The Securities and Exchange Board of India (SEBI) on Friday approved the proposed initial public offering of Sembcorp Green Infra (SGIL), through which the renewable energy platform aims to raise around ₹3,750 crore. The company is backed by Singapore-based Sembcorp Industries and Temasek, and filed its Draft Red Herring Prospectus with the capital markets regulator in August 2026. The issue is a fresh issue of equity shares with no offer for sale component, and the proceeds are meant to support the company's balance sheet and financial position.
Active in the Indian market since 2005, SGIL is an independent power producer engaged in developing, constructing, operating and maintaining 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 that date it had an aggregate renewable portfolio of roughly 7.64 GWh, comprising 3.60 GWh operational and 4.04 GWh under construction, across 105 projects in 13 states and union territories. About 3.58 GW of the under-construction portfolio consists of complex projects, including hybrid and storage-linked configurations, and the company had a 77.32 per cent bid success ratio for complex projects during FY24 to FY26.S1
The company's financials improved in FY26. Revenue from operations rose to ₹2,652.50 crore from ₹2,318.29 crore in FY25, EBITDA reached ₹2,098.73 crore compared with ₹1,837.12 crore, and profit after tax climbed to ₹371.08 crore from ₹298.83 crore. Part of the net proceeds from the IPO is earmarked to repay or prepay loans obtained from HSBC Bank, an affiliate of HSBC Securities and Capital Markets (India), one of the book running lead managers.S1
The listing comes as India's power sector shifts toward renewables. Over 80 per cent of new capacity additions are expected to come from renewable energy by FY31, with around 264 to 274 GW expected to be added, and the share of complex renewable tenders, including hybrid, round-the-clock and firm and dispatchable projects, rose to 87 per cent in FY26. CRISIL Intelligence expects approximately 50 to 55 GW of energy storage solutions to be added by FY31 to support the integration of renewables into the power system.S1
The book running lead managers for 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. Separately, Razorpay's proposed IPO has also received SEBI approval and is estimated at ₹5,000 to 6,000 crore.S1S2
