Sembcorp plans to file IPO papers for Indian unit to raise $500 million

By Rajesh Mascarenhas

 

Singapore-based Sembcorp Industries Ltd. is preparing to file for an initial public offering of its Indian unit, Sembcorp Green Infra Ltd., that could raise as much as $500 million, according to people familiar with the matter. 

 

The Temasek Holdings Pte.-backed renewable energy company plans to submit draft documents as early as this month, the people said, asking not to be identified because the information is private.

 

Sembcorp is working with Axis Capital Ltd., HSBC Holdings Plc, Citigroup Inc., Kotak Mahindra Capital Co., ICICI Securities Ltd., and IIFL Capital Services Ltd. on the proposed share sale, the people said.

 

 

Deliberations are ongoing and details of the offering, including its size and structure, could change, they said. Representatives for Sembcorp and the banks didn’t immediately respond to requests for comment.

 

The offering would mark Sembcorp Green Infra’s second attempt to go public. The company filed paperwork with India’s market regulator in 2018, but withdrew it a few months later after its parent company decided to inject additional equity capital into the Indian unit.

 

Sembcorp is joining a growing list of renewable energy companies seeking to tap India’s capital markets. Firms including Avaada Electro Ltd., Continuum Green Energy Ltd. and SAEL Industries Ltd. have received regulatory approval for IPOs, while Greenko Energies Pvt., Inox Clean Energy Ltd. and Goldi Solar Pvt. are among those preparing to file, people familiar with the situations have said. Some recent listings have posted gains, with Clean Max Enviro Energy Solutions Ltd. and Powerica Ltd. trading about 18 per cent and 40 per cent above their IPO prices, respectively.

 

Sembcorp Green Infra is among India’s 10 largest renewable independent power producers by operational capacity as of March 31, 2026, according to its website. The company has more than 75 renewable energy assets across 18 states, with 7.6 gigawatts of gross renewable energy capacity installed and under development in India, website show.