Sembcorp Green Infra Eyes $393M India IPO

Sembcorp Green Infra, the Indian renewable energy unit of Temasek-backed Sembcorp Industries, has filed for an Initial Public Offering in Mumbai, targeting up to $393.04 million. This significant filing represents the company’s second attempt to go public in India, following a previous filing in 2018 that was ultimately withdrawn.

Key Numbers

• IPO target: up to 37.5 billion rupees ($393.04 million)
• Proceeds for debt repayment: approximately 30 billion rupees
• Net profit (year ended March 2026): 3.46 billion rupees, a 22% increase
• Revenue (year ended March 2026): 26.52 billion rupees, a 14.4% growth
• Operational capacity (as of March-end): 3.60 gigawatts (wind and solar)
• Capacity under construction: 4.04 gigawatts/gigawatt-hours

The IPO exclusively involves new shares, meaning Sembcorp Industries is not divesting any of its current holdings. A substantial portion of the expected proceeds, approximately 30 billion rupees, is earmarked for debt repayment.

For the year ended March 2026, the company reported a net profit of 3.46 billion rupees, a 22% increase. Revenue also saw a 14.4% growth, reaching 26.52 billion rupees.

As of March-end, Sembcorp Green Infra maintained 3.60 gigawatts of operational wind and solar capacity. An additional 4.04 gigawatts/gigawatt-hours are currently under construction across India.

Operating in a competitive and rapidly expanding clean energy market in India, Sembcorp Green Infra vies with companies like NTPC Green Energy and Adani Green Energy. The Indian government has set an ambitious target of 500 GW of clean energy capacity by 2030, having already surpassed 300 GW as of July.