The Securities and Exchange Board of India (SEBI) has given its approval to Sterling and Wilson Solar Limited (SWSL) to float its proposed initial public offering that is estimated to raise about ₹45 billion (~$656 million).

The shares of Sterling and Wilson Solar are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.

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.

According to sources, the IPO will be an offer-for-sale by the company’s chairman Khurshed Yazdi Daruvala, and Shapoorji Pallonji and Company, the promoter selling shareholders.

As reported previously by Mercom, the prospectus stated that the company plans to offer equity shares of face value ₹1 ($0.014) with a total aggregate of ₹45 billion (~$656 million). The prospectus also stated that the promoter selling shareholders would utilize a portion of the net offer proceeds, towards funding partial repayment of loans due to the company and Sterling and Wilson International Solar FZCO from Sterling and Wilson Pvt Ltd and Sterling and Wilson International FZE (a subsidiary of SWPL) respectively.

ICICI Securities Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Deutsche Equities India Private Limited, IIFL Holdings Limited, SBI Capital Markets Limited will be the global coordinators for this IPO. Apart from this, IndusInd Bank Limited and YES Securities (India) Limited are the book running lead managers to the issue.

Recently, Mercom also reported about another EPC company, Gensol Engineering Limited (Gensol), has filed a draft red herring prospectus for its IPO.

The company’s order book was ₹43 billion (~$629 million) as of December 31, 2018, in fiscal 2018 and in the nine months ended December 31, 2018, Sterling and Wilson’s revenue from operations outside India accounted for 59.11% and 65.13% of its total revenue from operations, respectively.