | Report Abuse
IPO Mentor IPO Mentor (600+ Posts, 1400+ Likes)
Due to tepid response IPO size again reduced to 2800 CR. inc. Anchor Investors.

Sterling,Wilson,Shapoorji,Pallonji......etc all name sounds great but investors afraid of one name only and i.e DARUVALA......hahaha

ReNew Power Limited , another renewable energy company shelved their IPO plans of 6000 CR. RS. after watching subscription numbers.
Analyst. Ipo
73. Analyst. Ipo  Aug 9, 2019 11:26 I Like It. 1 | Report Abuse Reply
For me one of the account unblocked but another application still blocked. Max date in UPI was 31 Jul to 12aug so automatically it will unblock on 12th.
73.1. Medge  Aug 9, 2019 11:52 I Like It. 3 | Report Abuse
Top Contributor Top Contributor (400+ Posts, 500+ Likes)
Mandate End date should be at least one day after refund date of IPO.
SEBI need to think on this. They can't hold money for long time if no allotment.
72. dpcdsl  Aug 8, 2019 23:14 I Like It. | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts, 100+ Likes)
Taking into account 'anchor' portion, issue is fully subscribed.
71. Tinkerbell  Aug 8, 2019 21:53 I Like It. 3 | Report Abuse Reply
IPO Mentor IPO Mentor (500+ Posts, 1200+ Likes)
QIB 1.03X**
NII 0.90X
RII 0.30X
Total No.of RET.FORMS : 40,161
**Excluding Anchor
*Apps Wise : 0.19X*
71.5. Tinkerbell  Aug 8, 2019 22:33 I Like It. | Report Abuse
IPO Mentor IPO Mentor (500+ Posts, 1200+ Likes)
If SEBI is monitoring this IPO then it will definitely clarify about it.
71.6. Fakhri  Aug 8, 2019 22:39 I Like It. 1 | Report Abuse
Have you seen such a situation before ? Similar thing happening before
70. tnk  Aug 8, 2019 18:05 I Like It. | Report Abuse Reply
Sensible retailers
amit K singh
70.1. amit K singh  Aug 8, 2019 21:41 I Like It. 2 | Report Abuse
For a change,Now QIBs will get full allotment, will get taste of their own medicine.
69. Splash  Aug 8, 2019 17:51 I Like It. 6 | Report Abuse Reply
It's been officially called off now.

Better lick next time S&WSL
69.7. Fakhri  Aug 8, 2019 20:09 I Like It. | Report Abuse
Please someone give some proper inputs whats happening here.
69.8. Fakhri  Aug 8, 2019 20:18 I Like It. | Report Abuse
According to the Securities and Exchange Board of India's ICDR Regulations, an IPO needs minimum 90 per cent demand for the total offer size to go through.

To ensure IPOs go through, companies often extend their bidding window by a few days and even reduce the price of the issue. Some companies were forced to withdraw their IPOs even after reducing the price or extending the time, due to under-subscription.
68. Hiteshji  Aug 8, 2019 17:54 I Like It. | Report Abuse Reply
Top Contributor Top Contributor (300+ Posts, 200+ Likes)
Too much over price, stay away. Look in secondary market you will get good quality stocks at very attractive price and surely you will earn money.
Nirav Joshi
67. Nirav Joshi  Aug 8, 2019 11:25 I Like It. 1 | Report Abuse Reply
For Rs. 775 to be a fair value of this IPO, company needs to grow at about 18-20% for about next 10 years... Seems difficult...
67.1. Nair  Aug 8, 2019 12:10 I Like It. | Report Abuse
Face value of the share they are offering is only Re 1/-
Nirav Joshi
67.2. Nirav Joshi  Aug 8, 2019 16:31 I Like It. 2 | Report Abuse
Face value doesn't matter as such in valuation for stock price...
Dinesh Singh
66. Dinesh Singh  Aug 8, 2019 16:20 I Like It. 2 | Report Abuse Reply
Top Contributor Top Contributor (200+ Posts)
It is now officially extended due to low subscription.
Time is over now.
Regulagedda Ambica Prasad
66.1. Regulagedda Ambica Prasad  Aug 8, 2019 16:28 I Like It. | Report Abuse
QIB is fully subscribed
Sailed through

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