Sembcorp Green Infra, the Indian renewable energy arm of Temasek-backed Sembcorp Industries, has filed for an initial public offering in Mumbai to raise up to 37.5 billion rupees (S$500 million), draft papers dated on Aug 26 showed.
The filing marks Sembcorp’s second attempt to take its Indian energy business public and comes as India’s IPO market sees signs of revival after a muted first half of the year.
In 2018, the company, then known as Sembcorp Energy India, filed draft papers before withdrawing them a year later, saying it was injecting new equity into the business.
The IPO consists entirely of new shares, with Sembcorp Industries, which fully owns the company, not selling any shares.
About 30 billion rupees of the proceeds will be used to repay part of its 125.23 billion rupees debt.
Reuters reported in November that Sembcorp was planning a listing of its India unit in 2026.
Sembcorp Green Infra, which builds, owns, and runs wind and solar power plants across India, reported in the draft papers a 22 per cent rise in net profit to 3.46 billion rupees for the year ended March 2026, as revenue grew 14.4 per cent to 26.52 billion rupees.
As of end-March, the company had 3.60 gigawatts of operational wind and solar capacity, with another 4.04 gigawatts/gigawatt-hours worth of capacity being built.
The company competes with listed renewable energy developers such as NTPC Green Energy, Adani Green Energy and ACME Solar Holdings in India’s rapidly expanding clean energy sector.
The Indian government said in August the country has crossed 300 gigawatts of clean electricity generation capacity as of end-July, 60 per cent of the 500 gigawatts of clean energy capacity it is targeting by 2030.
Axis Capital, Citigroup, CLSA, HSBC, ICICI Securities, IIFL Capital Services and Kotak Mahindra Capital are managing the issue. REUTERS
