The
Initial public offering (IPO) by Sterling & Wilson Solar got subscribed 85 per cent till 5 pm on the final day of the offer on Wednesday.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 1.02 times, quota reserved for non-institutional buyers was subscribed up to 0.89 times, while that reserve for retail investors was filled in 0.29 times.
Overall, the public offer received bids for 1,89,32,835 shares against 2,21,77,418 shares offered by the company at around the same time.
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 Bank and YES Securities India will manage the offer.