Sembcorp Industries is gauging investor interest in a potential initial public offering of its Indian renewable energy subsidiary that could raise up to $394 million, according to Bloomberg, citing people familiar with the matter.
The Singapore-based company, which is backed by Temasek Holdings Pte., is holding meetings with prospective investors as it considers launching the offering as early as December, the people said. They requested anonymity because the discussions are private.
Sembcorp Green Infra Ltd. submitted preliminary IPO documents in August, outlining plans for a fresh share issuance of up to 37.5 billion rupees, equivalent to approximately $394 million. The company is currently awaiting regulatory clearance for the offering.
The proposed listing remains under consideration, and both its timing and size could change, the people said. Sembcorp representatives did not immediately respond to requests for comment.
The company is working with a group of investment banks on the potential IPO, including Axis Capital Ltd., Citigroup Inc., CLSA, HSBC Holdings Plc, ICICI Securities Ltd., IIFL Capital Services Ltd. and Kotak Mahindra Capital Co., according to the people.
India's IPO Market Gains Momentum
India's primary market is seeing renewed activity, following strong demand for the record-breaking IPO of Jio Platforms Ltd. The offering was subscribed more than 22 times last week, while several other companies are preparing to go public over the next two months.
IPOs in India have raised nearly $18 billion so far this year, putting the country on track to potentially challenge last year's record of approximately $22.4 billion in proceeds.
Sembcorp Green Infra's Renewable Energy Portfolio
Sembcorp Green Infra ranked among India's 10 largest renewable independent power producers by operational capacity as of March 31, 2026, according to its IPO prospectus.
The company operates a portfolio of more than 75 renewable energy assets across 18 Indian states. Its gross renewable energy capacity in the country totals 7.6 gigawatts, including both operating facilities and projects under development.
Comments