Sembcorp India Renewables, backed by Temasek, filess for $393 Million IPO
Draft papers from Wednesday show that Sembcorp Green Infra (the Indian renewable energy division of Temasek-backed Sembcorp Industries) has filed to make an IPO in Mumbai. The aim is to raise up to 37.5 billion rupees (393,04 million dollars).
Sembcorp has filed its second application to make its Indian energy division public. The move comes at a time when India's IPO markets are showing signs of resurgence after a sluggish first half of the calendar year.
In 2018, Sembcorp Energy India filed draft documents before withdrawing them one year later. The company claimed that it was injecting new equity in the business.
Sembcorp Industries which owns the entire company has not sold any shares. The proceeds of the IPO will be used to pay off a portion of Sembcorp Industries' 125.23 billion rupiah debt.
In November, it was reported that Sembcorp planned to list its India unit by 2026.
Sembcorp Green Infra (which builds, owns and operates wind and solar plants in India) reported in draft papers that its net profit rose by 22% to 3,46 billion rupees in the year ending March 2026. Revenue grew by 14.4%, to 26,52 billion rupees.
As of end-March, the company had 3.60 gigawatts of operational wind and ?solar capacity, with another 4.04 gigawatts/gigawatt-hours worth of capacity being built.
The 'company' competes with a number of?listed renewable developers in India, including NTPC Green Energy Adani Green Energy and ACME Solar Holdings.
This month, the Indian government announced that it has reached 600 GW by 2030.
The issue is managed by Axis - Capital, Citigroup, CLSA, HSBC, ICICI Securities, IIFL Capital Services, and Kotak Mahindra Capital.
(source: Reuters)
