Indian construction to real estate company Shapoorji Pallonji Group is planning an initial public offering (IPO) for its solar engineering, procurement and construction (EPC) business to secure around $400 to $500 million.
The company has appointed Indian capital market company ICICI Securities Ltd to take the EPC business public.
Shapoorji Pallonji is also planning a pre-IPO fundraise in the solar EPC business which will help the eventual public offering.
Shapoorji Pallonji expects the solar EPC business to secure a valuation of about $3.5 to $4 billion.