Singapore's Seraya Partners is considering a dual-track process for its offshore wind services firm Cyan Renewables that could result in either a sale or an initial public offering…
Singapore's Seraya Partners is considering a dual-track process for its offshore wind services firm Cyan Renewables that could result in either a sale or an initial public offering, its chief investment officer said.
Cyan, a Singapore-based marine services company focused on renewables, could be worth as much as $2 billion, according to one person familiar with the matter.
Infrastructure-focused private equity firm Seraya Partners is assessing strategic options for Cyan after receiving several offers to acquire the company, said James Chern, managing partner and chief investment officer, as strong demand for vessels and a limited global supply push up valuations across the sector.
"Because we're the biggest player in this market globally, we receive inbound offers from buyers," he said. "Last year we had a couple inbounds, this year a couple more."
Chern said Seraya was under no pressure to sell, but would act in the interests of its investors if price and terms were attractive. The firm has hired an adviser, though he declined to name it given the private nature of the process.
Seraya said Cyan, founded four years ago, is the world’s largest marine energy transition vessel operator.
STRONG DEMAND, STRATEGIC OPTIONS IN PLAY
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