Global solar EPC major Sterling and Wilson Solar’s Rs 3,125 cr IPO opens on August 6th

·        Price band fixed at Rs 775-Rs 780

·        Face Value of Rs. 1 each (Equity Shares)

·        Minimum Bid lot is 19 Equity Shares and in multiples of 19 Equity Shares thereafter.

·        Issue opening date –  August 6, 2019 and Issue closing date – August 8, 2019

·        The Floor Price is 775 times of the face value and the Cap Price is 780 times of the face value of the Equity Shares

MUMBAI, August 1, 2019:  World’s largest pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider, Sterling and Wilson Solar Limited will hit the bourses with its Initial Public Offering (IPO) targeting to raise Rs 3,125 crores on August 6, 2019 at a price band of Rs 775 to Rs 780.

The issue, which closes on August 8, 2019, comprises of an offer for sale by the promoters Shapoorji Pallonji and Company Private Limited aggregating up to Rs 2,083.33 crores and Khurshed Yazdi Daruvala totalling Rs 1,041.67 crores.

The Promoter Selling Shareholders will utilise a portion of the Net Offer Proceeds, towards funding full repayment of the loans due to the Company and Sterling and Wilson International Solar FZCO from SWPL and Sterling and Wilson International FZE (a subsidiary of SWPL) respectively within 90 days from the date of listing of the Equity Shares.

The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the “SEBI ICDR Regulations”). This Offer is being made through the Book Building Process in accordance with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Company and the Promoter Selling Shareholders in consultation with the GCBRLMs and BRLMs may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis. One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. If at least 75% of the Offer cannot be allotted to QIBs, the Bid Amounts received by our Company shall be refunded.

Further, not more than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not more than 10% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All Bidders, other than Anchor Investors, are mandatorily required to participate in the Offer through the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account which will be blocked by the Self Certified Syndicate Banks (“SCSBs”), as the case may be. For details, see “Offer Procedure” beginning on page 459.

ICICI Securities Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Deutsche Equities India Private Limited, IIFL Securities Limited and SBI Capital Markets Limited are acting as the Global Co-ordinators and Book Running Lead Managers  to the Offer and IndusInd Bank Limited and YES Securities (India) Limited are acting as the Book Running Lead Managers  to the Offer. Link Intime India Private Limited is the Registrar to the Offer.