Shares of Sterling and Wilson Solar Limited made a weak debut on stock exchanges. Sterling and Wilson Solar’s share price opened at Rs 706 on the National Stock Exchange, down 9.48% from its issue price of Rs 780. On the BSE, Sterling and Wilson’s share price declined as much as 11.4% 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% on the final day and raised around Rs 2,900 crore.
75% of the IPO was reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors(NIIs) and the remaining 10% for retail investors.
Sterling and Wilson Solar Ltd. (SWSL) 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.
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