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Sterling and Wilson IPO is a book built issue of Rs 3,145.16 crores. The issue is entirely an offer for sale.
Sterling and Wilson IPO bidding started from August 6, 2019 and ended on August 8, 2019. The allotment for Sterling and Wilson IPO was finalized on Wednesday, August 14, 2019. The shares got listed on BSE, NSE on August 20, 2019.
Sterling and Wilson IPO price band is set at ₹775 to ₹780 per share. The minimum lot size for an application is 19 Shares. The minimum amount of investment required by retail investors is ₹14,820.
Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Deutsche Equities India Private Limited, ICICI Securities Limited, Iifl Securities Ltd, Indusind Bank Limited, SBI Capital Markets Limited and Yes Securities (India) Limited are the book running lead managers of the Sterling and Wilson IPO, while Link Intime India Private Ltd is the registrar for the issue.
Refer to Sterling and Wilson IPO RHP for detailed information.
| IPO Date | August 6, 2019 to August 8, 2019 |
| Listing Date | August 20, 2019 |
| Face Value | ₹1 per share |
| Price Band | ₹775 to ₹780 per share |
| Lot Size | 19 Shares |
| Total Issue Size | 40,322,580 shares (aggregating up to ₹3,145.16 Cr) |
| Offer for Sale | [.] shares of ₹1 (aggregating up to ₹3,125.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Sterling and Wilson IPO offers 40,322,580 shares. 30,241,935 (75.00%) to QIB, 6,048,387 (15.00%) to NII, 4,032,258 (10.00%) to RII. 212,224 RIIs will receive minimum 19 shares and (sNII) and (bNII) will receive minimum 266 shares. (in case of oversubscription)
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | - | NA |
| QIB Shares Offered | 30,241,935 (75.00%) | NA |
| NII (HNI) Shares Offered | 6,048,387 (15.00%) | |
| Retail Shares Offered | 4,032,258 (10.00%) | 212,224 |
| Total Shares Offered | 40,322,580 (100%) |
Sterling and Wilson IPO opens on August 6, 2019, and closes on August 8, 2019.
| IPO Open Date | Tuesday, August 6, 2019 |
| IPO Close Date | Thursday, August 8, 2019 |
| Basis of Allotment | Wednesday, August 14, 2019 |
| Initiation of Refunds | Friday, August 16, 2019 |
| Credit of Shares to Demat | Monday, August 19, 2019 |
| Listing Date | Tuesday, August 20, 2019 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 8, 2019 |
Investors can bid for a minimum of 19 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 19 | ₹14,820 |
| Retail (Max) | 13 | 247 | ₹192,660 |
| Lot Size Calculator | |||
The promoters of the Company are Shapoorji Pallonji and Company Pvt Ltd and Khurshed Yazdi Daruvala.
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 75% |
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.
| 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 | |
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.
[Dilip Davda] As the solar power sector is set for a boom globally and India is also gearing for spending in a big way, SWSL (being the largest solar EPC solution provider) is poised for bright prospects going forward. According to DRHP, SWSL originally planned 25% equity dilution for Rs. 4500 cr. (at a valuation of Rs. 18000 cr.), but now diluting the same stake for Rs. 3125 cr. (at a valuation of Rs. 12500 cr). As the issue appears fully priced in the given market status, investors may consider investment for the long term. Read detail review...
The Sterling and Wilson IPO is subscribed 0.85 times on August 8, 2019 5:00:00 PM. The public issue subscribed 0.30 times in the retail category, 1.02 times in the QIB category, and 0.89 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 1.02 |
| NII | 0.89 |
| Retail | 0.30 |
| Total | 0.85 |
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
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.
| Listing Date | August 20, 2019 |
| BSE Script Code | 542760 |
| NSE Symbol | SWSOLAR |
| ISIN | INE00M201021 |
| Final Issue Price | ₹780 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| BSE |
|---|
| ₹780.00 |
| ₹700.00 |
| ₹691.00 |
| ₹755.50 |
| ₹725.35 |
| NSE |
|---|
| ₹780.00 |
| ₹706.00 |
| ₹690.10 |
| ₹753.45 |
| ₹726.20 |
Sterling and Wilson Solar Ltd
9th Floor
Universal Majestic, P L Lokhande Marg,
Chembur (West), Mumbai 400 043
Phone: +91 22 2548 5300
Email: ir@sterlingwilson.com
Website: https://sterlingandwilson.com/
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: sterlingwilson.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
Lead Manager Reports
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 share. The minimum order quantity is 19 Shares.
The IPO opens on August 6, 2019, and closes on August 8, 2019.
Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
The Sterling and Wilson IPO opens on August 6, 2019 and closes on August 8, 2019.
Sterling and Wilson IPO lot size is 19 Shares, and the minimum amount required is ₹14,820.
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, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Sterling and Wilson IPO will be done on Wednesday, August 14, 2019, and the allotted shares will be credited to your demat account by Monday, August 19, 2019. Check the Sterling and Wilson IPO allotment status.
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