Sterling and Wilson Solar Ltd IPO (Sterling and Wilson IPO)-DETAILS/REVIEW

Sterling and Wilson Solar Ltd IPO (Sterling and Wilson IPO)-DETAILS/REVIEW

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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.

Subsidiaries: Sterling And Wilson Powergen Private Limited

 Parent organization: Shapoorji Pallonji Group

The IPO of Sterling & Wilson Solar, a solar power engineering, procurement, and construction company, is entirely an offer for sale (OFS). The issue size has been cut from Rs 4,500 crore to Rs 3,150 crore due to choppiness in current market.

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

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

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.

The promoters will utilise a portion of funds towards full repayment of the loans due to the company and Sterling and Wilson International Solar FZCO from SWPL and Sterling and Wilson International FZE

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.

Book Running Lead Managers

ICICI Securities, Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, IIFL Securities, SBI Capital Markets, IndusInd Bank and YES Securities (India) are book running lead managers to the offer. Link Intime India Private Limited is the registrar to the issue.

Company Promoters:

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

 

Sterling and Wilson IPO Details

 
Name Type Price Determination Min. Qty Price Band/Floor Price (Rs.) Qty Multiples Max Retail Value Start Date End Date & Time Action
Sterling and Wilson IPO IPO  Bidding 19 775 – 780 19 200,000.00 06-AUG-2019 10:00:00 08-AUG-2019 15:00  

 

Issue Open Aug 6, 2019 – Aug 8, 2019
Issue Type Book Built Issue IPO
Issue Size 40,322,580 Eq Shares of Face Value 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 Value Rs 1 Per Equity Share
Issue Price Rs 775 – Rs 780 Per Equity Share
Market Lot 19 Shares
Min Order Quantity 19 Shares
Listing At BSE, NSE

Company Financials:

 

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
PAT Growth YOY 41.66 159.88       
Revenue Growth YOY 19.92 112.58      

 

Sterling and Wilson IPO Tentative Date / Timetable

Bid/Offer Opens On Aug 6, 2019
Bid/Offer Closes On Aug 8, 2019
Finalisation of Basis of Allotment Aug 14, 2019
Initiation of Refunds Aug 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 Holding 99.10%
Post Issue Share Holding  

 

IPO Documents & References :

  1. Red Herring Prospectus

  2.  Issue Details at NSE

  3. Live Bid/Subscription Details

Conclusion (My Personal Views):

It has a Brand Value & Prmotors are strong. Its financials numbers are also growing year on year. One can subscribe It. For safe bet one can bid once it is getting subscribed atleast by 5 to 10 times.

 

My detail Video Analysis on YouTube:

 

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