January 2 (Renewables Now) - ICICI Securities Ltd has been selected by Shapoorji Pallonji Group to start preparations for an initial public offering (IPO) of the group’s solar engineering, procurement and construction (EPC) business, Mint said today, citing informed people.
More bankers would join the process at a later stage, according to the Indian business daily’s sources.
The solar EPC division is currently part of Sterling and Wilson Pvt Ltd (S&W). In November, Bloomberg said, citing Jai Mavani, executive director at Shapoorji Pallonji, that the Indian industrial conglomerate was aiming to raise some USD 1 billion (EUR 873m) through a pre-listing share sale followed by an IPO of the business. One of Mint’s sources has confirmed the pre-listing plan, explaining that it would help set a benchmark valuation for the IPO.
Sterling and Wilson's solar arm in mid-2017 won contracts to build and operate the 1,177-MWp Sweihan solar photovoltaic (PV) complex in Abu Dhabi, one of the largest solar projects globally. In July 2018, Mint said Shapoorji Pallonji had held meetings with investment banks to discuss solar IPO plans, targeting a valuation of between UD 3.5 billion and USD 4 billion.
(USD 1 = EUR 0.873)