Sterling & Wilson Solar (S&W) has become a rare success story in the Indian renewable energy sector by becoming the first company in many years to successfully complete an IPO. The share sale was structured as an offer for sale by the company’s promoters; the company itself has not raised any money from the IPO. The promoters have raised INR 28.8 billion (USD 411 million) against their final target of INR 31.3 billion, revised downwards from the original target of INR 45.0 billion: INR 14.8 billion was raised from the IPO itself and another INR 14.0 billion was raised through private placement with anchor investors including Nomura, Schroder, Fidelity, ADIA, HSBC Global, Neptune, MIT, ICICI Prudential and Reliance Mutual Fund. The company had to incrementally scale down the IPO and reduce its price expectations in wake of a slowing economy and recent volatility in the stock markets.
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