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Sembcorp Eyes India IPO: Second Attempt Underway
24 Nov
Summary
- Sembcorp Industries initiating IPO talks for its India unit.
- This marks the second attempt to list the India business.
- Indian IPO market is the world's third-largest this year.
Sembcorp Industries, backed by Singapore's Temasek, is reportedly in the early stages of planning an initial public offering for its Indian subsidiary. The company has appointed three investment banks, including Citi and HSBC, to advise on the potential listing on the Mumbai stock exchange. This move signifies a renewed push to bring Sembcorp Green Infra to the public markets.
This is not the first time Sembcorp has explored an IPO for its Indian assets; a previous attempt in January 2019 was withdrawn to facilitate new equity infusion. The current plan targets a launch within the next eight to nine months, with Axis Capital also involved as an advisor. The company's Indian operations focus on renewable energy, including wind, solar, and energy storage.
Sembcorp Green Infra has been actively expanding its renewable portfolio, recently acquiring a solar energy unit and previously divesting its thermal power assets. With Indian markets near record highs and significant capital raised through IPOs this year, Sembcorp's renewed listing plans tap into a robust investment environment.
