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.
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.
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|
|Particulars||For the year/period ended (in Rs. 10 Lakhs)|
|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 :
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.
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