Sterling and Wilson shares list at nearly 10% discount

Shares of solar engineering, procurement and construction solutions provider Sterling and Wilson Solar failed to make a strong debut on the stock exchanges. after its initial public offering was subscribed 92 percent last week. Shares opened at Rs 706 per share on the NSE, representing a discount of 9.48 percent to the IPO price of Rs 780 per share. Intraday, the stock price hit a high of Rs 726.5 per share and a low of Rs 690.10 per share.

The Sterling and Wilson IPO, which closed on August 8, comprised an offer for sale by promoters Shapoorji Pallonji and Company aggregating up to Rs 2,083.33 crore and Khurshed Yazdi Daruvala totalling Rs 1,041.67 crore, it added.

Most brokerages advised subscribing the issue. According to IHS Markit, SWSL was the largest solar EPC solutions provider in each of India, Africa, and the Middle East in 2018 with 16.6 percent, 36.6 percent and 40.4 percent market share, respectively.