Bookbuilding IPO | ₹2,850 Cr | Listed at BSE, NSE | Tue, Aug 6, 2019 - Thu, Aug 8, 2019
Sterling & Wilson IPO is a book build issue of ₹2,849.64 crores. The issue is entirely an offer for sale of 3.65 crore shares of ₹2,849.64 crore.
Sterling & Wilson IPO bidding started from Aug 6, 2019 and ended on Aug 8, 2019. The allotment for Sterling & Wilson IPO was finalized on Aug 14, 2019. The shares got listed on BSE, NSE on Aug 20, 2019.
Sterling & Wilson IPO price band is set at ₹780 per share. The lot size for an application is 19. The minimum amount of investment required by an retail is ₹14,820 (19 shares) (based on upper price). The lot size investment for sNII is 14 lots (266 shares), amounting to ₹2,07,480, and for bNII, it is 68 lots (1,292 shares), amounting to ₹10,07,760.
Axis Capital Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Sterling & Wilson IPO RHP for detailed Information.
IPO Open
Tue, Aug 6, 2019
IPO Close
Thu, Aug 8, 2019
Issue Price
₹780 per share
Market Cap (Pre-IPO)
₹12,508.08 Cr
| IPO Date | 6 to 8 Aug, 2019 |
| Listed on | Tue, Aug 20, 2019 |
| Face Value | ₹1 per share |
| Price Band | ₹775 to ₹780 |
| Issue Price | ₹780 per share |
| Lot Size | 19 Shares |
| Sale Type | OFS only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 3,65,33,820 shares (agg. up to ₹2,850 Cr) |
| Offer for Sale | 3,65,33,820 shares of ₹1 (agg. up to ₹2,850 Cr) |
| Share Holding Pre Issue | 16,03,60,000 shares |
| Share Holding Post Issue | 16,03,60,000 shares |
| BSE Script Code / NSE Symbol | 542760 / SWSOLAR |
| ISIN | INE00M201021 |
Sterling & Wilson IPO comprises a total issue size of 3,69,35,157 shares. Out of which, 3,03,61,119 (82.20%) are allocated to QIB, 54,05,747 (14.64%) allocated to NII 11,68,291 (3.16%) allocated to RII.
| Investor Category | Shares Offered | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB Shares Offered | 3,03,61,119 | 82.20% | NA |
| − Anchor Investor Shares Offered | 1,80,28,846 | 48.81% | NA |
| − QIB (Ex. Anchor) Shares Offered | 1,23,32,273 | 33.39% | NA |
| NII (HNI) Shares Offered | 54,05,747 | 14.64% | NA |
| Retail Shares Offered | 11,68,291 | 3.16% | 61,489 |
| Total Shares Offered | 3,69,35,157 | 100.00% |
Investors can bid for a minimum of 19 shares and in multiples thereof.
| 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 |
Sterling & Wilson IPO raises ₹1,406.25 crore from anchor investors. Sterling & Wilson IPO Anchor bid date is August 5, 2019.
📝 Anchor Investors Letter (PDF)
| Bid Date | Mon, Aug 5, 2019 |
| Shares Offered | 1,80,28,846 |
| Anchor Portion (₹ Cr.) | 1,406.25 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, Sep 13, 2019 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Nov 12, 2019 |
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 the 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 services go from the central hub to several spokes or routes to reach the end-users. India works as a hub of the company for the complete supply chain including engineering functions, design, and engage 3rd party subcontractors and suppliers. 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.
| Period Ended |
|---|
| Amount in ₹ Crore |
The Sterling and Wilson IPO is subscribed 0.85 times on August 8, 2019 5:00:00 PM (Day 3). The public issue subscribed 0.3 times in the retail category, 1.02 times in the QIB category, and 0.89 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 1.02 | 1,20,96,774 | 1,23,32,273 |
| NII | 0.89 | 60,48,387 | 54,06,697 |
| Retail | 0.3 | 40,32,258 | 11,93,865 |
| Total | 0.85 | 2,21,77,419 | 1,89,32,835 |
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
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the GCBRLMs and BRLMs | 43.14 |
| 2 | Selling commission payable to SCSBs for Bids directly procured by them and processing fees payable to SCSBs for Bids (other than Bids submitted by RIBs using the UPI Mechanism) procured by the members of the Syndicate, the Registered Brokers, CRTAs or CDPs and submitted to SCSBs for blocking | 1.43 |
| 3 | Selling commission and Bidding charges payable to members of the Syndicate (including their Sub-Syndicate Members) | |
| 4 | Selling commission and bidding charges payable to Registered Brokers, Collecting CRTAs and CDPs | |
| 5 | Processing fees payable to the Sponsor Bank | |
| 6 | Fees payable to Registrar to the Offer | 0.00 |
| 7 | Printing and stationery expenses | 4.13 |
| 8 | Advertising and marketing expenses | 18.94 |
| 9 | Listing fees | 0.06 |
| 10 | SEBI, BSE and NSE processing fees | 3.79 |
| 11 | Book-building software fees | 2.75 |
| 12 | Other regulatory expenses | 6.17 |
| 13 | Fees payable to legal counsels | 7.63 |
| 14 | Miscellaneous | 8.01 |
As the issue is entirely an Offer for Sale and the QIB portion is 75%, the basic requirement for the success of the same according to the SEBI regulations, is that the QIB portion should be fully subscribed. Hence, this OFS of Sterling and Wilson Solar is successfully subscribed with an overall 92% subscription including anchor investors. Issue stands close with the subscription received. All eligible applicants will get full allotment.
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹780.00 | ₹780.00 |
| Open | ₹700.00 | ₹706.00 |
| Low | ₹691.00 | ₹690.10 |
| High | ₹755.50 | ₹753.45 |
| Last Trade | ₹725.35 | ₹726.20 |
Lead Manager Reports
Sterling & Wilson IPO is a main-board IPO of 3,65,33,820 equity shares of the face value of ₹1 aggregating up to ₹2,850 Crores. The issue is priced at ₹780 per share. The minimum order quantity is 19.
The IPO opens on Tue, Aug 6, 2019, and closes on Thu, Aug 8, 2019.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Sterling & Wilson IPO using UPI as a payment gateway. Zerodha customers can apply in Sterling & Wilson IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Sterling & Wilson IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Sterling & Wilson IPO opens on Tue, Aug 6, 2019 and closes on Thu, Aug 8, 2019.
Sterling & Wilson IPO lot size is 19, and the minimum amount required for application is ₹14,820.
You can apply in Sterling & Wilson IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Sterling & Wilson IPO will be done on Wednesday, August 14, 2019, and the allotted shares will be credited to your demat account by Mon, Aug 19, 2019. Check the Sterling & Wilson IPO allotment status.
The Sterling & Wilson IPO listing date is on Tue, Aug 20, 2019.
