August 2 (Renewables Now) - The initial public offering (IPO) of Indian company Sterling & Wilson Solar will open on Tuesday, August 6, targeting proceeds of up to INR 31.45 billion (USD 454m/EUR 410m).
The solar power engineering, procurement and construction (EPC) business of Indian conglomerate Shapoorji Pallonji Group is selling more than 40.3 million shares and has set the price band at IND 775 to INR 780 per share. The IPO will close on Thursday.
As previously announced, the company’s promoters and chairman Khurshed Daruvala are selling the shares. Part of the proceeds will go to repay company debt, says the IPO prospectus.
The book running lead managers for the sale are ICICI Securities Limited, Axis Capital, Credit Suisse Securities India, Deutsche Equities India, IIFL Holdings, SBI Capital Markets, IndusInd Bank and YES Securities India.
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.