Sterling & Wilson Solar successfully closed its IPO on August 8, backed by marquee global institutional investors, merchant banking sources told Moneycontrol.
According to them, overall the issue was subscribed 92 percent, including anchor investors portion.
“As the issue is entirely an offer for sale and the QIB portion is 75 percent, 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 offer for sale of Sterling and Wilson Solar is successfully subscribed with an overall 92 percent subscription,” they explained.
The initial public offer has been subscribed 85 percent as the Rs 3,125-crore IPO has received bids for 1.89 crore equity shares against the total offer size of 2.21 crore shares (excluding anchor investors’ portion), as per data available on NSE.
The reserved category for qualified institutional buyers (QIBs) subscribed 1.02 times while non-institutional investors saw 89 percent subscription and retail individual investors 29 percent.
Due to the recent market conditions and changes in the application process, the retail portion was not fully subscribed, sources said.
The issue, which was opened for subscription on August 6, comprised an offer for sale by promoters Shapoorji Pallonji (Rs 2,083.33 crore) and Khurshed Yazdi Daruvala (Rs 1,041.67 crore).
Sterling and Wilson Solar, on August 5, raised Rs 1,406 crore from anchor investors. The price band was fixed at Rs 775-780 per share.
The promoters will utilise a portion of issue proceeds towards funding full repayment of the loans.
Shares of Sterling and Wilson, a solar engineering, procurement and construction solutions provider, are proposed to be listed on the BSE and the NSE.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.