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Sembcorp Green Infra Eyes $393M India IPO for Debt Repayment

By ThePip DeskSembcorp Green Infra Eyes $393M India IPO for Debt Repayment

Temasek-backed Sembcorp Green Infra files for a $393M IPO in India, primarily to repay existing debt and strengthen its financial position.

Sembcorp Green Infra, the Indian renewable energy subsidiary of Temasek-backed Sembcorp Industries, has officially filed for an Initial Public Offering (IPO) in Mumbai. The company aims to raise up to $393.04 million, equivalent to 37.5 billion rupees, through this market debut.

The offering consists solely of new shares. Sembcorp Industries, currently the full owner, will not be divesting any existing stake in the transaction.

A substantial portion of the capital, approximately 30 billion rupees, is earmarked for the repayment of the company’s existing debt obligations. This strategic use of proceeds highlights a focus on balance sheet deleveraging.

Previous Listing Attempt

This current filing marks Sembcorp Green Infra’s second endeavor to list its Indian energy business publicly. The company had previously filed draft papers in 2018 under the name Sembcorp Energy India.

Those initial papers were subsequently withdrawn a year later. The withdrawal was attributed at the time to an injection of new equity into the business, altering the company’s financial structure.

IPO Management Consortium

A consortium of financial institutions will manage the offering. These include Axis Capital, Citigroup, CLSA, HSBC, ICICI Securities, IIFL Capital Services, and Kotak Mahindra Capital, guiding the process.

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