According to the latest reports from The Hindu BusinessLine, The Financial Express, and Business Standard, Sembcorp Green Infra has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise ₹3,750 crore through an initial public offering. The IPO consists entirely of fresh shares, with no offer-for-sale component, meaning the entire issue proceeds will be received by the company. The draft red herring prospectus was filed on August 26, 2026, and the company may also consider raising up to ₹750 crore through a pre-IPO placement, which would reduce the fresh issue size accordingly. The company is an indirect subsidiary of Sembcorp Industries, in which Temasek Holdings holds a 48.93% stake as of August 21, 2026. Unlike several recent renewable energy IPOs, Sembcorp Green Infra's cap table has no outside institutional shareholder, with promoter Sembcorp Utilities Pte Ltd holding 100% of the pre-issue equity of 398.04 crore shares.
As reported by The Hindu BusinessLine, Sembcorp Green Infra proposes to utilize ₹3,000 crore of net issue proceeds to repay debt against total outstanding borrowings of ₹12,522.68 crore as of June 2026. The company's subsidiaries account for 23.96% of total outstanding borrowings, with loan facilities including term loans and short-term/working capital loans. The net proceeds will be utilized for "repayment/prepayment, in full or in part, of all or certain outstanding borrowings" availed by the company and certain subsidiaries. Notably, a portion of the net proceeds is proposed to be utilized to repay loans obtained from The Hongkong and Shanghai Banking Corporation (HSBC Bank), which is an affiliate of HSBC Securities and Capital Markets (India), one of the company's Book Running Lead Managers. The remaining proceeds will be used for general corporate purposes, capped at 25% of gross proceeds. The deleveraging exercise is expected to improve the company's debt-equity ratio and free up internal accruals for future growth.
According to The Hindu BusinessLine, The Financial Express, and Business Standard, Sembcorp Green Infra has a portfolio of roughly 7.64 gigawatts (GW), comprising 3.60 GW of operational capacity and around 4.04 GW under construction, with 1,433 MWh of battery energy storage system (BESS) capacity under construction. The company has 105 projects across 13 states and UTs, which are diversified across wind, solar, hybrid and storage configurations. A significant portion of the under-construction pipeline consists of 3.58 GW of complex projects, including hybrid, storage-linked, round-the-clock and firm and dispatchable renewable energy configurations. The company also has 1,433 MWh of battery energy storage capacity under construction. Notably, the company reported a 77.32 percent bid success ratio for complex projects between FY24 and FY26, demonstrating its strong execution capabilities in these advanced renewable configurations. As of March 31, 2026, the company's operational capacity spans wind, solar, hybrid, battery energy storage system (BESS), round-the-clock (RTC), and firm and dispatchable renewable energy (FDRE) projects.
As reported by The Hindu BusinessLine, The Financial Express, and Business Standard, Sembcorp Green Infra's revenue from operations grew from ₹2,249 crore in FY24 to ₹2,653 crore in FY26, with EBITDA growing from ₹1,823 crore to ₹2,099 crore over the same period. In FY26, the company reported revenue from operations of ₹2,652.50 crore and a net profit of ₹371.08 crore. The company's subsidiaries account for 23.96% of total outstanding borrowings, with loan facilities including term loans and short-term/working capital loans. Total assets stood at ₹22,539.7 crore as of March 2026, with total equity of ₹7,620 crore. The company carries a net debt-to-equity ratio of 1.52x and holds an AA+ (Stable) rating from CRISIL, ICRA, and India Ratings. The company sells power generated from its operational assets to central and state government agencies, as well as private offtakers, with 85.40 percent of its operational capacity under contract with central or state government agencies as of March 2026.
According to Business Standard, Sembcorp Green Infra plans to increase participation in round-the-clock (RTC) and firm and dispatchable renewable energy (FDRE) projects while building capabilities in battery energy storage system (BESS) and storage-integrated renewable projects. The company's strategy includes selective acquisitions, optimizing existing assets through in-house operations and maintenance, digitalization, forecasting and scheduling. The filing comes at a time when India's power and renewable energy sector is seeing rising electricity demand, increasing renewable energy penetration and a shift towards flexible renewable power solutions. Several major financial institutions are managing the upcoming share sale, with Axis Capital, Citigroup Global Markets India, CLSA India, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services and Kotak Mahindra Capital Company appointed as merchant bankers managing the public issue. MUFG Intime India serves as the registrar to the issue.
