New Delhi: Temasek-backed Sembcorp Green Infra Ltd (SGIL) has begun its stock market listing process, filing a draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi)for a ₹3,750 crore initial public offering.
The proposed IPO will only comprise a fresh issue of shares, with no offer-for-sale component, and the entire proceeds of the sale will be received by the company.
The DRHP noted that the net proceeds of the issue would be utilized for "repayment/ prepayment, in full or in part, of all or certain outstanding borrowings" availed by the company and certain of its subsidiaries, along with general corporate purposes. As of June-end, its outstanding borrowings stood at ₹12,522.68 crore.
"Our company and subsidiaries have entered into various financial arrangements with banks and financial institutions. The loan facilities entered into by our company and subsidiaries include borrowing in the form of, inter alia, term loans and short-term/working capital loans. As of 30 June 2026, we had total outstanding borrowings (including accrued interest) of ₹125,226.80 million on a consolidated basis," it said.
"We propose to utilise an estimated amount of ₹30,000 million from the Net Proceeds towards repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company and by some of our Subsidiaries," it added.
Its subsidiaries—Green Infra Wind Solutions Pvt. Ltd, Green Infra Wind Energy Generation Ltd, Green Infra Clean Solar Energy, Green Infra Solar Power Projects, Green Infra Clean Energy, Green Infra Clean Wind Power, Green Infra Clean Wind Generation, Green Infra Solar Generation, Green Infra Corporate Solar, Mulanur Renewable Energy, Green Infra Renewable Energy, Ivy Ecoenergy India, Vanilla Clean Power, Yarrow Infrastructure, Vector Green Prayagraj Solar, and Green Infra Sun Bright—account for 23.96% of its total outstanding borrowings.
The company's current portfolio stands at 7.64GW/GWh, including 3.60GW/GWh operational capacity and 4.04GW/GWh under construction. Further, a 1,433MWh battery energy storage system (BESS) capacity is under construction.
Its revenue from operations grew in FY26 to ₹2,654.95 crore, up from ₹2,318.2 crore in FY25.
The book-running lead managers for the issue are Axis Capital, Citigroup Global, CLSA India, HSBC Securities, ICICI Securities, IIFL Capital, and Kotak Mahindra Capital.
Sembcorp Green Infra is promoted by Sembcorp Utilities Pte Ltd, a wholly owned subsidiary of Sembcorp Industries, which is listed on the Singapore Exchange. Temasek Holdings is the largest shareholder in Sembcorp Industries, with a 48.93% stake. Other shareholders include DBS Bank with a 10.15% stake, Citigroup (8.66%) and HSBC (Singapore) (3.55%).
Amid growth in the country's renewable energy capacity and ambitious net-zero goals, several renewable energy developers and solar component makers have hit the stock exchanges, and many more are in the pipeline.
Recently, solar module and cell manufacturer Avaada Electro filed for a ₹7,600 crore IPO with the regulator Sebi.
Rituraj Baruah is a special correspondent covering energy, housing, urban affairs, heavy industries and small businesses at Mint. He has reported on diverse sectors over the last eight years including, commodities and stocks market, insolvency and real estate; with previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
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