Sterling & Wilson Solar Ltd. IPO
IPO Timeline
Category-wise Subscription
| Category | Sub (x) | Offered | Bid For | Amt (Cr)* |
|---|---|---|---|---|
| QIB | — | 30,361,119 (82%) | — | ₹236,817 Cr |
| NII (HNI) | — | 5,405,747 (15%) | — | ₹42,165 Cr |
| Retail | — | 1,168,291 (3%) | — | ₹911 Cr |
| Σ Total | — | 36,935,157 (100%) | — | ₹2,880,942 Cr |
Only available investor categories are shown. Amount is auto-calculated when shares offered and issue price are available.
Issue Details
Minimum Investment (Lot-wise)
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 19 | ₹14,820 |
| Retail (Max) | 13 | 247 | ₹192,660 |
| S-HNI (Min) | 14 | 266 | ₹207,480 |
| B-HNI (Min) | 67 | 1,273 | ₹992,940 |
Financial Statements Amount in Lakhs
| Metric | 31-Mar-19 | 31-Mar-18 | 31-Dec-17 |
|---|---|---|---|
| Revenue | 82,404 | 68,717 | 32,325 |
| Profit After Tax | 6,382 | 4,505 | 1,734 |
| Total Assets | 53,919 | 49,204 | 35,702 |
Valuation & Key Ratios
Grey Market Premium (GMP)
GMP is an unofficial grey market indicator and does not guarantee actual listing price. Invest at your own risk.
Objects of the Issue
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Company Overview
Incorporated on 2017, Mumbai based Sterling & Wilson Solar Limited (SWSL) is engaged in providing solar engineering, procurement and construction (EPC) solutions to the end-users. SWSL is focused on utility-scale solar power projects and manages the solar projects from conceptualizing to commissioning. It provides operations and maintenance (O&M) services for the 3rd party projects as well. It was previously named as Rashmika Energy Private Limited.
The company started its operation as a Solar EPC Division of SWPL in 2011 and demerged on April 1, 2017. According to IHS Markit, the company was the world's largest solar EPC solutions provider in 2018 based on annual installations of utility-scale PV systems. Currently, it has a wide presence across 26 countries.
Sterling & Wilson offers customized solutions to its customers for solar power projects. The company follows a "hub-and-spoke" business model where services go from the central hub to several spokes or routes to reach the end-users. India works as a hub of the company for the complete supply chain including engineering functions, design, and engage 3rd party subcontractors and suppliers. The company aims to improve the performance ratio by offering cost-effective and innovative designing solutions supported by an engineering and competent design team. It has 138 employees in the design and engineering team.
Competitive Strengths
1. World's largest solar EPC solutions provider
2. A dedicated design and engineering team
3. Takes benefits of the brand image of the SP group and S&W
4. Strong financial performance
5. Strong promoter
Risk to Investors
- The six global coordinators and book running lead managers and two book running lead managers associated with the offer have handled 48 public issue in the past three years out of which 18 closed below the issue price on listing date.
- The Price/Earnings ratio based on diluted EPS for fiscal 2019 for the issuer at the upper end of the Price Band is as high as 19.57.
- The average cost of acquisition per Equity Share for the promoter selling shareholders is nil per equity share.