Shares of Sterling and Wilson Solar made a disappointing debut on the bourses on Tuesday, falling more than 10 per cent over its issue price of ₹780.
The scrip opened the day at ₹700, with a discount of 10.25 per cent over its issue price on the BSE. At the NSE, shares got listed at ₹706, down 9.48 per cent from the issue price.
The ₹3,125 crore initial public offer of Shapoorji Pallonji group firm Sterling and Wilson Solar Ltd was subscribed 92 per cent. The price range for the offer was fixed at Rs 775-780 per share.
The firm had said that the portion of the net proceeds would be utilised towards funding full repayment of loans. ICICI Securities, Axis Capital, Credit Suisse Securities India, Deutsche Equities India, IIFL Securities, SBI Capital Markets, IndusInd Bank and Yes Securities India had managed the offer.