Temasek-backed Sembcorp Green Infra has received final SEBI approval for its proposed ₹3,750 crore initial public offering. The renewable energy company’s IPO will consist entirely of fresh shares, with proceeds primarily intended to repay debt and strengthen its balance sheet.
New Delhi, November 13 — Sembcorp Green Infra Ltd has received final approval from the Securities and Exchange Board of India (SEBI) for its proposed ₹3,750 crore initial public offering, clearing a key regulatory hurdle before the renewable energy company can enter the domestic capital market.
Sembcorp Green Infra is the Indian renewable energy arm of Singapore-based Sembcorp Industries, which is a portfolio company of Singapore state investor Temasek.
SEBI issued its final observations on the company’s IPO documents on November 13.
IPO to be entirely fresh issue
The proposed ₹3,750 crore IPO will comprise entirely fresh shares, with no offer-for-sale component.
This means the money raised through the IPO will go directly to Sembcorp Green Infra instead of existing shareholders selling their stakes.
The company plans to primarily use the proceeds to repay or prepay outstanding borrowings of the company and certain subsidiaries identified in its offer documents.
The move is aimed at strengthening its balance sheet as it expands its renewable energy portfolio.
Renewable portfolio stands at 7.64 GW/GWh
Sembcorp Green Infra is among India’s 10 largest renewable independent power producers by operational capacity, as of March 31, 2026.
Its aggregate portfolio stood at around 7.64 GW/GWh, consisting of 3.60 GW of operational capacity and another 4.04 GW/GWh under construction.
The company has 105 projects across 13 states and Union Territories.
Its portfolio includes wind, solar, hybrid, battery energy storage, round-the-clock and firm and dispatchable renewable energy projects.
About 3.58 GW of its under-construction portfolio consists of more complex renewable-energy projects.
Profit rises to ₹371 crore
The company’s financial performance has also strengthened.
Revenue from operations increased to ₹2,652.50 crore in FY26, compared with ₹2,318.29 crore in the previous year.
EBITDA rose to ₹2,098.73 crore from ₹1,837.12 crore, while net profit increased to ₹371.08 crore from ₹298.83 crore.
India’s renewable sector needs more capital
The IPO comes as India’s renewable energy sector requires significant capital for generation capacity, battery storage and grid integration.
India had around 533 GW of installed power-generation capacity as of March 2026, with renewable energy, including large hydro, accounting for approximately 52%.
The country added a record 55.29 GW of non-fossil-fuel capacity during FY26.
Industry projections cited in the source suggest India could add around 264-274 GW of renewable capacity by FY31, while CRISIL Intelligence estimates that 50-55 GW of energy-storage capacity could be added by then.
Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets India, ICICI Securities, Kotak Mahindra Capital, CLSA India and IIFL Capital Services are the book-running lead managers for the issue.
