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.
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
- 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.
| Purpose | Amount (₹ Cr) |
|---|---|
| — |
| Metric | 31-Mar-19 | 31-Mar-18 | 31-Dec-17 |
|---|---|---|---|
| Total Assets | 53,919 | 49,204 | 35,702 |
| Revenue | 82,404 | 68,717 | 32,325 |
| PAT | 6,382 | 4,505 | 1,734 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 30,361,119 (82%) | — |
| NII / HNI | — | 5,405,747 (15%) | — |
| Retail (RII) | — | 1,168,291 (3%) | — |
| Total | — | 36,935,157 (100%) | — |
* Amount calculated at upper price band (₹780) · ** Total includes all investor categories
- 1 Initiation of Refund 16 Aug 2019
- 2 Credit of Shares to Demat 19 Aug 2019
- 3 Lock-in Period (30%) September 13, 2019
- 4 Lock-in Period (50%) November 12, 2019
- Retail allocation is weak at 3% of the total offering.
- HNI/NII demand is good at 15%.
- Institutional (QIB) interest is strong at 82%.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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