Sembcorp Industries Ltd (SGX:U96) is reportedly preparing for an Initial Public Offering (IPO) of its Indian arm, and raise around $500 to $600 million. Sembcorp’s Indian arm comprises thermal and renewable power assets. “Sembcorp India is expected to file its draft IPO prospectus with Securities and Exchange Board of India (Sebi) sometime next month. The proposed IPO could see Sembcorp raise as much as $500-600 million,” said a person familiar with the development. “Investment banks Credit Suisse and Axis Capital are managing the initial share sale of the company,” he said, adding that the company is yet to decide on the final structure of the share sale in terms of whether it will be a complete primary offering or a mix of primary and secondary share sale.