Sembcorp Industries files for IPO of India energy unit

Singapore’s infrastructure conglomerate Sembcorp Industries Limited will list its Indian energy unit, Sembcorp Energy India Limited, and look to mop up an additional S$500 million ($378 million) from the sale of certain assets as a part of a larger restructuring plan. Sembcorp Energy India has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an IPO. The IPO will include an issue of fresh shares to raise up to Rs 40.95 billion ($631 million) and an offer for sale of 146.78 million shares by Sembcorp Industries and local joint venture (JV) partner Gayatri Energy Ventures India Limited. Sembcorp Energy is also considering a pre-IPO placement of up to Rs 6.5 billion. Axis Capital, Credit Suisse, CLSA and SBI Capital Markets Limited are managing the IPO.