The company allocated 1,80,28,846 shares at a price of Rs 780 per equity share. The price band of the issue was fixed at Rs 775-780.
Shapoorji Pallonji-led Sterling and Wilson Solar’s IPO will hit the market on Tuesday, aiming to raise Rs 3,125 crore.
The list of anchor investors included, Nomura India Investment Fund, Abu Dhabi Investment Authority, Fidelity Funds and HSBC Global Investment Funds.
Interestingly, US-based Massachusetts Institute of Technology has also been allotted shares worth Rs 35 crore.
Out of the total allocation of 1,80,28,846 equity shares to the anchor investors, 28,84,637 shares have been allocated to three domestic mutual funds, who applied via eight schemes. They included Reliance Capital Trustee, Baroda ELSS and Union Funds.
Dalal Street analysts said the firm, a leader in the solar EPC space, is well placed to capitalise on the opportunities from the solar power sector and thereby they have given ‘subscribe’ ratings to the issue from a long-term perspective.
The IPO comprised entirely of an offer for sale of 4.01-4.03 crore shares. Its main objective is to carry out disinvestment by the promoter, and SWSL will not receive any proceeds from the offer.
At the upper end of the price band of Rs 780, the issue seems fairly priced at a P/E of 19.6 times (post dilution) on FY19 consolidated basis, said Centrum Broking. The company has no domestic listed peer.