Sterling and Wilson Solar Files from Shapoorji Pallonji for ₹ 4,500 IPO



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Mumbai: Shapoorji Pallonji Group, Sterling and Wilson Solar Ltd, the solar energy business, presented on Tuesday the draft prospectus for its IPO, which will see developers sell shares worth about (I.e.4,500 crore.

The IPO is a pure offer for sale by the company's chairman, Khurshed Yazdi Daruvala, and Shapoorji Pallonji and Co. Pvt. Ltd. Daruvala holds 33.33% while Shapoorji Pallonji and Co. holds 65.77% stake. The remainder is maintained by individual members of the promoter group, such as Cyrus Mistry.

Mint reported on March 18 that the group Shapoorji Pallonji was planning the IPO to de-lever its balance by selling shares of the EPC solar business to the public.

The Shapoorji Pallonji Group expects to raise about $ 1 billion by bringing in foreign investors to its solar unit as part of the group's efforts to reduce debt, Bloomberg said in November, citing Jai Mavani, chief executive of Sterling and Wilson. A separate listing of Eureka Forbes Ltd, the water purification unit of Forbes and Co., and sales of commercial real estate would also be considered, the report said, citing Mavani.

Sterling and Wilson Solar are among the largest EPC solar energy companies in the world, providing end-to-end solutions. Started operations in 2011 as Sterling's EPC solar division and Wilson Pvt. Ltd, and was spun-off into a separate company in April 2017.

The company provides EPC services primarily for utility-scale solar power projects with a focus on design and project engineering and manages all aspects of project execution from conceptualization through commissioning. It also provides operation and maintenance services, including for projects built by third parties.

The company had 183 commissioned and contracted solar projects with a total capacity of 6,062.83 megawatts (MW) on December 31. Last year, Sterling and Wilson won a contract to build a 1,177-MW solar project in Abu Dhabi, the largest such project in a single location.

His order book was (I.e.4,309 crore on 31 December.

In 2017-18, the company reported a revenue of (I.e.6,871.70 crore, more than double the (I.e.3,232.48 crore reported in the previous fiscal year. In 2017-18, he reported a profit of (I.e.450.53 crore, against a profit of (I.e.173.36 crore in the previous year. During the nine-month period ended December 31, it recorded a gain of (I.e.343.43 crore in a recipe of (I.e.5,915.14 crore.

Sterling and Wilson operates in more than 25 countries, with a strong presence in Western Asia, Africa, Europe, the Americas and Australia. Its foreign operations accounted for 65.13% of the company's revenue.

Investment banks 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 are managing the company's IPO. So far this year, four companies have raised (I.e.2,352.19 crore through IPOs, while in 2018, 24 companies raised (I.e.30,959 crore through IPOs.

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