Singapore-based Sembcorp Industries Ltd. is preparing to file for an initial public offering of its Indian unit, Sembcorp Green Infra Ltd., that could raise as much as $500 million. According to people familiar with the matter, the Temasek Holdings Pte.-backed renewable energy company plans to submit draft documents as early as this month, with the listing now targeted for mid-to-late 2026. The company is working with multiple investment banks including Citi, HSBC Holdings Plc, Axis Capital Ltd., Kotak Mahindra Capital, ICICI Securities, and IIFL Capital Services on the proposed share sale. Deliberations are ongoing, and details of the offering, including its size and structure, could change, as reported by people familiar with the matter.
The offering would mark Sembcorp Green Infra's second attempt to go public. As reported by Business Standard, the company filed paperwork with India's market regulator in 2018, but withdrew it a few months later after its parent company decided to inject additional equity capital into the Indian unit. That effort was originally planned to raise up to $631 million before being shelved. The company's 2018 experience, when it pulled its IPO rather than accept unfavorable conditions, suggests Sembcorp is willing to walk away if the market doesn't cooperate with current plans.
Sembcorp Green Infra demonstrated strong financial performance for the fiscal year ending March 31, 2024, pulling in $252 million in revenue and posting a profit of $40 million. The company has undergone significant strategic moves, including divesting its thermal power assets for $1.47 billion in 2023 and acquiring ReNew Power's solar unit for approximately $188 million in October 2025. The subsidiary operates wind, solar, and energy storage facilities across India, with discussions still in early stages and a final decision on the offering size yet to be locked in.
Sembcorp Green Infra is among India's 10 largest renewable independent power producers by operational capacity as of March 31, 2026, according to its website. The company has more than 75 renewable energy assets across 18 states, with 7.6 gigawatts of gross renewable energy capacity installed and under development in India. The choice of underwriters reinforces the seriousness of the effort, with Citi, HSBC, and Axis Capital bringing global distribution capabilities, while Kotak Mahindra Capital, ICICI Securities, and IIFL Capital Services provide deep connectivity to India's domestic institutional and retail investor base.
Sembcorp is joining a growing list of renewable energy companies seeking to tap India's capital markets, with over $16 billion raised through public offerings in 2025 alone. According to Business Standard, firms including Avaada Electro Ltd., Continuum Green Energy Ltd., and SAEL Industries Ltd. have received regulatory approval for IPOs, while Greenko Energies Pvt., Inox Clean Energy Ltd., and Goldi Solar Pvt. are among those preparing to file. Some recent listings have posted gains, with Clean Max Enviro Energy Solutions Ltd. and Powerica Ltd. trading about 18% and 40% above their IPO prices, respectively.
