Temasek-Backed Sembcorp Green Infra Files For Rs 3,750-Crore IPO: Key Risks, Holding, Financials And More

Sembcorp Green Infra Ltd, the Indian renewable energy platform of Singapore-listed Sembcorp Industries Ltd, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on August 26, 2026, for an initial public offering. The company is an indirect subsidiary of Sembcorp Industries, in which Temasek Holdings, the investment arm of the Government of Singapore, holds a 48.93% stake as of August 21, 2026.

Unlike several recent renewable energy IPOs backed by marquee private equity or sovereign investors, Sembcorp Green Infra's cap table has no outside institutional shareholder. As on the date of the DRHP, promoter Sembcorp Utilities Pte Ltd holds 100% of the pre-issue equity of 398.04 crore shares, built up through cash infusions, rights issues and a 2023 intra-group share swap, while co-promoter Sembcorp Industries Ltd holds no shares directly. The IPO is a pure fresh issue with no offer-for-sale component, meaning Sembcorp Utilities will remain the company's sole shareholder of record right up to listing.

Sembcorp Green Infra: Issue Structure

The IPO comprises a 100% book-built offer with a fresh issue of equity shares of face value Rs 10 each, aggregating up to Rs 3,750 crore. There is no offer-for-sale component. The company may also consider a pre-IPO placement of up to Rs 750 crore, which would reduce the fresh issue size correspondingly. Ahead of the issue, the company has 398.04 crore equity shares outstanding.

Sembcorp Green: Quick glance at ownership and business
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The issue is being managed by a seven-member banker consortium comprising Axis Capital, Citigroup Global Markets India, CLSA India, HSBC Securities and Capital Markets, ICICI Securities, IIFL Capital Services and Kotak Mahindra Capital Company. MUFG Intime India (formerly Link Intime India) is the registrar to the issue.

Sembcorp Green Infra: Objects Of The Issue

Of the net proceeds, Rs 3,000 crore is proposed to be utilised for repayment or prepayment, in full or in part, of outstanding borrowings availed by the company and certain of its subsidiaries. The balance, capped at 25% of gross proceeds, will go towards general corporate purposes. The company said the deleveraging exercise is expected to improve its debt-equity ratio and free up internal accruals for future growth.

Sembcorp Green Infra​​​​​​​: About The Company

Originally incorporated in 2005 and previously known as Green Infra Wind Energy Limited, the company took its current name after a scheme of amalgamation with Sembcorp Green Infra Limited was approved by the National Company Law Tribunal in June 2023. It runs a portfolio of 105 renewable energy projects, of which 84 are operational, spread across 13 states and union territories, with concentration in Rajasthan, Karnataka and Gujarat.

As of March 2026, the company's operational capacity stood at 3.6 GW (wind, solar and hybrid combined), with a further 4.04 GW under construction or development, largely in Rajasthan and Karnataka. It counts itself among the top five wind operators by operational capacity among independent power producers in India, with an operating wind track record of over two decades. Around 43.22% of operational capacity is contracted with central counterparties such as the Solar Energy Corporation of India (SECI) and NTPC, and the portfolio carries a weighted average residual power purchase agreement (PPA) tenure of over 16 years.

Sembcorp Green Infra​​​​​​​: Promoter Backing

The promoters are Sembcorp Utilities Pte Ltd and Sembcorp Industries Ltd. The company draws on the Sembcorp Group's global platform, which spans 12 countries with a gross energy portfolio of 35.2 GW/GWh, including a renewable portfolio of 21.9 GW/GWh across wind, solar, battery energy storage systems (BESS) and hydro. The company said this parentage provides access to capital, refinancing flexibility and a relatively lower cost of debt compared with standalone developers, along with early access to emerging technology such as high-rated wind turbines and N-type TOPCon solar modules.

Sembcorp Green Infra​​​​​​​: Financials

Revenue from operations rose to Rs 2,652.5 crore in FY26 from Rs 2,318.3 crore in FY25 and Rs 2,249.2 crore in FY24. Profit for the year attributable to shareholders stood at Rs 346.3 crore in FY26, against Rs 284 crore in FY25 and Rs 368.9 crore in FY24. Total assets stood at Rs 22,539.7 crore as of March 2026, with total equity of Rs 7,620 crore. Combined non-current and current borrowings stood at over Rs 12,600 crore as of the same date.

Sembcorp Green financials at a glance.
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Sembcorp Green Infra​​​​​​​: Key Risks Flagged

The DRHP flags sector-wide risks including discom payment delays and counterparty credit risk, tariff compression from increased competition, dependence on imported solar modules and cells, inadequate transmission infrastructure leading to curtailment in states such as Gujarat and Rajasthan, and exposure to weather variability affecting generation.

Sembcorp Green Infra​​​​​​​: What's Next

The bid and issue dates are yet to be finalised and will be disclosed once the DRHP is cleared by SEBI. Statutory auditor to the company is Price Waterhouse Chartered Accountants LLP.

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