0407 GMT - The potential listing of Sembcorp Industries unit Sembcorp Green Infra could be completed by early 2027, say CGS International analysts in a note. The Indian renewables subsidiary filed for an initial public offering that could raise up to 37.50 billion rupees. The market appears to value Sembcorp Industries' India business at around 9X forward enterprise value-to-Ebitda ratio, which could be raised through the IPO, the analysts say. The boost from that could drive a rerating for the parent company's Singapore stock, they add. Investors are likely to view Sembcorp Industries as a fundamental nonindex pick after its impending removal from the MSCI Singapore Index, they add. CGSI retains its add rating and target price of 7.15 Singapore dollars. Shares decline 0.8% to S$6.04.