Sterling and Wilson IPO Date, Price, GMP, Review & Details

Sterling and Wilson IPO Date, Price, GMP, Review & Details



Incorporated on 2017, Mumbai based Sterling & Wilson Solar Limited (SWSL) is engaged in providing solar engineering, procurement and construction (EPC) solutions to the end-users. SWSL is focused on utility-scale solar power projects and manages solar projects from conceptualizing to commissioning. It provides operations and maintenance (O&M) services for the 3rd party projects as well. It was previously named as Rashmika Energy Private Limited.



The company started its operation as a Solar EPC Division of SWPL in 2011 and demerged on April 1, 2017. According to IHS Markit, the company was the world's largest solar EPC solutions provider in 2018 based on annual installations of utility-scale PV systems. Currently, it has a wide presence across 26 countries.



Sterling & Wilson offers customized solutions to its customers for solar power projects. The company follows a "hub-and-spoke" business model where India works as a hub for various services. The company aims to improve the performance ratio by offering cost-effective and innovative designing solutions supported by an engineering and competent design team. It has 138 employees in the design and engineering team.



Competitive Strengths



1. World's largest solar EPC solutions provider

2. A dedicated design and engineering team

3. Takes benefits of the brand image of the SP group and S&W

4. Strong financial performance

Risk to Investors



The six global coordinators and book running lead managers and two book running lead managers associated with the offer have handled 48 public issue in the past three years out of which 18 closed below the issue price on listing date.

The Price/Earnings ratio based on diluted EPS for fiscal 2019 for the issuer at the upper end of the Price Band is as high as 19.57.

The average cost of acquisition per Equity Share for our promoter selling shareholders is nil per equity share.

Company Promoters:

The promoters of the Company are Shapoorji Pallonji and Company Pvt Ltd and Khurshed Yazdi Daruvala.



Company Financials:

Summary of financial Information (Restated)

Particulars For the year/period ended (in Rs. 10 Lakhs)

31-Mar-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

Profit After Tax 6,382.33 4,505.35 1,733.62

Objects of the Issue:

The objects of the Offer are:

1. To achieve the benefits of listing the Equity Shares on the Stock Exchanges.

2. For the Offer of the Equity Shares by the Promoter Selling Shareholders.

3. To enhance visibility and brand image.



Sterling and Wilson IPO Details

Issue Open Aug 6, 2019 - Aug 8, 2019

Issue Type Book Built Issue IPO

Issue Size [.] Eq Shares of Rs 1

(aggregating up to Rs 3,125.00 Cr)

Offer for Sale [.] Eq Shares of Rs 1

(aggregating up to Rs 3,125.00 Cr)

Face Value Rs 1 Per Equity Share

Issue Price Rs 775 - Rs 780 Per Equity Share

Market Lot 19 Shares

Min Order Quantity 19 Shares

Listing At BSE, NSE

Sterling and Wilson IPO Tentative Date / Timetable

Bid/Offer Opens On Aug 6, 2019

Bid/Offer Closes On Aug 8, 2019

Finalisation of Basis of Allotment Aug 14, 2019

Initiation of Refunds Aug 16, 2019

Credit of Shares to Demat Acct: Aug 19, 2019

IPO Shares Listing Date: Aug 20, 2019

Sterling and Wilson IPO Promoter Holding

Pre Issue Share Holding 99.10%

Post Issue Share Holding

Offer Size Allocated

QIB Portion: At least 75% of the offer;

Retail Portion: Not more than 10% of the offer

NII Portion: Not more than 15% of the offer



Company Contact Information

Sterling and Wilson Solar Ltd

9th Floor

Universal Majestic, P L Lokhande Marg,

Chembur (West), Mumbai 400 043



Phone: +91 22 2548 5300

Email:

Website: https://sterlingandwilson.com/



Sterling and Wilson IPO Registrar

Link Intime India Private Ltd

   Link Intime India Private Ltd

   C 101, 247 Park, L.B.S.Marg,

   Vikhroli (West), Mumbai - 400083



Phone: +91-22-4918 6270

Email: sterlingwilson.ipo@linkintime.co.in

Website: http://www.linkintime.co.in



Sterling and Wilson IPO Lead Manager(s)

Axis Capital Limited

Credit Suisse Securities (India) Private Limited

Deutsche Equities India Private Limited

ICICI Securities Limited

IIFL Holdings Limited

IndusInd Bank Limited

SBI Capital Markets Limited

Yes Securities (India) Limited



Conclusion / Investment Strategy

As the solar power sector is set for a boom globally and India is also gearing for spending in a big way, SWSL (being the largest solar EPC solution provider) is poised for bright prospects going forward. As the issue appears fully priced in the given market status, investors may consider investment for the long term.