Singaporean energy firm Sembcorp plans IPO of Indian unit, sources say

Singapore’s Temasek-backed Sembcorp Industries has started talks over an initial public offering of its India unit in Mumbai and appointed three investment banks, including Citi and HSBC, three sources familiar with the matter said.

Talks are at an early stage and no decision has been made on the size of the offering. The move marks Sembcorp’s second attempt to list its India business after withdrawing a draft prospectus in January 2019 to inject new equity.

Sembcorp’s Indian arm, Sembcorp Green Infra, operates businesses in wind, solar and energy storage, and competes with the likes of Adani Green Energy and Avaada Group.

Indian markets are trading near record highs and have seen a surge in listings. Companies have raised more than $16 billion so far in 2025, making India the world’s third-largest IPO market, according to Dealogic.

The IPO, targeted for launch within eight to nine months in Mumbai, will be advised by Citi, HSBC and India’s Axis Capital, the sources said, declining to be named as the matter is confidential.

Citi and HSBC declined to comment, while Sembcorp and Axis did not respond to requests for comment.

Sembcorp’s renewed India IPO plans have not been previously reported.

Sembcorp Green Infra sold its thermal power assets in India for $1.47 billion to Tanweer Infrastructure Pte in 2023. It has further expanded its renewable energy portfolio and signed a deal in October to acquire ReNew Power’s solar energy unit for about $188 million.

Sembcorp’s India unit made a profit of $40 million in the year ending March 31, 2024, with revenues of $252 million, regulatory disclosures show.