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Sterling and Wilson Solar IPO Review, Dates, Allotment, Subscription, GMP & DRHP

Let’s have a detailed review of the company and analytics of the Sterling and Wilson Solar IPO release date, IPO offer price, subscription, Sterling and Wilson Solar IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.

Sterling and Wilson Solar Limited is an end-to-end solar engineering, procurement and construction (“EPC”) solutions provider. They also provide complete range of customized solutions for solar power projects. Stock Broker Complaints


Sterling and Wilson Solar IPO Review & Ratings

IPO Ratings & Review
CriteriaRatings
Industry Sentiments7.5/10
Industry Ranking7.1/10
Company Background7.3/10
Company Reputation7.2/10
Competitive Edge7.7/10
Financial Statements7.1/10
Popularity Index7.4/10
Promoters Reputation7.7/10
Retail Appetite7.1/10
Top Brokers Review7.9/10
Overall Ratings7.4/10
Star Ratings★★★★☆

Summary of Sterling and Wilson Solar IPO

Sterling and Wilson Solar IPOSterling and Wilson Solar Limited is an end-to-end solar engineering, procurement and construction (“EPC”) solutions provider. They also provide complete range of customized solutions for solar power projects.  They also provide operations and maintenance (“O&M”) services, including for projects constructed by third-parties. Issue of Up to [●] Equity Shares, aggregating up to Rs. 45,000 million.

From FY 2017-18 to FY 2018-19, as per the Restated Financial Statements

  • Their financial performance and their total income has grown at a CAGR of 58.32% from Rs. 27,464.67 million in Fiscal 2016 to Rs. 68,844.20 million in Fiscal 2018, and to Rs. 60,817.60 million in the nine months ended December 31, 2018 from Rs. 32,414.50 million in the nine months ended December 31, 2017.
  • EBITDA increased from Rs. 1,958.57 million in Fiscal 2016 to Rs. 5,504.63 million in Fiscal 2018, and Rs. 4,768.49 million in the nine months ended December 31, 2018 from Rs. 2,218.03 million in the nine months ended December 31, 2017.
  • The net worth of the company as on Dec 31 2018, is  Rs. 7,265.09 million as per the Restated Ind AS Consolidated Summary Statement of Assets and Liabilities.
  • Profit after tax has grown at a CAGR of 89.57% from a combined profit after tax of Rs. 1,253.63 million and Rs. 314.32 million in Fiscals 2016 and 2017, respectively, to a consolidated profit after tax of Rs. 4,505.35 120 million in Fiscal 2018, and Rs. 3,434.30 million in the nine months ended December 31, 2018 from Rs. 1,733.62 million in the nine months ended December 31, 2017.
  • In Fiscal 2018 and in the nine months ended December 31, 2018, their revenue from operations outside India accounted for 59.11% and 65.13% of their total revenue from operations, respectively.

The Promoters of this company are Shapoorji Pallonji and Company Private Limited and Khurshed Yazdi Daruvala.

The lead managers to the issue are ICICI Securities Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, Deutsche Equities India Private Limited, IIFL Holdings Limited, SBI Capital Markets Limited, IndusInd Bank Limited, YES Securities (India) Limited and the Registrar to this issue is Link Intime India Private Limited.



Sterling and Wilson Solar IPO Date

The opening and the closing date of Sterling and Wilson Solar IPO is not known yet.


Sterling and Wilson Solar IPO Subscription

Day / DateQIBNIIRIITotal Subscription
1st Day – 
2nd Day – 
3rd Day – 
4th Day – 
5th Day – 
Shares Offered or Net Issue

The shares subscribed by the public will be updated here.


Sterling and Wilson Solar IPO Allotment Status

Here, you can find the Allotment Status of this IPO.


Sterling and Wilson Solar IPO Price Band

The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed. 


Sterling and Wilson Solar IPO Equity Share Offering

Issue of Up to [●] Equity Shares, aggregating up to Rs. 45,000 million.


Sterling and Wilson Solar Limited – Company Overview

Sterling and Wilson Solar Limited is an end-to-end solar EPC solutions provider.They provide EPC services primarily for utility scale solar power projects with a focus on project design and engineering and manage all aspects of project execution from conceptualizing to commissioning. They also provide O&M services, including for projects constructed by third-parties.

They commenced operations in 2011 as the Solar EPC Division of SWPL and demerged from SWPL with effect from April 1, 2017. Over a span of seven years, They became the largest solar EPC solutions provider in each of India, Africa and the Middle East according to IHS Markit in 2018 and currently have a presence across 26 countries. As of December 31, 2018. The company had 183 commissioned and contracted solar power projects with an aggregate capacity of 6,062.83 MWp.

They follow a “hub-and-spoke” business model where They manage the complete supply chain from India, including the design and engineering functions, and engage a few suppliers and third-party subcontractors and procure part of the raw materials for their operations locally in each of their markets, where there is a cost advantage or to comply with local regulations.

Currently, have a presence across 26 countries and as of December 31, 2018, they had 183 commissioned and contracted solar power projects with an aggregate capacity of 6,062.83 MWp.

