Sembcorp Green Infra has taken a major step towards becoming a publicly listed renewable energy company in India after filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering worth up to ₹3,750 crore.
The proposed Sembcorp Green Infra IPO will consist entirely of a fresh issue of equity shares. There will be no offer-for-sale component, meaning the proceeds raised from investors will flow directly to the company. The move is expected to strengthen its balance sheet while providing financial support for the expansion of its renewable energy portfolio.
A large part of the money raised through the public issue will be used to reduce debt. The company plans to deploy about ₹3,000 crore of the IPO proceeds towards repayment or prepayment of certain borrowings held by Sembcorp Green Infra and some of its subsidiaries.
As of June 30, 2026, the company and its subsidiaries had consolidated outstanding borrowings of about ₹12,522.68 crore, including accrued interest. The proposed debt reduction could therefore help lower financial costs and give the company greater room to invest in new projects.
The IPO also marks Sembcorp’s renewed attempt to bring its Indian energy business to the stock market. The company had previously initiated a listing process in 2018 under its earlier identity, Sembcorp Energy India. That proposal was subsequently withdrawn in 2019 as the group planned to inject additional equity into the business.
This time, the company is entering the market with a much larger renewable energy portfolio and a growing focus on newer forms of clean power generation.
Sembcorp Green Infra had 3.60 GW of operational renewable energy capacity as of March 31, 2026. Another approximately 4.04 GW/GWh of capacity was under construction, taking its overall portfolio to around 7.64 GW/GWh.
The construction pipeline includes around 2.61 GW of renewable generation capacity and 1,433 MWh of battery energy storage system (BESS) capacity. The company is increasingly moving beyond conventional wind and solar projects towards hybrid projects, storage-linked renewable energy, round-the-clock power and firm and dispatchable renewable energy, or FDRE, projects.
This shift is important as India’s electricity market increasingly needs renewable power that can be supplied beyond periods of strong sunshine or wind. Battery storage and hybrid projects can help address the intermittent nature of renewable generation and make clean power more reliable for large consumers and utilities.
Sembcorp Green Infra operates as a renewable independent power producer, developing, constructing, operating and maintaining utility-scale renewable energy projects. The company has 105 projects spread across 13 states and union territories, according to its IPO documents. Its electricity is sold to central and state government agencies as well as private power buyers.
The company’s financial performance has also strengthened. Revenue from operations increased to ₹2,652.50 crore in FY26, compared with ₹2,318.29 crore in FY25. Profit after tax stood at ₹371.08 crore, against ₹298.83 crore in the previous financial year. The improvement comes as the company’s operational renewable energy base continues to expand.
Sembcorp Green Infra is promoted by Sembcorp Utilities Pte Ltd, a wholly owned subsidiary of Singapore-listed Sembcorp Industries. Temasek Holdings is the largest shareholder in Sembcorp Industries, holding a 48.93% stake. This backing gives Sembcorp Green Infra access to the broader group’s financial strength and experience in renewable energy and infrastructure.
The company is also considering a pre-IPO placement of up to ₹750 crore. If such a placement takes place, the size of the fresh issue could be reduced accordingly. The final structure and other IPO details will depend on regulatory clearances and subsequent filings.
Sembcorp Green Infra’s listing plans come at a time when India’s renewable energy industry is attracting substantial capital. Rising electricity demand, government targets for clean power and the need for energy storage are encouraging developers to expand their portfolios.
The company intends to build on this opportunity through organic expansion as well as selective acquisitions. It also plans to increase its participation in round-the-clock and FDRE projects while expanding its capabilities in battery energy storage and other storage-integrated renewable solutions.
The company has reported a 77.32% bid success ratio for hybrid and storage-linked projects during FY24-FY26, highlighting its growing participation in more complex renewable energy projects.
Sembcorp Green Infra will compete with established listed renewable energy companies such as NTPC Green Energy, Adani Green Energy and ACME Solar Holdings. However, its focus on hybrid, storage-backed and dispatchable renewable power could help distinguish its business as India’s energy system moves towards greater integration of renewable sources.
The IPO is being managed by Axis Capital, Citigroup Global Markets India, CLSA India, HSBC Securities and Capital Markets India, ICICI Securities, IIFL Capital Services and Kotak Mahindra Capital Company.
With renewable power capacity, battery storage and flexible generation becoming increasingly important to India’s energy transition, Sembcorp Green Infra’s proposed IPO could become one of the more closely watched clean-energy listings in the country’s primary market this year.