Shapoorji Pallonji Group’s Sterling and Wilson Files IPO worth ₹4,500 crore
Shapoorji Pallonji Group’s solar power Sterling and Wilson Solar has filed its Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO) with the markets regulator SEBI up to Rs 4,500 crore, which would be an offer for sale (OFS).
An initial public offer is a pure offer for sale by company’s chairman Khurshed Yazdi Daruvala and Shapoorji Pallonji. The Shapoorji Pallonji holds 65.77% and Khurshed Yazdi Daruvala holds 33.33% shares. This proposal consists of an offer for sale by the promoter-selling shareholders. The net proceeds from the offer will be paid directly to the promoter-selling stockholders. The shares of the company are proposed to be listed on BSE and NSE. Sterling and Wilson is the best instance of how the Shapoorji Pallonji family has nurtured long term associations with its business partners.
The SG Group had 183 commissioned and contracted solar power projects with an aggregate capacity of 6,062.83 megawatts (MW), as of 31 December. Beside this Shapoorji Pallonji and Company Limited is focusing on Construction, Design and Build and EPC, the other top names give the SP Group its tremendous strength and capability. The Shapoorji Pallonji Group is currently in talks with an investment bank for an initial public offering (IPO) of its solar engineering, procurement, and construction (EPC) business.
Sterling and Wilson Solar is an end-to-end Engineering Procurement and Construction (EPC) solar solutions provider. They were the world’s largest solar Engineering Procurement and Construction (EPC) solutions provider in 2018 based on the annual installations of utility-scale photovoltaic (PV) systems. Along with India the company has operations in 26 countries, and use its subsidiaries and branch offices globally for operations. Sterling and Wilson now operate across the Middle East, Africa, Australia, Europe, the USA, and South America.
The company plans to expand in the solar operations and maintenance segment. they plan to continue expanding their operations and maintenance to solar power projects that were not constructed by them. Sterling and Wilson intend to first expand their operations and maintenance in the regions where they have EPC operations or enter markets that have conducive solar power policies with commissioned solar power projects.
