Sembcorp Industries is gauging demand from investors for an initial public offering of Sembcorp Green Infra, its Indian renewable energy business, Bloomberg reported on Monday. The offering is sized at up to 37.5 billion rupees, about 393 to 394 million dollars, under draft papers filed with India’s market regulator in August.
Sembcorp Green Infra ranks among India’s ten largest renewable independent power producers by operational capacity, with more than 75 renewable assets across 18 states and 7.6 gigawatts of gross capacity installed and under development, according to the filing reporting. The group’s banks on the deal were reported in August to include Axis Capital, HSBC, Citigroup, Kotak Mahindra Capital, ICICI Securities and IIFL Capital Services.
This is the unit’s second attempt at a listing. It filed in 2018 and withdrew months later after the parent decided to inject more equity instead. Since then Sembcorp has sold its Indian thermal power assets for 1.47 billion dollars in 2023 and bought ReNew Power’s solar unit for about 188 million dollars, leaving a pure renewables portfolio for the market to price. Deliberations on size and structure can still change, and Sembcorp has not commented on the sounding.