Temasek-backed Sembcorp Industries is preparing to list its Indian renewable energy subsidiary, Sembcorp Green Infra, on the Indian stock exchanges in what could be one of the most closely watched clean energy IPOs of 2025. According to reports, the Singapore-based utility giant has hired Citi, HSBC, and Axis Capital as advisors to steer the public offering, slated for launch within the next eight to nine months.
While the size and valuation of the Sembcorp Green IPO remain under wraps, reports suggest that discussions are still in the early stages. If completed, this would mark Sembcorp’s second attempt to take its Indian arm public, following an aborted listing in January 2019, when the company withdrew its draft prospectus to recapitalise the business.
Sembcorp Green IPO: Renewed Push
The timing of the Sembcorp Green IPO revival appears strategic. India’s equity markets are trading at record highs, with more than INR 1.5 lakh crore raised through IPOs in 2025, making it the third-largest listing market globally, according to Dealogic data. Investor appetite for renewable energy and ESG-focused plays is surging, and Sembcorp seems keen to leverage this bullish sentiment.
“India’s IPO market is on fire,” says one Mumbai-based investment banker. “With the government’s clean energy push and sustained retail participation, it’s a perfect time for a player like Sembcorp Green Infra to test the waters.”
Green Infra: A Cleaner, Leaner Energy Portfolio
Sembcorp Green Infra has undergone a significant transformation since its last listing attempt. The company has divested all its thermal power assets, selling them to Tanweer Infrastructure Pte for USD 1.47 billion (~INR 12,000 crore) in 2023, effectively exiting fossil fuels in India. The proceeds have been redeployed toward expanding its renewable footprint.
The firm now operates across wind, solar, and energy storage — directly competing with sector heavyweights such as Adani Green Energy and Avaada Group. In October 2025, Sembcorp Green Infra acquired ReNew Power’s solar unit for about USD 188 million (~INR 1,676 crore), adding 300 MW of solar capacity to its portfolio. Earlier this month, it also secured a 150-MW firm and dispatchable renewable energy (FDRE) project from state-run utility SJVN.
For the financial year ending 31 March 2024, the Indian unit reported revenue of USD 252 million (~INR 2,106 crore) and net profit of USD 40 million (~INR 334 crore), according to regulatory filings — a strong turnaround signalling the success of its green transition.
Strategic Rationale: Unlocking Value and Scaling Up
Analysts view the Sembcorp Green IPO as part of Sembcorp’s broader decarbonization and capital recycling strategy. By listing Green Infra independently, the parent company can unlock shareholder value and attract investors hungry for exposure to India’s booming clean energy sector.
“An IPO in India offers Sembcorp a dual advantage — access to deep capital markets and a valuation premium tied to renewable assets,” explains an analyst at a Singapore brokerage. “Given India’s policy tailwinds and the size of its energy transition opportunity, the timing aligns well with global investor sentiment.”
Sembcorp’s Indian renewables arm currently manages one of the country’s largest independent renewable portfolios, and the listing could help accelerate growth in storage solutions and hybrid energy offerings — crucial components of India’s 2070 net-zero ambition.
Market Context
The proposed listing comes as India cements its status as a hub for green capital formation. The country’s renewable energy targets — aiming for 500 GW of non-fossil fuel capacity by 2030 — have spurred a wave of foreign interest.
Global investors such as Temasek, Brookfield, and GIC have all deepened their bets on Indian renewables. Sembcorp’s move thus reflects both confidence in India’s regulatory stability and a calculated pivot toward sustainable growth.
What Lies Ahead
Although Sembcorp has not disclosed deal size or structure, market observers anticipate a multi-billion-dollar valuation, given peer benchmarks and Green Infra’s performance trajectory. Sembcorp Green IPO, once finalized, would not only cement parent’s presence in South Asia’s clean energy landscape but also serve as a barometer for investor appetite in ESG-aligned infrastructure plays.
Sembcorp Green IPO: Key Takeaways
- IPO Plan: Sembcorp Industries plans to list Sembcorp Green Infra in Mumbai within 8–9 months.
- Advisors: Citi, HSBC, and Axis Capital are leading the deal.
- Strategic Moves:
- Sold thermal assets for USD 1.47B (2023).
- Acquired ReNew Power’s solar unit for USD 188M (2025).
- Won a new 150-MW FDRE project from SJVN.
Bottomline: Revived plans for Sembcorp Green IPO reflects both India’s ascendancy in global capital markets and the accelerating pivot toward renewables in Asia. For investors, this could be a landmark deal — where climate finance, corporate strategy, and market momentum converge in one of the decade’s most pivotal listings.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.