August 20 (Renewables Now) - The shares of Indian company Sterling & Wilson Solar Ltd (BSE:542760) started trading on the Bombay Stock Exchange today, opening at INR 700, or 10.25% below the initial public offering (IPO) price of INR 780 per share.
The solar power engineering, procurement and construction (EPC) business of Indian conglomerate Shapoorji Pallonji Group has raised about INR 2.9 billion (EUR 36.5m/EUR 40.5m) in the IPO. The company’s promoters and chairman Khurshed Daruvala were selling more than 40.3 million shares, with subscriptions surpassing 90%.
In its first day of trading, Sterling & Wilson Solar’s stock reached a low of INR 691 and a high of INR 755.
Sterling & Wilson was the sole EPC solutions provider for the largest single-location photovoltaic (PV) plant globally -- the 1,177 MWp Noor Abu Dhabi solar park in Sweihan.
(INR 100 = USD 1.4/EUR 1.26)