6 months ago
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Singapore’s Temasek-backed Sembcorp Industries has started talks implicit an archetypal nationalist offering of its India portion successful Mumbai and appointed 3 concern banks, including Citi and HSBC, 3 sources acquainted with the substance said.
Talks are astatine an aboriginal signifier and nary determination has been made connected the size of the offering. The determination marks Sembcorp’s 2nd effort to database its India concern aft withdrawing a draught prospectus successful January 2019 to inject caller equity.
Sembcorp’s Indian arm, Sembcorp Green Infra, operates businesses successful wind, star and vigor storage, and competes with the likes of Adani Green Energy and Avaada Group.
Indian markets are trading adjacent grounds highs and person seen a surge successful listings. Companies person raised much than $16 cardinal truthful acold successful 2025, making India the world’s third-largest IPO market, according to Dealogic.
The IPO, targeted for motorboat wrong 8 to 9 months successful Mumbai, volition beryllium advised by Citi, HSBC and India’s Axis Capital, the sources said, declining to beryllium named arsenic the substance is confidential.
Citi and HSBC declined to comment, portion Sembcorp and Axis did not respond to requests for comment.
Sembcorp’s renewed India IPO plans person not been antecedently reported.
Sembcorp Green Infra sold its thermal powerfulness assets successful India for $1.47 cardinal to Tanweer Infrastructure Pte successful 2023. It has further expanded its renewable vigor portfolio and signed a woody successful October to get ReNew Power’s star vigor portion for astir $188 million.
Sembcorp’s India portion made a nett of $40 cardinal successful the twelvemonth ending March 31, 2024, with revenues of $252 million, regulatory disclosures show.
