Renewable energy platform Sembcorp Green Infra, backed by Sembcorp Industries and Temasek, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹3,750 crore through an initial public offering (IPO).
According to the DRHP filed on Wednesday, the proposed public issue does not feature any offer for sale (OFS) component. Instead, it consists entirely of a primary capital raise involving the issuance of equity shares with a face value of ₹10 each, aggregating up to ₹3,750 crore.
A portion of the net proceeds from the IPO is proposed to be utilized by the company to repay or prepay certain loans obtained from The Hongkong and Shanghai Banking Corporation (HSBC Bank). HSBC Bank is an affiliate of HSBC Securities and Capital Markets (India), which is one of the Book Running Lead Managers (BRLMs) for the issue.
Sembcorp Green Infra operates a portfolio of approximately 7.64 gigawatts (GW). This portfolio comprises 3.60 GW of operational capacity and around 4.04 GW currently under construction. Additionally, the platform has 1,433 megawatt-hour (MWh) of battery energy storage system (BESS) capacity under development.
The company's footprint spans 105 projects across 13 states and Union Territories, diversified across wind, solar, hybrid, and storage technologies. The firm reported a bid success ratio of 77.32 percent for complex projects during the FY24–FY26 period, which includes hybrid and storage-linked projects.
In terms of financial performance, Sembcorp Green Infra's revenue from operations increased from ₹2,249 crore in FY24 to ₹2,653 crore in FY26. Over the same timeframe, its EBITDA grew from ₹1,823 crore to ₹2,099 crore, maintaining EBITDA margins above 74 percent.
The company has appointed a consortium of seven financial institutions as Book Running Lead Managers for the public issue. The BRLMs include Axis Capital, Citigroup, CLSA, HSBC, ICICI Securities, IIFL Capital Services, and Kotak Mahindra Capital.
"The decision by Sembcorp Green Infra to go for a 100% primary capital raise through this IPO highlights the strong capital requirements of the renewable energy sector in India. With substantial capacity currently under construction, deploying public funds toward deleveraging debt and scaling up infrastructure reflects a sound financial strategy. Companies with solid operational capacity and high EBITDA margins are increasingly looking at public markets to fuel their long-term growth and expansion plans." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
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