Singapore’s Temasek-backed Sembcorp Industries is preparing an IPO for its India unit in Mumbai, appointing Citi, HSBC, and Axis Capital as advisers, according to sources.
The listing—targeted within 8–9 months—marks Sembcorp’s second attempt after withdrawing its 2019 draft prospectus.
Its India arm, Sembcorp Green Infra, has rapidly expanded across wind, solar, and energy storage, competing with Adani Green and Avaada Group.
India’s IPO market is booming, with over $16B raised in 2025, making it the world’s third-largest.
Sembcorp Green Infra has reshaped its portfolio, selling thermal assets for $1.47B in 2023 and acquiring ReNew Power’s solar unit for $188M this year. The unit reported $40M profit on $252M revenue (FY2024).
A key move that aligns with India’s accelerating energy transition and the region’s surging capital markets.