Sembcorp Green Infra, the renewable energy arm of Singapore-based Sembcorp Industries, has filed draft papers for an initial public offering in India, seeking up to 37.5 billion rupees ($393.04 million).
The offering will consist entirely of new shares, with no sale of existing shares by parent company Sembcorp Industries. Proceeds, estimated at roughly 30 billion rupees, will primarily be used to reduce debt obligations, according to the filing dated Wednesday.
The IPO marks the company’s second attempt to list in India. In 2018, Sembcorp Green Infra—then operating under the name Sembcorp Energy India—submitted draft papers but withdrew the proposal a year later. At the time, the company cited plans to inject fresh equity into the business instead.
Axis Capital, Citigroup, CLSA, HSBC, ICICI Securities, IIFL Capital Services, and Kotak Mahindra Capital are managing the transaction. The filing follows a broader push by Temasek Holdings to monetize assets in India’s growing renewable energy sector.
