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Indian EPC firm Sterling and Wilson Solar files for USD-648m IPO

A Sterling and Wilson solar park. (Photo: Business Wire)

April 17 (Renewables Now) - The owners of Indian solar plants builder Sterling and Wilson Solar Ltd intend to list the company on both local bourses through a INR-45-billion (USD 647.7m/EUR 572m) initial public offering (IPO).

Sterling and Wilson Solar has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI). The firm is owned by Shapoorji Pallonji and Co Pvt Ltd with a 65.77% stake and its own chairman Khurshed Yazdi Daruvala with 33.33% so it will not receive any of the proceeds from the planned listing. However, the promoters have committed to spend a portion of their proceeds on partially funding the repayment of certain loans, the filing says.

Operating as an engineering, procurement and construction (EPC) specialist, Sterling and Wilson Solar had commissioned and contracted solar power projects with a total capacity of 6,062.8 MWp as at December 31, 2018. On that date its order book amounted to INR 43.09 billion.

The global coordinators and book running lead managers for the planned offering are ICICI Securities Ltd, Axis Capital Ltd, Credit Suisse Securities (India) Pvt Ltd, Deutsche Equities India Pvt Ltd, IIFL Holdings Ltd and SBI Capital Markets Ltd. IndusInd Bank and YES Securities (India) serve as the book running lead managers.

(INR 10 = USD 0.144/EUR 0.127)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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