Sembcorp Green Infra IPO gets Sebi nod for Rs 3,750 crore

The Sembcorp Green Infra IPO has cleared its main regulatory hurdle. Sebi issued its final observations on 13 November on the draft papers of Sembcorp Green Infra, the Indian renewable energy arm of Singapore-based Sembcorp Industries, for a public issue of up to Rs 3,750 crore, Free Press Journal reported. The company is a Temasek portfolio company through its parent, according to a PTI report carried by Upstox.

What happened

Free Press Journal said the issue is a fresh issue of equity shares worth up to Rs 3,750 crore, with no offer for sale component. The company filed its preliminary IPO papers in August 2026, the outlet said. Proceeds are meant mainly to repay or prepay borrowings of the company and certain subsidiaries, PTI reported via Upstox.

PTI listed seven book running lead managers: Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets India, ICICI Securities, Kotak Mahindra Capital, CLSA India and IIFL Capital Services. Free Press Journal named the promoters as Sembcorp Utilities and Sembcorp Industries. Neither report gave a valuation or a price band.

Key numbers

Issue size: up to Rs 3,750 crore, all fresh issue, Free Press Journal reported.
FY26 revenue from operations: Rs 2,652.50 crore, up from Rs 2,318.29 crore in FY25, PTI reported via Upstox.
FY26 net profit: Rs 371.08 crore, up from Rs 298.83 crore, per the same report.
Operational renewable capacity: 3.60 GW as of 31 March 2026, Free Press Journal said.
Footprint: 105 projects across 13 states and union territories, per the same report.

Who is Sembcorp Green Infra

Sembcorp Green Infra has operated in India since 2005 and was among the country’s 10 largest renewable independent power producers by operational capacity as of 31 March 2026, PTI reported. Its projects span wind, solar, hybrid, battery storage and round the clock renewable supply. The company said its bid success ratio in complex renewable projects was 77.32% across FY24 to FY26, according to PTI.

The company sits in India’s energy and climate sector. Founders in Frame has also tracked other Indian listings, including the Crystal Crop Protection IPO, which opens on 18 November, and the Haldiram IPO process.

What it means for the IPO market

Free Press Journal said Sebi’s observations covered another high profile name in the same batch. Fintech firm Razorpay, founded in 2014 by Harshil Mathur and Shashank Kumar, received its observations dated 3 November, the outlet said. It filed its draft papers in June through the confidential route, and PTI, citing people familiar with the matter, reported an issue size of Rs 5,000 crore to Rs 6,000 crore. Peak XV Partners, GIC and Tiger Global are among its investors, the outlet reported.

The two approvals show Sebi clearing both an infrastructure issue and a venture backed financial services technology listing in the same period. Sembcorp Green Infra’s stated use of proceeds is debt reduction, so the money raised is not described as funding new capacity directly.

What happens next

Neither report gave a price band, issue dates or a listing date for the Sembcorp Green Infra IPO. Free Press Journal said valuation and bankers beyond the lead managers were not reported. The company still has to announce its price band and issue dates, and Founders in Frame will update this story if it does.