Sterling & Wilson Solar successfully closes its IPO today, backed by marquee global institutional investors
The world’s largest solar EPC company, Sterling & Wilson Solar’s IPO saw its institutional portion oversubscribed with participation by reputed international long-term investors, including FPIs such as Nomura, Schroeder, Abu Dhabi Investment Authority (ADIA) and Fidelity.
*Overall, the issue was subscribed 92%, including anchor investors. *
Due to the recent market conditions and changes in the application process, the retail portion was not fully subscribed.
As the issue is entirely an Offer for Sale and the QIB portion is 75%, the basic requirement for the success of the same according to the SEBI regulations, is that the QIB portion should be fully subscribed. Hence, this OFS of Sterling and Wilson Solar is successfully subscribed with an overall 92% subscription.