Sterling & Wilson Solar makes a weak debut on the stock exchanges today, with its shares listing at a discount of 10.26% at Rs. 700 per share on the BSE in comparison to its IPO issue price of Rs. 780.
On the NSE, the stock started off trade at Rs. 706, which is a discount of more than 9% against issue price.
The Rs 3,125-crore IPO issue that opened between August 6- August 8, 2019 received tepid investor response on account of weak market sentiment and high valuations. Including the anchor portion, the IPO was subscribed 92%.
The issue included an OFS by promoters Shapoorji Pallonji Rs 2,083.33 crore) and Khurshed Yazdi Daruvala (Rs 1,041.67 crore).
Further, the promoters said to use a portion of IPO proceeds towards repayment of loans in full.
Sterling & Wilson Solar is engaged in providing solar engineering solutions.
At 10:25 am, the stock of Sterling & Wilson Solar quoted at Rs. 726.30, down Rs. 53.50 or 6.86% on the BSE.