New Delhi, Aug. 17 -- Sembcorp's India unit, Quest Global, and Yotta Data Services are preparing to go public while retailer Style Union is in talks with investors for a fundraise, according to various media reports.

Sembcorp

Temasek-backed Sembcorp Industries Ltd is preparing to file for an initial public offering of its Indian unit, Sembcorp Green Infra Ltd, according to a Bloomberg report.

The Singapore-based company could raise as much as $500 million, with the renewable energy company plans to submit draft documents as early as this month, the report said, citing sources.

Sembcorp is working with Axis Capital, HSBC, Citigroup, Kotak Mahindra Capital, ICICI Securities, and IIFL Capital Services on the proposed share sale, the report added.

This is Sembcorp Green Infra's second attempt to go public. The company filed paperwork with India's market regulator in 2018, but withdrew it a few months later after its parent company decided to inject additional equity capital into the Indian unit.

Quest Global

Quest Global Services has hired banks for an initial public offering in Mumbai that could raise as much as $1 billion, according to Bloomberg.

The Singapore-based engineering services firm has picked Axis Capital, Kotak Mahindra Capital, JM Financial, Morgan Stanley and Citigroup to advise on the share sale, the report said, citing sources.

The Carlyle-backed company is likely to file its prospectus by December, with the proposed IPO is expected to comprise a mix of new shares and stock sold by existing investors, Bloomberg said.

Carlyle acquired a significant minority stake in Quest Global in 2023 in a transaction that paved the exit of Bain Capital and Advent International. Hillhouse Investment Management acquired a minority stake in the company earlier this year through a deal that included a primary capital infusion and the purchase of shares from some existing shareholders.

Yotta Data Services

Data centre operator Yotta Data Services is preparing to file its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering in the coming months, according to media reports.

The Hiranandani Group-backed company is looking to raise around Rs 6,000-8,000 crore through the IPO, according to The Economic Times, citing sources. It has appointed Kotak Mahindra Capital, ICICI Securities and SBI Capital Markets as book-running lead managers for the issue, the report said.

A separate report in Mint, citing Yotta co-founder and CEO Sunil Gupta, stated that the firm plans to raise most of the money from private equity investors before the IPO, which could raise up to $400 million.

According to this report, the Mumbai-based data centre company is targeting the fourth quarter for its IPO, subject to regulatory approval.

Style Union

Fast-fashion retailer Style Union is in discussions with investors to raise Rs 800 crore amid growth in the value retail market, as per a Mint report.

The company is in talks with investors, including Venturi Partners, Elev8 Venture Partners and several high-net-worth individuals, which could value the retailer at over Rs 7,000 crore, the report said, citing sources.

Style Union, which is operated by Nexon Omniverse, was launched in 2022 by Rakesh Biyani and Ekta Biyani to make everyday fast-fashion for men, women, and children more affordable. It opened its first stores in Hyderabad and Bengaluru and has expanded to over 170 outlets in the past four years.

Published by HT Digital Content Services with permission from VC Circle.