Sterling & Wilson Solar IPO Subscribed 9% On First Day Of Bidding

The initial public offer of Sterling & Wilson Solar Ltd. was subscribed 9 percent on the first day of bidding on Tuesday.

The IPO through which the company plans to raise about Rs 3,125 crore received bids for 21.06 lakh shares against the total issue size of 2.21 crore shares, as per National Stock Exchange data.

The category for qualified institutional buyers was subscribed 6 percent, non institutional investors 19 percent and retail individual investors 6 percent.

Its price range has been fixed at Rs 775-780 per share. The issue will close on Aug. 8.

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. 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.

Sterling & 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.

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