IPO
EPC co. Sterling & Wilson plans Rs.1,500-Cr IPO for generator manufacturing arm
EPC company Sterling & Wilson is preparing to launch an initial public offering (IPO) of about INR 1,500-Cr for its Mumbai-based generator manufacturing subsidiary, Sterling Green Power Solutions . ICICI Securities and IIFL Capital have been appointed as lead managers for the transaction. The company intends to use the proceeds from the issue primarily to fund expansion.Sterling Green Power Solutions manufactures and distributes diesel generator sets with capacities ranging from 250 kVA to 5,000 kVA. The company operates across India, the Middle East, Africa, Australia, and Malaysia. It plans to set up a manufacturing plant in Pune and intends to set up a facility in Dubai in FY27 to serve customers in Europe and the US.Sterling Green Power Solutions was previously a subsidiary of Shapoorji Pallonji & Company but ceased to be one following a secondary share sale by the parent firm to a group of investors.
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