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Sterling and Wilson Solar gets SEBI’s nod for IPO

Sterling and Wilson Solar (SWSL) has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise an estimated Rs 4,500 crore through an Initial Public Offering (IPO). The company’s shares are proposed to be listed on the BSE and NSE.

The company, which filed the draft red herring prospectus with the SEBI in April, got the regulator’s approval on July 4. ICICI Securities, Axis Capital, Credit Suisse Securities (India), Deutsche Equities India, IIFL Holdings and SBI Capital Markets are book running lead managers to the issue.

The company offers solar engineering, procurement and construction services. It ranked as the world’s largest solar EPC services provider in 2018 based on annual installation of utility-scale photovoltaic systems of more than five megawatt-peak.

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