Sterling & 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) | ||||||
| Â | Â | Â | FY2016* | FY2017* | FY2018** | FY2019 |
| Total revenues | Â | Â | 2,746.5 | 1,650.1 | 6,884.4 | 8,449.9 |
| Total expenses | Â | Â | 2,550.6 | 1,585.4 | 6,334.0 | 7,598.3 |
| Comprehensive income | Â | Â | 125.4 | 31.4 | 450.5 | 638.2 |
| Net margin (%) | Â | Â | 4.6 | 1.9 | 6.5 | 7.6 |
* Figures related to SWPL- Solar EPC DivisionÂ
** 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:Â +91 22 2548 5300
Email: [email protected]
Website:Â www.sterlingwilsonsolar.com
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]
Website:Â http://www.linkintime.co.in
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 |
| Â | Â | Â | Â | Â |
| Total | 22,177,419 | 0.10 | 0.32 | 0.85 |
Sterling & Wilson IPO Analyst ReviewsÂ
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 SolarÂ
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: INR726.2Â per share (down 6.90% from IPO price)
4.5K crore ipo, this is big…if mistry can keep the pricing good, it will revive the ipo market
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.
STAY AWAY FROM RENEWABLE ENERGY INVESTMENTS
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
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
any view for short term investor in sterling Wilson ipo? as am having more lots, will that open below 780?
Applied for IPO under retail individual category not subscribed fully the reason for non allotment not known
where can i check allotment status?