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Sembcorp Industries is reviving plans to list its Indian renewable energy subsidiary, Sembcorp Green Infra, on the Mumbai stock exchange, with a potential raise of around $500 million.
The listing is being targeted for mid-to-late 2026, with Citi, HSBC, and Axis Capital tapped to lead the offering.
A second attempt with better timing
This isn’t Sembcorp’s first crack at an Indian IPO. Back in 2018, the company filed a draft prospectus that could have raised up to $631 million. That effort was shelved before it ever reached the market, with the company opting instead to inject fresh equity into the subsidiary.
India’s IPO market has seen over $16 billion raised through public offerings in 2025 alone. Discussions are reportedly still in early stages, and a final decision on the offering size hasn’t been locked in.
The numbers behind the green push
Sembcorp Green Infra operates wind, solar, and energy storage facilities across India. For the fiscal year ending March 31, 2024, the subsidiary pulled in $252 million in revenue and posted a profit of $40 million.
In 2023, the company divested its thermal power assets for $1.47 billion. Then in October 2025, Sembcorp acquired ReNew Power’s solar unit for approximately $188 million.
India’s IPO market sets the stage
The choice of underwriters reinforces the seriousness of the effort. Citi and HSBC bring global distribution capabilities, while Axis Capital provides deep connectivity to India’s domestic institutional and retail investor base.
Sembcorp’s 2018 experience, when it pulled its IPO rather than accept unfavorable conditions, suggests the company is willing to walk away if the market doesn’t cooperate.
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