Sembcorp Green Infra, a subsidiary of Sembcorp Industries, filed a draft red herring prospectus for an initial public offering in India. The company seeks to raise up to 37.5 billion rupees, approximately $393 million, through the issuance of new shares.
Singapore-based parent Sembcorp Industries will not sell any existing shares in the offering. The subsidiary plans to use 30 billion rupees of the proceeds to repay debt and strengthen its balance sheet.
This filing represents Sembcorp’s second attempt to list its Indian energy business following a withdrawn effort in 2018.
The potential listing remains subject to regulatory approvals and market conditions. Axis Capital, Citigroup, and HSBC are managing the offering.