Sterling & Wilson Solar IPO Subscribed 32% On Second Day Of Bidding

The initial public offer of Sterling & Wilson Solar Limited was subscribed 32 percent on the second day of bidding on Wednesday.

The IPO through which the company plans to raise about Rs 3,125 crore received bids for 71,05,867 shares as against the total issue size of 2,21,77,418 shares, as per the National Stock Exchange data.

The category meant for qualified institutional buyers was subscribed 20 percent, non-institutional investors 69 percent and retail individual investors 16 percent.

The IPO is in a price range of Rs 775-780 per share.

The offer comprises an offer for sale by promoters Shapoorji Pallonji and the company aggregating up to Rs 2,083.33 crore and Khurshed Yazdi Daruvala totalling Rs 1,041.67 crore.

Sterling and Wilson Solar on Monday raised Rs 1,406 crore from 27 anchor investors.

The portion of the net proceeds will be utilised towards funding full repayment of the loans, the firm had said.

ICICI Securities Ltd., Axis Capital, Credit Suisse Securities India, Deutsche Equities India, IIFL Securities, SBI Capital Markets, IndusInd Bank Ltd., and YES Securities India are managing the offer.

Shares of Sterling and Wilson, a solar engineering, procurement and construction solutions provider, are proposed to be listed on the Bombay Stock Exchange and the NSE.