Sembcorp's Indian Renewable Arm Files For ₹3,750 Crore IPO

Sembcorp Green Infra, the Indian renewable energy subsidiary of Temasek-backed Sembcorp Industries, has filed draft papers for an initial public offering (IPO) seeking to raise up to ₹3,750 crore.

Sembcorp Industries, the sole owner of the unit, will not sell any existing shares, with the entire offering made up of fresh equity.

A Second Run At Going Public

This is not Sembcorp's first attempt to list its Indian energy business. The company, then operating as Sembcorp Energy India, had filed similar draft papers in 2018 before pulling out a year later, citing plans to inject fresh equity into the business instead.

Bulk Of Proceeds Earmarked For Debt Reduction

Around ₹3,000 crore of what the company raises will go toward paring down borrowings against a consolidated debt pile of ₹12,522.6 crore as of June 2026. Whatever remains after the debt paydown will be routed into general corporate purposes.

Profit Climbs On The Back Of Rising Revenue

Sembcorp Green Infra closed FY26 with a net profit of ₹346.3 crore, a 22% jump over the ₹284 crore it earned a year earlier, as revenue for the period advanced 14.4% to ₹2,652 crore.

Capacity And Competitive Position

• The company operates 3.60 gigawatts (GW) of wind and solar capacity as of end-March.

• A further 4.04 gigawatts/gigawatt-hours of capacity is currently under construction.

• Its business spans building, owning and operating renewable power assets across India.

• Key listed rivals in the space include NTPC Green Energy, Adani Green Energy and ACME Solar Holdings.

Industry Backdrop

The Sembcorp Green Infra IPO arrives as India's clean energy sector continues its rapid build-out. The government said earlier this month that the country had surpassed 300 GW of clean electricity generation capacity as of end-July, putting it 60% of the way toward its 500 GW target by 2030.

Bankers On The Deal

Axis Capital, Citigroup, CLSA, HSBC, ICICI Securities, IIFL Capital Services and Kotak Mahindra Capital are managing the issue.

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