The initial public offer of Sterling & Wilson Solar Ltd was subscribed 9 percent on the first day of bidding on Tuesday.

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The IPO through which the company plans to raise about Rs 3,125 crore received bids for 21,06,264 shares against the total issue size of 2,21,77,418 shares, as per NSE data.

The category for qualified institutional buyers (QIBs) was subscribed 6 percent, non institutional investors 19 percent and retail individual investors 6 percent.

Its price range has been fixed at Rs 775-780 per share. The issue will close on August 8.

The offer comprises an offer for sale by promoters Shapoorji Pallonji and the company aggregating up to Rs 2,083.33 crore and Khurshed Yazdi Daruvala totalling Rs 1,041.67 crore.

ICICI Securities, Axis Capital, Credit Suisse Securities India, Deutsche Equities India, IIFL Securities, SBI Capital Markets, IndusInd Bank and YES Securities India are managing the offer.

Sterling and Wilson Solar on Monday raised Rs 1,406 crore from 27 anchor investors.

The portion of the net proceeds will be utilised towards funding full repayment of the loans, the firm had said.

Shares of Sterling and Wilson, a solar engineering, procurement and construction solutions provider, are proposed to be listed on the BSE and the NSE.