Sembcorp says potential IPO of Indian renewable unit remains preliminary
It responds to a Bloomberg report that the listing could raise as much as US$500 million
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[SINGAPORE] Sembcorp Industries said on Monday (Aug 17) that “no definitive decision” has been made on a potential initial public offering (IPO) of any of its business units, in response to media reports on the potential listing of its Indian renewable energy unit.
The company said it “regularly reviews strategic options for its businesses, including evaluation of a potential initial public offering of certain business units”, and stressed that any such evaluation remained preliminary.
Sembcorp was responding to reports that it is preparing to file for an IPO of its Indian renewable energy unit, Sembcorp Green Infra.
The offering could raise as much as US$500 million, with draft documents that could be submitted as early as August, reported news outlet Bloomberg earlier on Monday.
“No definitive decision has been made in relation to any such transaction, and there can be no assurance that any such transaction will proceed or be completed,” added Sembcorp in a bourse filing on Monday evening.
Bloomberg reported that Sembcorp is working with Axis Capital, HSBC, Citigroup, Kotak Mahindra Capital, ICICI Securities and IIFL Capital Services on the proposed share sale.
If it proceeds, the offering would be Sembcorp Green Infra’s second attempt to list publicly, after it failed to do so in 2018. At the time, the company had filed draft IPO papers with India’s market regulator, but withdrew them several months later, after Sembcorp opted to inject additional equity into the business.
Sembcorp Green Infra ranked among India’s 10 largest renewable independent power producers by operational capacity as at Mar 31, 2026, said its website.
It has more than 75 renewable energy assets in 18 states, with 7.6 gigawatts (GW) of gross renewable energy capacity installed and under development in the country.
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Sembcorp added that it would make the appropriate announcement if there are material developments.
Until then, it urged shareholders and investors to exercise caution when trading its securities and not place undue reliance on media reports or speculation about a potential IPO until the company makes a definitive announcement.
India is a key growth market for Sembcorp’s renewables business. At its recent results briefing, the group said that while it expects its renewable business to face headwinds, it anticipates contributions from new installed capacity, particularly in India.
In December 2025, it announced the completion of its acquisition of Indian solar power company ReNew Sun Bright through Sembcorp Green Infra, marking another step in the group’s shift towards greener energy.
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