According to reports, Mytrah Energy Ltd. (MYT), India’s third- largest wind farm developer, picked Morgan Stanley and Standard Chartered Plc to manage the Singapore initial public offering of some of its assets, two people with knowledge of the matter said.
Mytrah, whose investors include Henderson Global Investors Ltd., may raise about S$500 million ($404 million) by listing the assets as a business trust, the people said, asking not to be identified as the process is private. The IPO may take place in the second half of 2013, they said.
Hyderabad-based Mytrah, which is already listed on the Alternative Investment Market of the London Stock Exchange, said this month it is studying a Singapore offering to pay debt and expand. Besides using proceeds to repay long-term and mezzanine debt, Mytrah said it will also seek to boost its 310 megawatts of operational wind to more than 600 megawatts this year. Mytrah plans to reach 5,000 megawatts of wind power by 2018, according to its website.
Mytrah, whose shares have risen 20 percent this year in London, is the second Indian wind company considering a Singapore listing. Infrastructure Leasing & Financial Services Ltd., whose shareholders include Japan’s Orix Corp. and Abu Dhabi Investment Authority, is planning an IPO of its wind power unit in the city-state this year, people with knowledge of the matter said in September.
Mytrah hasn’t made a final decision on which assets to include in the business trust IPO, the people said. An outside spokeswoman for the company couldn’t immediately comment on the IPO plan.