Sterling and Wilson Solar’s Rs 3,125 crore IPO to open on August 6

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August 02, 2019 1:48 AM

Sterling and Wilson Solar (SWSL), the solar engineering and construction arm of Shapoorji Pallonji Group, will float its initial public offer (IPO) to raise Rs 3,125 crore.

The price range of the IPO — which will open on August 6 and close on August 8 — has been fixed in the range of Rs 775-780 per share.

Sterling and Wilson Solar (SWSL), the solar engineering and construction arm of Shapoorji Pallonji Group, will float its initial public offer (IPO) to raise Rs 3,125 crore. The price range of the IPO — which will open on August 6 and close on August 8 — has been fixed in the range of Rs 775-780 per share.

The offer for sale by promoters Shapoorji Pallonji and Company and Khurshed Daruvala will dilute their stake by Rs 2,083.33 crore and Rs 1,041.67 crore, respectively, the company said during a press conference in Mumbai.

Around 75% of the offer for sale will be available for allocation to qualified institutional buyers (QIBs), while 60% of
the QIB portion will be allocated to anchor investors on a discretionary basis, one-third of the anchor investor portion will be reserved for domestic mutual funds.

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