A proposed Indian renewable-energy IPO by Sembcorp Green Infra would direct ₹30 billion toward specified debt repayment, while its draft prospectus sets the fresh share sale ceiling at ₹37.5 billion.
The prospectus earmarks ₹30 billion of net proceeds to repay or prepay certain borrowings of Sembcorp Green Infra Limited and certain subsidiaries. It does not say all their borrowings would be covered. Total borrowings stood at ₹126,233.77 million as of March 31, 2026.
The company may also raise up to ₹7.5 billion through a pre-IPO placement; any amount raised would reduce the fresh issue. The draft does not set a final amount for general corporate purposes, which is capped at 25% of gross proceeds. It contains no offer for sale of existing shares.
Bloomberg reported Oct. 26 that Sembcorp Industries was sounding out investors about a potential listing and weighing a launch as early as December, citing people familiar with the discussions. Bloomberg said the deal’s timing and terms remained unsettled. The report put the potential offer at about $394 million.
Sembcorp Industries said its subsidiary filed the draft prospectus, dated Aug. 26, with SEBI, NSE and BSE. In its Aug. 27 announcement, Sembcorp said the potential IPO depends on market conditions and regulatory and internal approvals, and may not proceed.
As of March 31, 2026, Sembcorp Green Infra reported 105 projects across 13 Indian states and union territories: 84 operating and 21 under construction. Operating capacity was 3.60 gigawatts (GW). Projects under construction included 2.61 GW of renewable-energy capacity and 1.43 gigawatt-hours (GWh) of battery storage.
For the financial year ended March 31, 2026, the company reported revenue from operations of ₹26,524.95 million and profit for the year of ₹3,710.83 million. Sembcorp Industries’ 2025 annual report identifies Temasek Holdings (Private) Limited as its immediate and ultimate holding company, with a 49.61% stake in Sembcorp Industries.
An earlier listing plan involved the broader Sembcorp Energy India Ltd., which included Sembcorp Green Infra. The company withdrew a 2018 draft prospectus in June 2019 after promoter Sembcorp Utilities Pte. Ltd. proposed an equity injection, according to its 2019-20 annual report.
Bloomberg reported the current draft was awaiting regulatory approval. Sembcorp’s announcement also lists internal and regulatory approvals as conditions, but gives no decision date, IPO opening date or price range.
