Sembcorp Green Infra files DRHP for ₹3,750 crore fresh-issue IPO

The renewable power producer plans to use the proceeds largely to repay borrowings, while expanding its RTC, FDRE and storage-linked renewable energy portfolio

Sembcorp Green Infra, a subsidiary of Singapore-based and Temasek-backed Sembcorp Industries, has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for a proposed ₹3,750 crore initial public offering (IPO).

 

The proposed IPO comprises only a fresh issue of equity shares, with no offer-for-sale component. The net proceeds are proposed to be used to repay or prepay outstanding borrowings of the company and its subsidiaries, supporting its balance sheet and financial position.

 

An independent power producer engaged in the development, construction, operation and maintenance of utility-scale renewable energy projects in India, Sembcorp Green Infra benefits from its parent company’s access to capital, refinancing flexibility and global expertise.

 

 

As of March 31, 2026, the company had a portfolio of 7.64 gigawatts (GW), comprising 3.6 GW of operational capacity across wind, solar, hybrid, battery energy storage system (BESS), round-the-clock (RTC), and firm and dispatchable renewable energy (FDRE) projects.

 

Its under-construction portfolio of 3.58 GW consists of hybrid and storage-linked projects. The company had a 77.32 per cent bid success ratio for such projects during FY24-FY26, according to the offer papers.

 

Its under-construction BESS capacity stands at 1,433 MWh.

 

In FY26, the company reported revenue from operations of ₹2,652.50 crore and a net profit of ₹371.08 crore.

 

The filing comes at a time when India’s power and renewable energy sector is seeing rising electricity demand, increasing renewable energy penetration and a shift towards flexible renewable power solutions.

 

Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), ICICI Securities, Kotak Mahindra Capital Company, CLSA India and IIFL Capital Services are the book-running lead managers to the issue.

 

Going forward, the company plans to increase participation in RTC and FDRE projects while building capabilities in BESS and storage-integrated renewable projects.

 

In addition to organic development, it plans selective acquisitions. Its strategy also includes optimising existing assets through in-house operations and maintenance, digitalisation, forecasting and scheduling.