Singapore’s Sembcorp Files $393 Mn IPO for Indian Renewables Arm to Pare Debt
The parent company is making another attempt to list its Indian business. But it is not selling any of its own shares in the all-primary offering, with INR 3,000 Cr of net proceeds designated for debt repayment.
Sembcorp
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Sembcorp Green Infra, the Indian renewables arm of Singapore-listed Sembcorp Industries, has filed for an initial public offering of up to INR 3,750 Cr ($393 Mn), with INR 3,000 Cr of the proceeds going to repay debt.
The draft red herring prospectus, dated August 26, specifies a fresh issue of up to INR 3,750 Cr and no offer for sale. The size puts a firm number on a listing that could have raised as much as $500 Mn, according to a Bloomberg report earlier this month.
Before the IPO, Sembcorp Utilities Pte Ltd holds 100% of Sembcorp Green Infra, including shares held through nominees, according to the DRHP. Sembcorp Utilities and Sembcorp Industries are both named as promoters. The absence of an offer for sale makes the proposed IPO a capital raise for the Indian renewables business, not a shareholder exit.
About INR 3,000 Cr of the net proceeds will be used to repay or prepay certain borrowings of Sembcorp Green Infra and some of its subsidiaries, with the remainder earmarked for general corporate purposes. Total borrowings stood at INR 12,623.4 Cr as of March 31, 2026. The company may also undertake a pre-IPO placement of up to INR 750 Cr, in which case the amount raised would be deducted from the fresh issue.
For the financial year ended March 2026, revenue from operations rose 14.4% YoY to INR 2,652.5 Cr from INR 2,318.3 Cr, while profit for the year climbed 24.2% to INR 371.1 Cr from INR 298.8 Cr. EBITDA rose 14.2% to INR 2,098.7 Cr, resulting in an EBITDA margin of 74.2%.
As of March 31, Sembcorp Green Infra had 3.60 GW of operational capacity and another 4.04 GW/GWh under construction, comprising 2.61 GW of renewable generation capacity and 1.43 GWh of battery energy storage capacity. Its portfolio comprises 105 projects across 13 Indian states and union territories, with 84 operational and 21 under construction.
The DRHP says its portfolio spans wind, solar and storage, alongside more complex projects combining those technologies, including wind-solar hybrids, round-the-clock projects and assured peak power supply projects.
The filing marks Sembcorp’s second attempt to bring an Indian energy business to the public market. Sembcorp Energy India filed draft papers with SEBI in 2018 for an INR 4,095 Cr fresh issue alongside an offer for sale by Sembcorp Utilities and Gayatri Energy Ventures. It withdrew the DRHP in June 2019 after Sembcorp Utilities decided to inject fresh equity to support the company’s renewable energy projects, changing its capital structure.
The potential IPO remains subject to market conditions, regulatory and internal approvals and other relevant considerations. Sembcorp said on August 27 that it had not made a definitive decision on whether the transaction would proceed or be completed.
Sembcorp Industries shares closed at S$6.12 on August 26, up 1.16%.
Axis Capital, Citigroup Global Markets India, CLSA India, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services and Kotak Mahindra Capital are the book-running lead managers.
Sembcorp Green Infra, the Indian renewables arm of Singapore-listed Sembcorp Industries, has filed for an initial public offering of up to INR 3,750 Cr ($393 Mn), with INR 3,000 Cr of the proceeds going to repay debt.
The draft red herring prospectus, dated August 26, specifies a fresh issue of up to INR 3,750 Cr and no offer for sale. The size puts a firm number on a listing that could have raised as much as $500 Mn, according to a Bloomberg report earlier this month.
Before the IPO, Sembcorp Utilities Pte Ltd holds 100% of Sembcorp Green Infra, including shares held through nominees, according to the DRHP. Sembcorp Utilities and Sembcorp Industries are both named as promoters. The absence of an offer for sale makes the proposed IPO a capital raise for the Indian renewables business, not a shareholder exit.
