Shares of Sterling and Wilson Solar Limited made a weak debut on stock exchanges on Tuesday. Sterling and Wilson Solar's share price opened at Rs 706 on the National Stock Exchange, down 9.48 per cent from its issue price of Rs 780. On the BSE, Sterling and Wilson's share price declined as much as 11.4 per cent to Rs 691 from its issue price. Sterling and Wilson Solar Limited's three-day initial public offer (IPO) opened for subscription on August 6.
Sterling and Wilson Solar sold equity shares in the price band of Rs. 775-780. The initial public offer of Sterling & Wilson Solar was subscribed 92 per cent on the final day and raised around Rs 2,900 crore.
In a statement, the company said the issue was subscribed 92 per cent, with qualified investor portion getting fully subscribed even as retail portion remained under-subscribed due to tough market conditions.
The issue was entirely an Offer for Sale (OFS) in which its promoters Shapoorji Pallonji and Company Private Limited and Chairman Khurshed Yazdi Daruvala sold their shares.
75 per cent of the IPO was reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.
Sterling and Wilson Solar Ltd (SWSL) is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider. It was the world's largest solar EPC solutions provider in 2018 based on annual installations of utility-scale photovoltaic systems of more than five mega-watt peak, brokerage HDFC Securities said in a note.
As of 11:13 am, Sterling and Wilson shares traded 6.46 per cent lower at Rs 729.65 from its issue price of Rs 780. However the shares were trading 4.2 per cent higher from today's opening price of Rs 700.
(With agency inputs)
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