Singapore-based Sembcorp Industries Ltd. is preparing to file for an initial public offering of its Indian renewable energy arm, Sembcorp Green Infra Ltd., that could raise up to $500 million, according to people familiar with the matter.
The company could submit draft IPO documents as early as this month, the people said, asking not to be identified as the information is private.
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Sembcorp is working with Axis Capital, HSBC, Citigroup, Kotak Mahindra Capital, ICICI Securities and IIFL Capital Services on the proposed share sale, the people said.
Deliberations are ongoing, and details of the offering, including its size and structure, could change, they added. Representatives for Sembcorp and the banks did not immediately respond to requests for comment.
Sembcorp Green Infra IPO: Second Attempt
The proposed offering would be Sembcorp Green Infra's second attempt to go public. The company had filed draft papers with India's market regulator in 2018 but withdrew them a few months later after Sembcorp decided to inject additional equity capital into its Indian unit.
The potential IPO comes as renewable energy companies increasingly turn to India's capital markets to raise funds. Avaada Electro, Continuum Green Energy and SAEL Industries have received regulatory approval for their IPOs, while Greenko Energies, Inox Clean Energy and Goldi Solar are among companies preparing to file, according to people familiar with the matter.
Recent renewable energy listings have also performed well. Clean Max Enviro Energy Solutions is trading around 18% above its IPO price, while Powerica is about 40% higher.
Sembcorp Green Infra Business
Sembcorp Green Infra is among India's 10 largest renewable independent power producers by operational capacity, as of March 31, 2026, according to the company's website.
The company has more than 75 renewable energy assets across 18 states, with 7.6 gigawatts of gross renewable energy capacity installed and under development in India.
The potential IPO would give investors an opportunity to participate in one of India's larger renewable energy platforms as the sector continues to expand.
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