Sembcorp Green Infra IPO

Sembcorp Green Infra IPO is a book-built issue worth ₹3,750.00 crore. The IPO consists entirely of a fresh issue of equity shares, with no offer for sale component.

Axis Capital Limited, Citigroup Global Markets India Private Limited, CLSA India Private Limited, HSBC InvestDirect Securities (India) Limited, ICICI Securities Limited, IIFL Capital Services Limited and Kotak Mahindra Capital Company Limited are the book-running lead managers to the issue, and MUFG Intime India Private Limited is the registrar. For detailed information on the company's financials, business operations, and associated risks, investors are advised to refer to the Sembcorp Green Infra IPO DRHP.

About Sembcorp Green Infra Limited

Sembcorp Green Infra Limited was initially incorporated as BP Energy India Private Limited on June 6, 2005. Following changes in its shareholding and corporate structure, the company underwent multiple name changes, including Green Infra Wind Energy Private Limited, Green Infra Wind Energy Limited, Green Infra Wind Energy Private Limited, and Sembcorp Green Infra Private Limited, before being converted into a public limited company and renamed Sembcorp Green Infra Limited on February 20, 2026.

The company is a renewable energy platform focused on developing, owning, operating, and maintaining utility-scale renewable energy projects across India. Its portfolio spans wind, solar, hybrid renewable energy projects, battery energy storage systems (BESS), and firm and dispatchable renewable energy (FDRE) projects, serving a diverse range of power offtakers.

As of March 31, 2026, Sembcorp Green Infra had an operational capacity of 3,596.86 MW/MWh and an under-construction capacity of 4,039.70 MW/MWh, making it one of the significant renewable energy independent power producers in India. The company operates through multiple subsidiaries and maintains a presence across 13 states and union territories.

The company generates revenue primarily through long-term power purchase agreements (PPAs) entered into with central government agencies, state government entities, distribution companies, and other commercial customers. Its major offtakers include Solar Energy Corporation of India (SECI), PTC India Limited, Maharashtra State Electricity Distribution Company Limited, and NTPC Vidyut Vyapar Nigam Limited.

Sembcorp Green Infra benefits from the backing of Sembcorp Industries Limited and Sembcorp Utilities Pte Ltd, which provide strong industry expertise, operational capabilities, and financial support. The company’s strategy focuses on expanding its renewable energy portfolio, strengthening its position in higher-margin segments such as hybrid and FDRE projects, and leveraging technological capabilities to enhance operational efficiency and long-term growth.

Industry Outlook

• India’s renewable energy sector continues to witness significant growth, supported by government initiatives promoting clean energy generation and increasing investments in sustainable infrastructure.
• The country is witnessing rising demand for renewable energy sources such as wind, solar, hybrid projects, and battery energy storage systems as it seeks to reduce dependence on conventional power generation.
• Renewable energy developers are increasingly participating in competitive auctions conducted by central and state agencies, creating substantial growth opportunities for large-scale renewable power producers.
• The development of FDRE projects and hybrid renewable projects is gaining momentum as power buyers increasingly seek reliable and round-the-clock renewable energy solutions.
• Battery energy storage systems are expected to play an increasingly important role in addressing intermittency issues associated with renewable power generation and improving grid stability.
• The sector continues to benefit from long-term power purchase agreements, providing renewable energy companies with predictable revenue visibility and stable cash flows.
• Growing regulatory support, rising renewable purchase obligations, expanding transmission infrastructure, and increasing corporate demand for green energy are expected to support the long-term expansion of India's renewable energy market.

Sembcorp Green Infra IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company.
• Repayment and/or prepayment of certain borrowings of its subsidiaries to strengthen the overall balance sheet.
• Reduce the company’s overall debt burden and improve financial flexibility.
• Lower future interest costs and improve profitability through deleveraging.
• Strengthen capital structure and improve leverage ratios.
• Support future growth initiatives by creating additional borrowing capacity.
• Meet general corporate purposes in accordance with applicable regulations.

Strengths and Opportunities of Sembcorp Green Infra IPO

1. Backed by globally recognised promoters, Sembcorp Utilities Pte Ltd and Sembcorp Industries Ltd.
2. Large operational renewable energy portfolio of 3,596.86 MW/MWh as of March 31, 2026.
3. Strong under-construction pipeline of 4,039.70 MW/MWh providing visibility for future growth.
4. Diversified renewable energy portfolio across wind, solar, hybrid, BESS and FDRE projects.
5. Long-term PPAs provide predictable revenues and cash-flow visibility.
6. Strong EBITDA margin of 74.20% in FY26 demonstrates operating efficiency.
7. Presence across 13 states and union territories reduces dependence on a single geography.
8. IPO proceeds are largely directed towards debt reduction, which could strengthen financial metrics.
9. Growing opportunities in hybrid, FDRE and battery storage projects position the company to benefit from evolving renewable energy demand.