Sterling & Wilson Solar receives SEBI approval for IPO

The EPC solar company of Shapoorji Pallonji Group has received the capital market regulator's approval for floating its Initial Public Offering (IPO). The company is an end-to-end solar engineering company.

Sterling & Wilson Solar is a pure-play solar engineering, procurement and construction (EPC) enterprise. 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.

The company has a global presence across 26 countries. It has eight directly held subsidiaries with operations in Brazil, Oman, Saudi Arabia, Thailand among others. The company has nine indirect subsidiaries with businesses in Australia, the Middle East, Singapore, Spain, the US and other countries. Sterling & Wilson Solar has 183 commissioned and contracted solar power projects with an aggregate capacity of 6,062.83 MWp.

The Initial Public Offering (IPO) is an offer for sale (OFS) by selling shareholders Shapoorji Pallonji & Company and Khurshed Yazdi Daruvala, who are the promoters of the company with a pre-offer holding of 65.77 per cent and 33.33 per cent, respectively.