Overall, the issue was subscribed 92 per cent, including anchor investors.
Shapoorji Pallonji-backed Sterling & Wilson Solar on Thursday said it has successfully closed its initial public offer (IPO), backed by global institutional investors
The solar EPC company saw its institutional portion oversubscribed with participation FPIs such as Nomura, Schroeder, Abu Dhabi Investment Authority (ADIA) and Fidelity. Overall, the issue was subscribed 92 per cent, including anchor investors.
The company said that due to recent market conditions and changes in the application process, the retail portion was not fully subscribed.
“As the issue was entirely an offer for sale and the QIB portion was 75 per cent, the basic requirement for the success of the same according to the Sebi regulations, is that the QIB portion should be fully subscribed. Hence, this OFS was successfully subscribed,” the company said in a release.
The issue comprises offer for sale by promoters Shapoorji Pallonji and the company aggregating up to Rs 2,083.33 crore and Khurshed Yazdi Daruvala totalling Rs 1,041.67 crore.
The company on Monday said it has raised Rs 1,406 crore from 18 anchor investors by allotting 1,80,28,846 equity shares at the upper band price of Rs 780.
Among the anchors, leading investors include Nomura India Investment Fund, Schroder International, and Abu Dhabi Investment Authority who have been allocated 16 per cent, 12.24 per cent and 8.82 per cent, respectively, of the total anchor book size, the firm said in a statement.
Net proceeds from the public offer will be utilised towards funding full repayment of the loans
ICICI Securities, Axis Capital, Credit Suisse Securities India, Deutsche Equities India, IIFL Securities, SBI Capital Markets, IndusInd BankNSE -0.86 % and YES Securities India will manage the offer.