India’s Sterling and Wilson Solar preps Rp45bn listing

By Jonathan Breen
17 Apr 2019

Sterling and Wilson Solar, the solar power business of Indian conglomerate Shapoorji Pallonji Group, is eyeing a listing of up to Rp45bn ($648m), having filed a draft prospectus this week.

The listing will be a pure offer-for-sale of secondary shares by the company’s promoters — Shapoorji Pallonji and Sterling and Wilson chairman Khurshed Yazdi Daruvala. The pair own 65.8% and 33.3% of its equity, respectively.

The issuer has appointed a nine-strong syndicate with ICICI Securities as left lead ...

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