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Sterling and Wilson Solar Ltd IPO (Sterling and Wilson

IPO) Detail

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.

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
5. Strong promoter

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 the 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 6,382.33 4,505.35 1,733.62

Tax

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.

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Sterling and Wilson Solar Ltd IPO (Sterling and Wilson

IPO) Detail
Aug 6, 2019 - Aug 8, 2019
  IPO Detail

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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.
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
5. Strong promoter

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 the promoter selling
shareholders is nil per equity share.

Sterling And Wilson Solar Ltd Stock Quote & Charts

146.5
2.85 (1.98%)

 Open: 144.45
 High - Low: 148.4 - 140.4
 Previous Close: 143.65
 Total Traded Value: 17563
 Updated On: 2020-03-05 4:00 PM
Discuss this stock >>
IPO Performance Tracker
 7D

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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 6,382.33 4,505.35 1,733.62

Tax
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

IPO Date Aug 6, 2019 - Aug 8, 2019

Issue Type Book Built Issue IPO

Issue Size 40,322,580 Eq Shares of ₹1

(aggregating up to ₹3,145.16 Cr)

Offer for Sale [.] Eq Shares of ₹1

(aggregating up to ₹3,125.00 Cr)

Face Value ₹1 Per Equity Share

IPO Price ₹775 to ₹780 Per Equity Share

Market Lot 19 Shares

Min Order 19 Shares

Quantity

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 Aug 14, 2019

Allotment

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 Lot Size and Price (Retail)

Lot
Application s Shares Amount (Cut-off)

Minimum 1 19 ₹14,820

Maximum 13 247 ₹192,660

Sterling and Wilson IPO Promoter Holding

Pre Issue Share Holding 100%

Post Issue Share 75%

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
Sterling and Wilson IPO Subscription Status (Bidding Detail)
Sterling and Wilson IPO how much subscribed?

No. of Times Issue Subscribed (BSE +

NSE)

As on Date &
Time QIB  NII  RII  Total 

Shares Offered 12,096,774 6,048,387 4,032,258 22,177,419

Aug 8, 2019 17:00 1.02x 0.89x 0.30x 0.85x

Listing Day Trading Information

. BSE NSE

IPO 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

Volume 308,653 4,599,673

Sterling and Wilson IPO Lead Manager(s)

1. Axis Capital Limited

2. Credit Suisse Securities (India) Private Limited
3. Deutsche Equities India Private Limited
4. ICICI Securities Limited
5. IIFL Holdings Limited
6. IndusInd Bank Limited
7. SBI Capital Markets Limited
8. Yes Securities (India) Limited
Lead Manager Reports
  Lead Manager Performance Tracker
 List of IPO's handled by a Lead Manager

IPO Lead Manager Performance 2020

The report about IPO Lead Manager performance in 2020. Compare lead
managers in India by their listing day success and failure of the IPO handled by
them. The report includes both Mainboard and SME IPO.
At a great extent, the success or failure of an IPO depends on a lead manager.
The lead manager decides the pricing, dates, size of IPO. They also help the
company selling its IPO shares to public and institutional buyers. Most investors and
IPO analysts check the profile of a lead manager before applying in an IPO.
The lead manager or merchant banker is a SEBI registered financial institutions.
They play the most critical role in the IPO process. The book running lead manager
work closely with the company from day one until the IPO shares get listed at the
stock exchanges. They help companies preparing for IPO, write the DRHP / RHP
documents and get them approved from the exchanges and SEBI. They decide the
offer price, public issue dates and listing dates of the IPO in consultation with the
company. They also take care of regulatory requirement and educate the company
in for pre and post IPO compliances.

IPO Merchant Banker performance 2020

Lead Manager Total IPO Positive Listing Negative Listing

Aryaman Financial Services limited 1 1 0

Beeline Broking Ltd 1 1 0

CapitalSquare Advisors Pvt. Ltd. 1 1 0

Finshore Management Services Limited 2 2 0

First Overseas Capital Limited 1 0 1

Hem Securities Limited 2 2 0