Sembcorp Green Infra Files DRHP for INR 3,750 Crore IPO to Expand RE Portfolio

Sembcorp Green Infra Ltd., a renewable energy independent power producer, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to INR 3,750 crore through an initial public offering (IPO). The proposed issue comprises entirely of a fresh issue of equity shares, with no offer for sale component.

The Gurugram based company plans to use a substantial portion of the IPO proceeds to repay borrowings by the company and its subsidiaries. The proposed fundraise is aimed at strengthening its balance sheet as it expands its renewable energy portfolio, including storage backed and other complex renewable energy projects. According to reports based on the DRHP, INR 3,000 crore of the net issue proceeds is proposed to be used for debt repayment, with the balance earmarked for general corporate purposes.

Sembcorp Green Infra had 3.60 GW of operational renewable energy capacity as of March 31, 2026, with another 4.04 GW/GWh under construction. The under construction portfolio includes 2.61 GW of renewable energy capacity and 1,433 MWh of battery energy storage system capacity. The company has been expanding its focus beyond conventional solar and wind projects into hybrid, storage backed, round the clock (RTC), and firm and dispatchable renewable energy (FDRE) projects.

The company has 105 projects across 13 states and Union territories. Its portfolio includes wind, solar, hybrid and storage assets, with a growing emphasis on projects that combine renewable generation with energy storage and firm power delivery.

Sembcorp Green Infra reported revenue from operations of INR 2,652.50 crore in FY26, up from INR 2,318.29 crore in FY25. Its profit after tax increased to INR 371.08 crore in FY26 from INR 298.83 crore in the previous financial year.

The equity shares proposed to be issued will have a face value of INR 10 each and are proposed to be listed on BSE and NSE. The issue price, price band, number of shares and bidding dates have not yet been specified in the DRHP.

Sembcorp Green Infra may also consider a pre IPO placement of up to INR 750 crore before filing the Red Herring Prospectus. If undertaken, the amount raised through such a placement would be reduced from the fresh issue size, subject to applicable regulations.

Axis Capital, Citigroup Global Markets India, CLSA India, HSBC Securities and Capital Markets India, ICICI Securities, IIFL Capital Services and Kotak Mahindra Capital Company have been appointed as the book running lead managers for the issue, while MUFG Intime India is the registrar.

The proposed IPO comes as Sembcorp Green Infra seeks to scale its renewable energy platform while reducing leverage and investing in newer forms of clean energy infrastructure, particularly storage backed and dispatchable renewable power projects.