Sembcorp Green Infra Eyes S$500M India IPO
By ThePip Desk
Temasek-backed Sembcorp Green Infra files for a S$500M IPO in Mumbai, its second attempt, to fund debt repayment and expansion in India’s renewable energy sector.
Sembcorp Green Infra, the Indian renewable energy arm of Temasek-backed Sembcorp Industries, has filed for an initial public offering (IPO) in Mumbai, aiming to raise up to 37.5 billion rupees (S$500 million). This marks their second attempt to go public in India.
The IPO structure involves only new shares, meaning Sembcorp Industries will not be selling any of its existing holdings. This approach focuses on capital infusion directly into the Indian subsidiary.
Capital Deployment Strategy
- Approximately 30 billion rupees from the IPO proceeds: earmarked for partial repayment of existing debt.
- Total company debt: 125.23 billion rupees, highlighting the significant financial leverage.
Sembcorp Green Infra develops and operates wind and solar power plants across India. The company reported strong financial and operational growth for the fiscal year ending March 2026.
Operational & Financial Highlights
- Net profit (FY ending March 2026): 3.46 billion rupees, representing a 22% increase.
- Revenue (FY ending March 2026): 26.52 billion rupees, a rise of 14.4%.
- Operational wind and solar capacity (as of March 2026): 3.60 gigawatts.
- Additional capacity under construction: 4.04 gigawatts/gigawatt-hours.
The company operates within India’s expanding clean energy sector, a market seeing significant government push. India aims to achieve 500 gigawatts of clean energy capacity by 2030, having already surpassed 300 gigawatts by July.