Business strategies of Sterling and Wilson Solar Limited

  • Maintain market leadership through strategic expansion of overseas operations
  • Grow their customer base and maintain relationships with other key stakeholders
  • Focus on increasing operational and financial efficiency
  • Focus on expanding O&M, rooftop solar EPC and solar storage solutions

Sterling and Wilson Solar Limited – Financial Statements

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Financial Summary of Sterling and Wilson Solar IPO

On the basis of Standalone statement:-

Amount (in INR & million) 
31-Dec-1831-Mar-1831-Dec-17
Total Assets49,203.8135,701.7047,873.29
Total Revenue68,844.2032,414.5060,817.60
Total Expense63,339.57 30,196.4756,049.11
Profit After Tax4,540.92 1,821.413,433.81

Earnings per Equity Share (in million)

31-Dec-1831-Mar-1831-Dec-17
Basic & Diluted21.4029.9710.98

From the above statements, one could find that the Sterling and Wilson Solar Limited may perform well.


Sterling and Wilson Solar IPO – Promoters

The Promoter of this company is:

  • Shapoorji Pallonji and Company Private Limited
  • Khurshed Yazdi Daruvala

List of Related Parties (Key Managerial Personnel)

  • Bahadur Dastoor – CFO
  • Jagannadha Rao Ch. V – Compliance officer & CS

Interest in promotion of the Company

Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.

Property Interest

The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.

Interest in Intellectual Rights of the Company

Promoters has not shown any interest in acquiring the intellectual rights of the company.


Sterling and Wilson Solar IPO Offer Details or Issue Details

Particulars No. Of Equity Shares
 Equity Shares Offered Up to [●] Equity Shares, aggregating up to Rs. 45,000
million
 Of which:
 Reserved for Market Makers Up to [●] Equity Shares, aggregating to Rs. [●] million
 Net Issue to the Public Up to [●] Equity Shares, aggregating up to Rs. [●] million
 Of which:
QIB PortionNot less than [●] Equity Shares
of which:
Anchor Investor PortionUp to [●] Equity Shares
of which:
Available for allocation to Mutual Funds only[●] Equity Shares
Balance for all QIBs including Mutual Funds[●] Equity Shares
2) Net QIB Portion (assuming Anchor Investor
Portion is fully subscribed)
[●] Equity Shares
of which:
(a) Mutual Fund Portion[●] Equity Shares
(b) Balance for all QIBs including Mutual Funds[●] Equity Shares
 Retail Investors Portion Not more than [●] Equity Shares
 Non-Retail Investors PortionNot more than [●] Equity Shares
 Equity Shares outstanding prior to the Issue160,360,000 Equity Shares
 Equity Shares outstanding after the Issue160,360,000 Equity Shares

Sterling and Wilson Solar IPO Issue Object

These are the IPO Issue Objects of the company:

  • Funding the Working Capital requirements of the Company:
  •  Repayment/ pre-payment of certain unsecured loans availed from banks and financial institutions by the company

Sterling and Wilson Solar IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

  • The largest global EPC solutions provider based on annual installations of utility-scale PV systems of more than five MWp in 2018 according to IHS Markit.
  • Comprehensive end-to-end EPC solutions provider with a global execution track record.
  • Dedicated design and engineering team focused on innovation and developing efficient and cost effective engineering solutions.
  • Strong relationship with customers and other key stakeholders.
  • Benefit from the brand reputation, industry relationships and project management expertise of the SP group and the Sterling and Wilson group.
  • Experienced strong growth and financial performance backed by an asset-light business model.

The relevant quantitative factors are:

Basic & Diluted EPSRONW in %NAV (Rs.)
31-Mar-1829.9711825.42
31-Dec-1821.4047
45.30
  • Competitive Peers:

There are no listed entities in India whose business portfolio is comparable with that of their business.


Sterling and Wilson Solar IPO Lead Managers

Lead Managers
ICICI Securities Limited

Axis Capital Limited

Credit Suisse Securities (India) Private Limited

Deutsche Equities India Private Limited

IIFL Holdings Limited

SBI Capital Markets Limited

IndusInd Bank Limited

YES Securities (India) Limited

Sterling and Wilson Solar IPO Registrar to offer

Registrar to the Offer
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
L.B.S Marg, Vikhroli (West)
Mumbai 400 083
Telephone no.: +91 22 4918 6200
E-mail:
Investor grievance e-mail:

Website: www.linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058

Sterling and Wilson Solar IPO Other Details:

  • Statutory Auditor – B S R & Co. LLP, Chartered Accountants.
  • Peer Review Auditor – B S R & Co. LLP, Chartered Accountants.
  • Bankers to the Company – Union Bank of India, Axis Bank Limited, Deutsche Bank AG, Hongkong and Shanghai Banking Corporation Limited, ICICI Bank Limited, IndusInd Bank Limited, State Bank of India, Yes Bank Limited

Sterling and Wilson Solar IPO Review by Top 10 Stock Brokers

Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
Angel Broking7.5/107.4/108.5/108.1/107.1/10
Sharekhan7.2/107.1/108.6/108.1/107.2/10
Kotak Securities7.3/107.5/108.4/108.1/107.3/10
ICICI Direct7.3/107.3/108.7/108.1/107.1/10
IIFL7.5/107.2/108.8/108.0/107.1/10
Edelweiss7.5/107.4/108.4/108.3/107.2/10
Zerodha7.4/107.1/108.5/108.1/107.0/10
5Paisa7.1/107.1/108.4/108.1/107.1/10
Karvy7.4/107.3/108.2/108.1/107.1/10
Motilal Oswal7.1/107.1/108.6/108.3/107.2/10

Sterling and Wilson Solar IPO Grey Market Premium

The Sterling and Wilson Solar IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


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Sterling and Wilson Solar IPO News

News 1 – IPO ISSUE OPENS SOON [Download DRHP Prospectus]

News 2 – RHP PDF Download


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