India’s clean energy pipeline has a new headline listing on the way. Sembcorp Green Infra, the renewable energy arm of Singapore’s Sembcorp Industries, has received the Securities and Exchange Board of India’s final observations for its Rs 3,750 crore initial public offering, clearing the last major regulatory hurdle before the issue can open for subscription.
SEBI issued its final observations on Friday, November 13, according to an update on the regulator’s website. The clearance allows the Gurgaon-headquartered company to file its red herring prospectus and open bidding on the NSE and BSE. Market watchers expect the issue could open as early as December, though the company has not yet announced a price band, lot size or subscription dates.
A Rs 3,750 crore issue, and not a rupee of it is an offer for sale
The most striking feature of the Sembcorp Green Infra IPO is its structure. The entire Rs 3,750 crore is a fresh issue of shares, with no offer for sale component at all. That means every rupee raised goes into the company, and neither parent Sembcorp Utilities nor Sembcorp Industries will sell any existing stake in the offering.
That sets it apart from several recent mainboard listings, where much of the issue size went towards giving early investors an exit. Here, the money stays on the balance sheet. According to the draft prospectus, the company plans to use up to Rs 3,000 crore of the net proceeds to repay or prepay outstanding borrowings of the company and its key subsidiaries, with the rest kept for general corporate purposes.
Sembcorp Green Infra filed its draft red herring prospectus on August 26, 2026, and completed SEBI’s review cycle in under three months. Seven investment banks are managing the issue: Axis Capital, Citigroup Global Markets India, CLSA India, HSBC Securities and Capital Markets India, ICICI Securities, IIFL Capital Services and Kotak Mahindra Capital. MUFG Intime India is the registrar to the offer.
A 7.64 GW portfolio spread across 13 states
Sembcorp Green Infra is one of India’s larger renewable independent power producers. As of March 31, 2026, its portfolio stood at 7.64 GW/GWh across 105 projects in 13 states and union territories, spanning wind, solar, hybrid and battery energy storage projects.
Of that total, 3.60 GW is operational wind and solar capacity, while 4.04 GW/GWh is under construction. The pipeline includes 2.61 GW of clean power generation and 1,433 MWh of battery energy storage systems. Most of the capacity is tied to long-term power purchase agreements with central agencies such as the Solar Energy Corporation of India, state utilities and commercial and industrial buyers.
The company is wholly owned by Sembcorp Industries, which is backed by Singapore’s state investor Temasek. That sovereign backing, combined with a fully fresh issue, is part of why the listing is being watched closely by institutional investors tracking India’s energy transition.
Profits and revenue both rose in FY26
The financials in the draft papers show a business growing steadily. Revenue from operations rose 14.4 percent year on year to Rs 2,652.50 crore in FY26, from Rs 2,318.29 crore in FY25. Net profit climbed to Rs 371.08 crore from Rs 298.83 crore over the same period, while EBITDA grew to Rs 2,098.73 crore from Rs 1,837.12 crore.
For investors, the debt repayment plan matters as much as the growth. Cutting borrowings by up to Rs 3,000 crore would reduce annual interest costs and leave the company with more headroom to bid for new round-the-clock power and battery storage tenders, a segment where Sembcorp Green Infra has been expanding.
SEBI cleared two big IPOs in the same update
Sembcorp Green Infra was not the only name in SEBI’s latest update. The regulator also issued its final observations to fintech major Razorpay on November 3, clearing the way for its proposed Rs 5,000-6,000 crore IPO, with a listing targeted for the January to March 2027 quarter.
Together, the two clearances underline how busy India’s primary market has become. Investors now await the red herring prospectus from Sembcorp Green Infra, which will carry the final price band, lot size and subscription dates.
FAQs
How big is the Sembcorp Green Infra IPO?
Rs 3,750 crore, structured entirely as a fresh issue of shares, with no offer for sale component.
When did SEBI clear the IPO?
SEBI issued its final observations on Friday, November 13, 2026. The company can now file its red herring prospectus and announce the price band and dates.
When will the IPO open for subscription?
No dates have been announced yet. Market watchers expect the issue could open as early as December 2026, but the timetable will be confirmed only in the red herring prospectus.
What will the IPO money be used for?
Mostly debt repayment. The draft papers say up to Rs 3,000 crore of the proceeds will go towards repaying or prepaying borrowings, with the remainder for general corporate purposes.
How large is Sembcorp Green Infra’s renewable portfolio?
7.64 GW/GWh across 105 projects in 13 states and union territories, including 3.60 GW of operational capacity and 4.04 GW/GWh under construction, as of March 31, 2026.
The price band and subscription dates will be the next details to watch. Until the red herring prospectus is filed, the size, valuation and timing remain as reported in the draft papers, not final terms.
