Sterling & Wilson Solar IPO

Sterling & Wilson Solar IPOSterling & Wilson Solar IPO description – 
Sterling & Wilson Solar is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider, and was the world’s largest solar EPC solutions provider in 2018 based on annual installations of utility-scale photovoltaic (PV) systems of more than five mega-watt peak (MWp). The company provides EPC services primarily for utility-scale solar power projects with a focus on project design and engineering and manages all aspects of project execution from conceptualizing to commissioning. It also provides operations and maintenance (O&M) services, including for projects constructed by third-parties. The company commenced operations in 2011 as the Solar EPC Division of SWPL and currently has a presence across 26 countries. As of 31 December 2018, it had 183 commissioned and contracted solar power projects with an aggregate capacity of 6,062.83 MWp. Its order book, which is defined as the value of solar power projects for which it has entered into definitive EPC contracts minus the revenue already recognized from those projects, was INR43,090.99 million as of 31 December 2018.

In FY2018 and in the nine months ended 31 December 2018, its revenue from operations outside India accounted for 59.11% and 65.13% of total revenues from operations, respectively. The company often receives repeat orders from its customers and as of 31 December 2018 customers in India and outside India for whom it had executed more than one project constituted 82.29% and 69.32% of its total commissioned solar capacity, respectively.

Promoters of Sterling & Wilson Solar – Shapoorji Pallonji and Company Private Limited and Khurshed Yazdi Daruvala
Sterling & Wilson Solar IPO details
Subscription Dates 6 – 8 August 2019
Price Band INR775 – 780 per share
Fresh issue Nil
Offer For Sale INR3,125 crore
Total IPO size INR3,125 crore
Minimum bid (lot size) INR19 per share
Face Value  INR1 per share
Retail Allocation 10%
Listing On NSE, BSE
Sterling & Wilson Solar’s consolidated financial performance (in INR crore)
      FY2016* FY2017* FY2018** FY2019
Total revenues     2,746.5 1,650.1 6,884.4 8,449.9
Total expenses     2,550.6 1,585.4 6,334.0 7,598.3
Comprehensive income     125.4 31.4 450.5 638.2
Net margin (%)     4.6 1.9 6.5 7.6

* Figures related to SWPL- Solar EPC Division 

** Period beginning 9 March 2017 to 31 March 2018

More about Sterling & Wilson Solar
Sterling & Wilson Solar Contact Details

Sterling & Wilson Solar Limited
9th Floor, Universal Majestic
P L Lokhande Marg, Chembur (West)
Mumbai 400 043 Phone: +91 22 2548 5300
Email: [email protected]

Registrar of Sterling & Wilson IPO

Link Intime India Private Limited
C-101, 1st Floor, 247 Park
Lal Bahadur Shastri Marg, Vikhroli (West)
Mumbai – 400 083 Phone: +91 22 4918 6200
Fax: +91 22 4918 6195
Email: [email protected]

Valuation of Sterling & Wilson Solar (FY2019 consolidated)

Earnings Per Share (EPS): INR39.85

Price/Earnings (PE ratio): 19.45 – 19.57

Return on Net Worth (RONW): 62%

Net Asset Value (NAV): INR63.79 per share

Sterling & Wilson Solar IPO Subscription Details
Category Shares offered Subscription (no. of times, at 5:00 pm)
Day 1 Day 2 Day 3
QIB 12,096,774 0.06 0.19 1.02
NII 6,048,387 0.19 0.68 0.89
Retail 4,032,258 0.06 0.15 0.29
Total 22,177,419 0.10 0.32 0.85
Sterling & Wilson IPO Analyst Reviews 

Choice Broking – Subscribe with Caution

Motilal Oswal – Subscribe for Long Term

Angel Broking – Neutral

Centrum Wealth Research – Subscribe for Long Term

Canara Bank – Subscribe for Long Term

ICICIdirect – Not rated

Religare Broking – Not rated

Ventura Securities – Not rated

Sterling & Wilson IPO Allotment Status

Sterling & Wilson Solar IPO allotment status is now available on Link Intime’s website. Click on this link to get allotment status.

Listing Performance of Sterling & Wilson Solar 

IPO Opening Date: 6 August 2019

IPO Closing Date: 8 August 2019

Finalisation of Basis of Allotment: 14 August 2019

Initiation of refunds: 16 August 2019

Transfer of shares to demat accounts: 19 August 2019

Listing Date: 20 August 2019

Listing Price on NSE: INR706 per share (down 9.49% from IPO price)

Closing Price on NSE: INR726.2  per share (down 6.90% from IPO price)


  1. Great company, biggest shareholder in Tata group. First company of Pallonji group for IPO. I’ll apply just for the novelty value.

    • Sterling IPO has been scaled down in size, just like Affle India. It is not a bad sign and Pallonji has been a respected group but renewable energy has never made money for investors. Take Suzlon and Indosolar for example, both are penny stocks now.

      In SME, Waa SOlar issued shares at 161 but has now come down to 30s. Bright solar issued at 36 and now just 10. These are complete disasters.


  2. You are right. I just had a look at the debt levels of this company…very high so debt/equity is more than 5. price to book value is also in double digits…not investment worthy in these times

  3. Very good anchor book… Nomura, Schroder, Abu Dhabi Investment Authority, Reliance Mutual Fund, Eastspring, Keysquare, Carmignac Gestion, Massachusetts Institute of Technology, Fidelity, to name a few.

    Pricing not compelling but listing gains will be there for sure


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