SEMBCORP MAY LIST INDIA UNIT, RAISE UP TO $600 MN VIA IPO

NEW DELHI: Singapore-based utility group Sembcorp Industries is gearing up to file for an initial public offering (IPO) of its Indian arm which could see the company raise around $500-600 million (₹3,200-3,800 crore), two people aware of the development said. Sembcorp’s Indian arm comprises thermal and renewable power assets. “Sembcorp India is expected to file its draft IPO prospectus with Sebi next month. The proposed IPO could see Sembcorp raise $500-600 million,” said one of the two people cited above, requesting anonymity as he is not authorised to talk to reporters. “Credit Suisse and Axis Capital are managing the initial share sale of the company,” he said, adding that the company is yet to decide on the final structure of the share sale in terms of whether it will be a complete primary offering or a mix of primary and secondary share sale.