The three banks are moving higher, but SCI seems to be consistently under pressure and trading lower haha 

India remains a challenging environment and proven to be a difficult market for many foreign investors.

Aug 26 (Reuters) - Sembcorp Green Infra, the Indian renewable energy arm of Temasek-backed Sembcorp Industries (SCIL.SI), opens new tab, has ​ filed for an initial public offering in Mumbai to raise up &zwnj to 37.5 billion rupees ($393.04 million), draft papers dated Wednesday showed.

The filing marks Sembcorp' s second attempt to take its Indian energy business public and comes as India' s IPO market sees signs ​ of revival after a muted first half of the year.

In 2018, ​ the company, then known as Sembcorp Energy India, filed draft papers ⁠ before withdrawing them a year later, saying it was injecting new equity ​ into the business.

The IPO consists entirely of new shares, with Sembcorp Industries, which ​ fully owns the company, not selling any shares. About 30 billion rupees of the proceeds will be used to repay part of its 125.23 billion rupees debt.

Reuters reported in November ​ that Sembcorp was planning a listing of its India unit in 2026.

Sembcorp ​ Green Infra, which builds, owns, and runs wind and solar power plants across India, reported &zwnj in ⁠ the draft papers a 22% rise in net profit to 3.46 billion rupees for the year ended March 2026, as revenue grew 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 listed renewable energy developers such as NTPC Green Energy (NTPG.NS), opens new tab, Adani Green Energy (ADNA.NS), opens new tab  ​ and ACME Solar Holdings (ACMO.NS), opens new tab  in India' s rapidly expanding clean ​ energy sector.

The ⁠ Indian government said this month the country has crossed 300 GW, opens new tab  of clean electricity generation capacity as of end-July, 60% of the 500 GW of clean energy capacity ⁠ it ​ is targeting by 2030.

Axis Capital, Citigroup, CLSA, HSBC, ​ ICICI Securities, IIFL Capital Services and Kotak Mahindra Capital are managing the issue.

 

 

The Potential IPO will be subject to, among other things, prevailing market conditions, regulatory and internal approvals, and other relevant considerations. No definitive decision has been made in relation to whether, and there can be no assurance that, the Potential IPO will proceed or be completed.

 

Sembcorp will make the appropriate announcement(s) in accordance with applicable regulatory requirements should there be any material developments. In the meantime, shareholders and investors are advised to exercise caution when dealing in the securities of Sembcorp.