In this article, we will discuss in detail the Sterling and Wilson Solar IPO dates, size, allotment status, Sterling and Wilson Solar IPO subscription, grey market premium, and its company’s financial status that will help you to conclude whether you should invest or subscribe for this IPO or not.
| Open Date | Aug 6, 2019 |
| Close Date | Aug 8, 2019 |
| IPO Price Band | Rs 775 – Rs 780 |
| Face Value | Rs. 1 |
| No. of Shares | 40,322,580 |
| Share Price | Rs 3,125.00 Crores |
| Share premium | – |
| IPO Size | Rs. 45,000 million |
Summary – Sterling and Wilson Solar Limited
Sterling and Wilson Solar Limited is an end-to-end solar engineering, procurement, and construction (“EPC”) solutions provider. They also provide a complete range of customized solutions for solar power projects.
They also provide operations and maintenance (“O&M”) services, including for projects constructed by third parties. Issue of Up to [●] Equity Shares, aggregating up to Rs. 45,000 million.
The Promoters of this company are Shapoorji Pallonji and Company Private Limited and Khurshed Yazdi Daruvala.
The lead managers to the issue are ICICI Securities Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Deutsche Equities India Private Limited, IIFL Holdings Limited, SBI Capital Markets Limited, IndusInd Bank Limited, YES Securities (India) Limited, and the Registrar to this issue is Link Intime India Private Limited.
Sterling and Wilson Solar IPO Review
The financial performance and their total income have grown at a CAGR of 58.32% from Rs. 27,464.67 million in Fiscal 2016 to Rs. 68,844.20 million in Fiscal 2018, and to Rs. 60,817.60 million in the nine months ended December 31, 2018, from Rs. 32,414.50 million in the nine months ended December 31, 2017.
Its EBITDA increased from Rs. 1,958.57 million in Fiscal 2016 to Rs. 5,504.63 million in Fiscal 2018, and Rs. 4,768.49 million in the nine months ended December 31, 2018, from Rs. 2,218.03 million in the nine months ended December 31, 2017. The net worth of the company as on Dec 31, 2018, is Rs. 7,265.09 million as per the Restated Ind AS Consolidated Summary Statement of Assets and Liabilities.
Its profit after tax has grown at a CAGR of 89.57% from a combined profit after tax of Rs. 1,253.63 million and Rs. 314.32 million in Fiscals 2016 and 2017, respectively, to a consolidated profit after tax of Rs. 4,505.35 120 million in Fiscal 2018, and Rs. 3,434.30 million in the nine months ended December 31, 2018, from Rs. 1,733.62 million in the nine months ended December 31, 2017.
In Fiscal 2018 and in the nine months ended December 31, 2018, their revenue from operations outside India accounted for 59.11% and 65.13% of their total revenue from operations, respectively.
Sterling and Wilson Solar IPO Date
The opening and closing date of Sterling and Wilson Solar IPO is Aug 6, 2019 – Aug 8, 2019..
Sterling and Wilson Solar IPO Subscription
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – 6 Aug | 0.06x | 0.19x | 0.06x | 0.10x |
| 2nd Day – 7 Aug | 0.19x | 0.68x | 0.15x | 0.32x |
| 3rd Day – 8 Aug | 1.02x | 0.89x | 0.30x | 0.85x |
| Shares Offered or Net Issue | 12,096,774 | 6,048,387 | 4,032,258 | 22,177,419 |
The shares subscribed by the public will be updated here.
Sterling and Wilson Solar IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
| Basis of Allotment Finalization | 14-Aug-19 |
| Refunds Initiation | 16-Aug-19 |
| The credit of Shares to Demat Account | 19-Aug-19 |
| Share Listing Date | 20-Aug-19 |
Sterling and Wilson Solar IPO Grey Market Premium
The Sterling and Wilson Solar IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X, and the Subject to Sauda is X.
Sterling and Wilson Solar IPO Price
The face value of each share is Rs 1, but the price band of the IPO is Rs 775 – Rs 780.
Sterling and Wilson Solar IPO Issue Size
40,322,580 Equity Shares of Rs 1, aggregating up to Rs 3,125.00 Crores
Sterling and Wilson Solar – Company Overview
Sterling and Wilson Solar Limited is an end-to-end solar EPC solutions provider. It provides EPC services primarily for utility-scale solar power projects with a focus on project design and engineering and manages all aspects of project execution from conceptualizing to commissioning. They also provide O&M services, including for projects constructed by third parties.
They commenced operations in 2011 as the Solar EPC Division of SWPL and demerged from SWPL with effect from April 1, 2017. Over a span of seven years, they became the largest solar EPC solutions provider in each India, Africa, and the Middle East according to IHS Markit in 2018 and currently have a presence across 26 countries.
As of December 31, 2018. The company had 183 commissioned and contracted solar power projects with an aggregate capacity of 6,062.83 MWp.
They follow a “hub-and-spoke” business model where They manage the complete supply chain from India, including the design and engineering functions, engage a few suppliers and third-party subcontractors, and procure part of the raw materials for their operations locally in each of their markets, where there is a cost advantage or to comply with local regulations.
Currently, have a presence across 26 countries, and as of December 31, 2018, they had 183 commissioned and contracted solar power projects with an aggregate capacity of 6,062.83 MWp.
Sterling and Wilson Solar – Company Financials
On the basis of the Standalone statement:-
| Amount (in INR & million) | |||
| 31-Dec-19 | 31-Mar-18 | 31-Dec-17 | |
| Total Assets | 53,919.19 | 49,203.81 | 35,701.70 |
| Total Revenue | 82,404.08 | 68,717.08 | 32,324.81 |
| Total Expense | 63,339.57 | 30,196.47 | 56,049.11 |
| Profit After Tax | 1,250.50 | 1,288.50 | 751.20 |
Sterling and Wilson Solar IPO Lead Managers
| Lead Managers |
| ICICI Securities Limited
Axis Capital Limited Credit Suisse Securities (India) Private Limited Deutsche Equities India Private Limited IIFL Holdings Limited SBI Capital Markets Limited IndusInd Bank Limited YES Securities (India) Limited |
Sterling and Wilson Solar IPO Registrar to Offer
| Registrar to the Offer |
| Link Intime India Private Limited C-101, 1st Floor, 247 Park L.B.S Marg, Vikhroli (West) Mumbai 400 083 Telephone no.: +91 22 4918 6200 E-mail: sterlingwilson.ipo@linkintime.co.in Investor grievance e-mail: sterlingwilson.ipo@linkintime.co.in Website: www.linkintime.co.in Contact Person: Shanti Gopalakrishnan SEBI Registration No.: INR000004058 |
Sterling and Wilson Solar IPO Conclusion
