Sterling & Wilson Solar IPO
Sterling & Wilson Solar IPO — date, price band, lot size & details 2019
Sterling & Wilson Solar listed on 20 Aug 2019 at ₹706, 9.5% below the ₹780 issue price.
Sterling and Wilson Solar is a Shapoorji Pallonji group company that builds utility-scale solar power plants on an EPC basis and maintains them, with projects across 26 countries. Its total income was Rs 8,449.93 crore in FY2019.
Stock price
Sterling & Wilson Solar is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 12 November.
- Open 06 Aug 2019
- Close 08 Aug 2019
- Allotment 14 Aug 2019
- Refund/credit 16 Aug 2019
- Listing 20 Aug 2019
Issue summary
The terms of the offer, as filed.
| IPO Dates | 6 to 8 Aug, 2019 |
|---|---|
| Price Band | ₹775 – ₹780 |
| Face Value | ₹1 |
| Lot Size | 19 Shares |
| Issue Size | ₹2849.64 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,820 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 19 shares at the ₹780 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 19 | ₹14,820 |
| Retail (max) | 13 | 247 | ₹1,92,660 |
| S-HNI (min) | 14 | 266 | ₹2,07,480 |
| S-HNI (max) | 67 | 1,273 | ₹9,92,940 |
| B-HNI (min) | 68 | 1,292 | ₹10,07,760 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01It had 205 solar projects of 6,870.43 MWp across 26 countries as of 31 March 2019.
- 02Total income rose from Rs 6,884.42 crore in FY2018 to Rs 8,449.93 crore in FY2019.
- 03Profit after tax rose from Rs 450.54 crore in FY2018 to Rs 638.23 crore in FY2019.
- 04EBITDA rose from Rs 550.46 crore in FY2018 to Rs 851.63 crore in FY2019.
- 05Its order book was Rs 3,831.58 crore on 31 March 2019.
Risks · 5
- 01Total borrowing jumped from Rs 184.14 crore in FY2018 to Rs 2,227.78 crore in FY2019.
- 02Only two years of financials are shown, as the company took over the solar EPC business from 1 April 2017.
- 03EPC margins are thin; profit after tax was Rs 638.23 crore on income of Rs 8,449.93 crore in FY2019.
- 04Working across 26 countries brings currency and contract risk; total assets were Rs 5,391.92 crore.
- 05The whole Rs 2,849.64 crore issue was an offer for sale by the promoters, and their holding fell from 100% to 76.97%.
The numbers
All figures in ₹ crore, as reported in the Sterling & Wilson Solar offer document.
| Metric | 31 Mar 2019 | 31 Mar 2018 |
|---|---|---|
| Assets | 5,391.92 | 4,920.38 |
| Total Income | 8,449.93 | 6,884.42 |
| Profit After Tax | 638.23 | 450.54 |
| EBITDA | 851.63 | 550.46 |
| Reserves and Surplus | 821.49 | - |
| Total Borrowing | 2,227.78 | 184.14 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the Sterling & Wilson Solar IPO will be updated shortly.
About the company
The solar EPC division of Sterling and Wilson Private Limited was demerged into it, with 1 April 2017 as the appointed date.
It designs, builds and commissions utility-scale solar power plants, and also runs operations and maintenance for them. As of 31 March 2019 it had 205 commissioned and contracted solar projects of 6,870.43 MWp across 26 countries, and an order book of Rs 3,831.58 crore.
The IPO was Rs 2,849.64 crore and was entirely an offer for sale at Rs 780, the top of the Rs 775 to Rs 780 band, so the company received no money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Sterling & Wilson Solar IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
SBI Capital Markets Ltd.
141 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: ICICI Securities (-16.3%).
Axis Capital
260 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
221 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Bannari Amman Spinning Mills (-25.2%).
IIFL Capital Services Limited
145 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: ICICI Securities (-16.3%).
Credit Suisse Securities (India) Pvt. Ltd
20 issues handledBest listing: Zomato (+52.6%). Weakest: CreditAccess Grameen (-7.6%).
YES Securities (India) Ltd
20 issues handledBest listing: IRCTC (+95.6%). Weakest: Bharat Dynamics (-13.6%).
Indusind Bank Ltd
2 issues handled2 of their issues have listed so far, and 1 opened above the issue price (average -1%). That is too small a sample to read as a hit rate.
Deutsche Equities India Pvt. Ltd
14 issues handledBest listing: Reliance Petroleum (+66.6%). Weakest: Adlabs Entertainment (-9.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Sterling & Wilson Solar?
The current Grey Market Premium is ₹4.5, or 1% over the issue price.
What is the Sterling & Wilson Solar IPO price band?
₹775 to ₹780, on a face value of ₹1.
When is the allotment?
The basis of allotment is 14 August 2019, with listing on 20 August 2019.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
