Sterling and Wilson Solar Limited (SWSL), the solar engineering and construction arm of the Shapoorji Pallonji Group, has floated its initial public offering (IPO) targeting to raise ₹31.25 billion (~$442 million).

The price band for the IPO is slated at ₹775 ($11.10) (floor price) to ₹780 ($11.17) (cap price). The face value of each share is ₹1 (~$0.014).

As reported by Mercom, the company had received the approval for its IPO from the Securities and Exchange Board of India (SEBI) in July 2019. The global solar EPC solutions provider, Sterling and Wilson Solar, had filed its draft red herring prospectus for the IPO with SEBI on April 15, 2019.

The IPO closes on August 8, 2019 and has an offer for sale that amounts to ₹20.83 billion (~$294 million) by Shapoorji Pallonji and Company Private Limited. Another offer for the sale of ₹10.41 million (~$147 million) is by Khurshed Yazdi Daruvala, the company’s chairman.

The book running lead managers to the issue are ICICI Securities, Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, IIFL Securities and SBI Capital Markets, IndusInd Bank and YES Securities (India).

The net offering from the proceeds will be used for complete repayment of loans that are due to the company within 90 days from the date that the equity shares are listed.

A maximum of 15% of the offer is available to be allocated to non-institutional bidders and a maximum of 10% of the offer is available to be allocated to retail individual bidders. These allocations must adhere to SEBI ICDR (Securities and Exchange Board of India, Issue of Capital and Disclosure Requirements). The offer has been made in terms of Rule 19 (2) (b) of the Securities Contracts (Regulation) Rules, 1957.

According to Mercom’s India Solar Market Leaderboard,  Sterling and Wilson emerged as the top EPC company cumulatively as well as in 2018.

As of March 31, 2019, the company had 205 commissioned and contracted solar power projects with an aggregate capacity of 6.8 GW.

Earlier, Gensol Engineering Limited (Gensol) also filed a draft red herring prospectus for the launch of its IPO.

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