Sembcorp Green Infra Ltd (SGIL), one of India’s top 10 renewable independent power producers, has filed a draft red herring prospectus for an initial public offering to raise up to ₹3,750 crore entirely through a fresh issue of equity shares, with no offer-for-sale component. The proceeds will be used solely to repay borrowings at the company and subsidiary level.
The Singapore-backed company, promoted by Sembcorp Utilities Pte. Ltd. and Sembcorp Industries Ltd., operates a total portfolio of approximately 7.64GW/GWh, comprising 3.60GW of operational capacity and roughly 4.04GW/GWh under construction. Its operational base includes 2.09GW of wind, 1.42GW of solar, and 88.40MW of hybrid capacity spread across 105 projects in 13 States and Union Territories.
A significant portion of its under-construction pipeline — 3.58GW, consists of what the company calls complex projects: hybrid, storage-linked, round-the-clock and firm and dispatchable renewable energy configurations. SGIL also has 1,433MWh of battery energy storage capacity under construction. The company reported a 77.32 per cent bid success ratio for complex projects between FY24 and FY26.
Financially, SGIL reported revenue from operations of ₹2,652 crore in FY26, up from ₹2,249 crore in FY24, with EBITDA margins holding above 74 per cent across all three years. Profit after tax stood at ₹371 crore in FY26. The company carries a net debt-to-equity ratio of 1.52x and holds an AA+ (Stable) rating from CRISIL, ICRA, and India Ratings.
The IPO comes as India’s power sector braces for a large investment cycle, with CRISIL Intelligence projecting ₹37–42 trillion in power-sector spending between FY2027 and FY2031, driven by a target to cross 340GW of peak demand by FY31.