Renewable energy company Sembcorp Green Infra has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹37.5 billion (~$392.76 million) through an initial public offering (IPO).

The IPO will comprise a fresh issue of equity shares with a face value of ₹10 (~$0.10) each. The company may also consider a pre-IPO placement of up to ₹7.5 billion (~$78.55 million). If completed, the amount raised through the pre-IPO placement will be reduced from the fresh issue.

Of the net proceeds, ₹30 billion (~$314.21 million) will be utilized to repay or prepay, in full or in part, certain outstanding borrowings of the company and some of its subsidiaries. The remaining proceeds will be used for general corporate purposes.

Axis Capital, Citigroup Global Markets India, CLSA India, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, and Kotak Mahindra Capital Company are the book-running lead managers for the IPO. MUFG Intime India is the registrar to the issue.

As of March 31, 2026, the company had 84 operational renewable energy projects with a combined operational capacity of 3.60 GW. It also had 21 projects under construction with a combined capacity of 4.04 GW, comprising 2.61 GW of renewable energy capacity and 1.43 GWh of battery energy storage system capacity.

Its operational portfolio included 2.09 GW of standalone wind projects and 1.42 GW of standalone solar projects as of March 31, 2026.  Its operational projects in Tamil Nadu and Gujarat accounted for 38.70% of gross revenue from power generation in FY 2026.

The company said a significant portion of its revenue comes from electricity sales, with the top 10 offtakers contributing 75.10% of its gross revenue from power generation in FY 2026.

As of March 31, 2026, 85.40% of its operational capacity and 90.24% of its total contracted capacity were under power purchase agreements with central or state government entities.

In October 2025, Sembcorp Green Infra signed a share purchase agreement with ReNew to acquire 100% of ReNew Sun Bright, its subsidiary, for approximately SGD246 million (~$190 million).

In the same month, Sembcorp Green Infra was one of the winners of SJVN’s auction to supply 6 GWh (1.5 GW x 4 Hours) of assured peak power from ISTS-connected renewable energy projects with an energy storage system.