The Securities and Exchange Board of India on Friday approved Sembcorp Green Infra’s proposed ₹3,750 crore IPO. The renewable energy firm, backed by Temasek, filed its papers in August 2026. The company plans to use the funds to strengthen its balance sheet and pay off loans to support future growth.
The Securities and Exchange Board of India (SEBI) on Friday approved Sembcorp Green Infra's (SGIL) proposed initial public offering (IPO) through which it aims to raise around ₹3,750 crore.
The renewable energy platform, which is backed by Singapore-based Sembcorp Industries and Temasek, filed the Draft Red Herring Prospectus (DRHP) with the capital markets regulator in August 2026.
The proposed IPO comprises a fresh issue of equity shares aggregating to ₹3,750 crore, with no offer for sale (OFS) component. The proposed capital raise is to support the company's balance sheet and financial position.
"A portion of the Net Proceeds is proposed to be utilised by our company to repay/ prepay loans obtained from the Hongkong and Shanghai Banking Corporation (HSBC Bank), which is an affiliate of HSBC Securities and Capital Markets (India), one of our BRLMs (Book Running Lead Managers)," the firm had said in the DRHP.
Active in the Indian market since 2005, SGIL is an independent power producer (IPP) engaged in the development, construction, operation and maintenance of utility-scale and complex renewable energy projects. It is among the top 10 largest renewable energy IPPs by operational capacity as of March 31, 2026.
As of March 31, 2026, Sembcorp Green Infra had an aggregate renewable portfolio of roughly 7.64 gigawatt-hour (GWh), comprising 3.60 GWh of operational capacity and 4.04 GWh of under-construction capacity.
Its portfolio comprised 105 projects, including 84 operational projects, across 13 states and union territories. Around 3.58 GW of its under-construction portfolio comprises complex projects, including hybrid and storage-linked configurations.
SGIL had a 77.32 per cent bid success ratio for complex projects during FY24-FY26. The portfolio spans wind, solar and complex renewable projects, including hybrid, battery energy storage system (BESS), round-the-clock (RTC) and firm and dispatchable renewable energy (FDRE) projects.
The company reported revenue from operations of ₹2,652.50 crore, EBITDA of ₹2,098.73 crore and PAT of ₹371.08 crore in FY26, compared with revenue from operations of ₹2,318.29 crore, EBITDA of ₹1,837.12 crore and PAT of Rs 298.83 crore in FY25.
Over 80 per cent of India's new capacity additions are expected to come from renewable energy by FY31, with around 264-274 GW of renewable energy capacity expected to be added.
The market is also increasingly moving towards complex renewable energy tenders, including hybrid, RTC and FDRE projects, with the share of such tenders rising to 87 per cent in FY26.
CrisilRISIL Intelligence expects approximately 50-55 GW of energy storage solutions to be added by FY31, supporting the increasing integration of renewable energy into India's power system.
The Book Running Lead Managers to the Issue are Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India), ICICI Securities, Kotak Mahindra Capital Company, CLSA India and IIFL Capital Services.