Sembcorp’s Indian renewables unit files draft IPO papers
[SINGAPORE] Sembcorp Industries on Thursday (Aug 27) said that its Indian renewables unit has filed draft prospectus papers for an initial public offering in Mumbai, moving forward with a share sale that media reports suggest could raise up to US$500 million.
The draft red herring prospectus, dated Wednesday, was submitted to India’s securities regulator, the Securities and Exchange Board of India, as well as the National Stock Exchange of India and BSE (formerly the Bombay Stock Exchange).
Sembcorp emphasised that the potential IPO remains subject to prevailing market conditions, regulatory approvals and internal evaluations. The parent company also noted that no definitive decision has been made on whether the public listing will be completed.
This regulatory filing follows recent media reports regarding the unit’s public market debut. Earlier in August, Bloomberg said the offering could raise as much as US$500 million. Sembcorp initially responded to these reports on Aug 17, stating at the time that its evaluations remained preliminary.
If completed, the proposed share sale will be Sembcorp Green Infra’s second attempt to list publicly. The company previously filed draft IPO papers with India’s market regulator in 2018. However, it withdrew those documents several months later when Sembcorp opted to inject additional equity into the business instead.
According to earlier media reports, Sembcorp has engaged several financial institutions – Axis Capital, Citigroup, HSBC, ICICI Securities, IIFL Capital Services and Kotak Mahindra Capital – to work on the proposed share sale.
Expanding India’s green energy
India remains a key growth market for Sembcorp’s renewables business. While the group expects some headwinds in the sector, it anticipates earnings contributions from its newly installed capacities.
Sembcorp’s broader strategic transition towards greener energy was highlighted by the December 2025 completion of its acquisition of Indian solar power company ReNew Sun Bright, executed through Sembcorp Green Infra.
As at Mar 31, Sembcorp Green Infra ranked among India’s 10 largest renewable independent power producers by operational capacity. Its portfolio includes more than 75 renewable energy assets spread across 18 Indian states and 7.6 gigawatts of gross renewable energy capacity, which is currently installed and under development.
Sembcorp Industries on Thursday also pledged to make announcements in accordance with applicable regulatory requirements should there be any further material developments regarding the IPO.
Shares of Sembcorp rose 1.2 per cent to close S$0.07 higher at S$6.12 on Wednesday.
