IPO Update: Sterling and Wilson Solar debuts at 10 per cent discount

Integrated solar engineering company Sterling and Wilson Solar listed on the exchanges at Rs. 700.00 on BSE at a discount of nearly 10.25 per cent, but as the trading session progressed the stock seems to have gained some traction.

The Rs. 3,125 crore Initial Public Offering (IPO) of the Shapoorji Pallonji Group company was open for subcription between August 6 to 8. The price band for the IPO was Rs. 775 to 780 per equity share. This lack lacklustre listing was on expected lines as only 85 per cent of the IPO was subscribed.

Sterling & Wilson Solar Limited is a pure-play solar engineering, procurement and construction (EPC) enterprise with presence in 26 countries across the globe. The company provides project execution services from conceptualising to commissioning including procurement of raw materials, selection of vendors, quality monitoring, inspection and audit of the construction.

On Tuesday, at 11:20 hours, the stock of Sterling and Wilson Solar was trading at Rs. 729.75, up by Rs. 29.75 or 4.25 per cent than its listing price of Rs. 700 and till Rs. 50.25 or 6.44 per cent of its issue price on BSE exchange.