Temasek-backed Sunseap seeks to raise $445m in Singapore IPO

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Sunseap Group Pte, a Singapore renewable energy firm, is weighing an initial public offering in the city-state that could raise as much as S$600 million ($445 million), according to people with knowledge of the matter.

The company, which counts Amazon.com Inc., Apple Inc. and Microsoft Corp. as customers, is working with advisers on the planned first-time share sale, the people said. Sunseap aims to list as soon as the end of this year, said the people, who asked not to be identified as the information is private.

Deliberations are still ongoing and details such as size and timing could change, said the people. A representative for Sunseap declined to comment.

Any deal will help give a boost to the Singapore IPO market, which has only hosted one new listing this year, according to data compiled by Bloomberg. Aztech Global Ltd. raised about $224 million in an offering this month. Other listing candidates in the island republic in 2021 include Thai Beverage Pcl’s brewery unit and City Developments Ltd.’s U.K. asset REIT.

Sunseap, backed by Thai energy firm Banpu Pcl, is the largest clean energy solutions provider in Singapore, according to its website. It has a portfolio of nearly two gigawatt-peak pending and completed solar projects in the city-state, Southeast Asia and the Pacific. Banpu bought a substantial stake in Sunseap in 2017 and raised its holding to about 49% last year. Sunseap also counts Temasek Holdings Pte and Dubai’s Dutco Group among its investors.

Sunseap in March signed a long-term agreement to supply 62 megawatts of solar energy for Amazon in the city-state. In 2015, it partnered with Apple to power its Singaporean operations, while three years later the firm inked a deal with Microsoft to create a rooftop solar project.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.