Sembcorp Eyes $500M India Green IPO: Second Attempt

Sembcorp Industries Ltd. is targeting up to $500 million for the initial public offering (IPO) of its Indian renewable energy unit, Sembcorp Green Infra Ltd. The Singapore-based company, backed by Temasek Holdings Pte., plans to submit draft documents for the IPO as early as this month, marking its second attempt at a public listing.

The proposed share sale involves collaboration with a consortium of banks and financial services firms. Deliberations on the offering’s specific size and structure are still underway, indicating that details remain subject to change.

Banking Syndicate

• Axis Capital Ltd.
• HSBC Holdings Plc
• Citigroup Inc.
• Kotak Mahindra Capital Co.
• ICICI Securities Ltd.
• IIFL Capital Services Ltd.

Sembcorp Green Infra previously attempted to go public, withdrawing an IPO filing in 2018. This earlier decision followed the parent company’s choice to inject more equity capital directly into its Indian unit.

Renewable Energy Footprint

The unit stands as a significant entity within India’s renewable energy sector. It ranks among the top 10 largest renewable independent power producers, based on its operational capacity as recorded on March 31, 2026.

• Over 75 renewable energy assets are spread across 18 Indian states.
• A total of 7.6 gigawatts of gross renewable energy capacity is either installed or under development in India.

This planned IPO aligns with a broader industry trend, as several renewable energy companies are currently seeking to enter India’s capital markets. The move highlights the increasing investor interest in the country’s expanding green energy landscape.