Sembcorp Green Infra Limited (SGIL), a prominent independent power producer in India's renewable energy sector, has formally submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The company seeks to raise Rs 3,750 crore through an initial public offering (IPO).
This proposed IPO will consist entirely of a fresh issue of equity shares, with no offer for sale (OFS) component. The proceeds are expected to bolster SGIL's ongoing development and expansion of utility-scale renewable energy projects across the country.
Expanding Renewable Energy Footprint
Backed by Sembcorp Industries and Temasek, Sembcorp Green Infra focuses on developing, operating, and maintaining complex renewable energy projects. As of March 31, the company's robust portfolio stood at approximately 7.64 GW. This includes about 3.60 GW of operational capacity, with an additional 4.04 GW currently under various stages of development.
SGIL's operations span 13 states and Union territories, encompassing 105 projects. Among these, 84 projects are already operational, while 21 are actively under construction. Their diverse asset base features wind, solar, and hybrid solutions, with a strategic emphasis on advanced technologies like battery energy storage systems (BESS), round-the-clock (RTC) power, and firm and dispatchable renewable energy (FDRE) solutions.
The company has 1,433 MWh of BESS capacity under construction, alongside a broader pipeline of approximately 4.04 GW of projects, including innovative hybrid setups and BESS-integrated initiatives.
Strong Financial Performance and Ratings
Sembcorp Green Infra has demonstrated solid financial growth. Its revenue from operations increased to Rs 2,653 crore in the fiscal year 2026, up from Rs 2,249 crore in FY24. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also saw a rise, reaching Rs 2,099 crore in FY26 compared to Rs 1,823 crore in FY24. The company has consistently maintained an EBITDA margin above 74 percent.
Reflecting its financial stability and operational strength, SGIL held AA+ (Stable) long-term credit ratings from leading agencies such as CRISIL, ICRA, and India Ratings as of March 31.
IPO Management Team
The upcoming IPO will be jointly managed by a consortium of prominent financial institutions. These include Axis Capital, Citigroup Global Markets India, CLSA India, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, and Kotak Mahindra Capital Company, all serving as book-running lead managers to the issue.