Singapore-based Sembcorp Industries Ltd. is meeting investors for a proposed initial public offering (IPO) of its Indian renewable energy subsidiary, Sembcorp Green Infra Ltd., which could raise up to ₹3,750 crore ($394 million), according to people familiar with the matter. The Temasek Holdings Pte.-backed renewable energy company is considering an IPO launch as early as December 2026, though details of the offering, including timing and size, could change. Sembcorp Green Infra filed its draft IPO papers in August 2026 and is awaiting regulatory approval. The IPO will be structured as a fresh issue of equity shares with no offer-for-sale (OFS) component, with deliberations ongoing as the company gauges market demand.
Sembcorp Green Infra is among India's 10 largest renewable energy independent power producers by operational capacity as of March 31, 2026, according to its IPO prospectus. The company operates across 18 states and has more than 75 renewable energy assets. Its gross renewable energy portfolio stood at 7.6 gigawatts (GW), including operational capacity and projects under development. As of March 31, 2026, the company had 3.60 GW of operational renewable energy capacity, while approximately 4.04 GW/GWh of projects were under construction, according to the information provided in its prospectus.
The proposed ₹3,750-crore capital raise is expected to strengthen the company's balance sheet as it expands its renewable energy portfolio. According to the draft red herring prospectus (DRHP), the proceeds will be used to repay certain borrowings of the company and its subsidiaries. Sembcorp Green Infra reported an improvement in its financial performance in the financial year ended March 2026. Revenue from operations rose to ₹2,652.50 crore in FY26 from ₹2,318.29 crore in FY25, an increase of approximately 14.4%. Profit after tax (PAT) increased to ₹371.08 crore from ₹298.83 crore in the previous financial year, marking a rise of around 24.2%.
Sembcorp is working with Axis Capital Ltd., Citigroup Inc., CLSA, HSBC Holdings Plc, ICICI Securities Ltd., IIFL Capital Services Ltd. and Kotak Mahindra Capital Co. on the proposed offering, as reported by people familiar with the matter. However, the final issue size, launch date and other details have not yet been confirmed. The company is backed by Temasek Holdings Pte. and plans to raise funds through a fresh issue of equity shares, with no offer-for-sale component. India's primary market is gathering momentum with the record IPO of Jio Platforms Ltd., which was subscribed more than 22 times last week. IPOs in the country have raised nearly $18 billion this year, putting the market on course to challenge last year's record of about $22.4 billion.
