Sembcorp Green Infra, the Indian renewable energy arm of Singapore-based Sembcorp Industries, has filed draft papers for an initial public offering in India, seeking up to 37.5 billion rupees ($393.04 million).
The offering will consist entirely of new shares, with no existing stake sold by parent company Sembcorp Industries, which fully owns the unit. Proceeds of about 30 billion rupees are earmarked for debt repayment, according to the filing.
The filing was submitted on Wednesday, marking the company’s second attempt to list in India. In 2018, Sembcorp Green Infra had filed draft papers but withdrew them a year later. The company cited a subsequent equity injection into the business as the reason for the withdrawal at the time.
Bookrunning for the IPO is being handled by Axis Capital, Citigroup, CLSA, HSBC, ICICI Securities, IIFL Capital Services, and Kotak Mahindra Capital. The transaction is the latest in a series of capital-raising efforts by Sembcorp Industries as it expands its renewable energy portfolio in India.
