Singapore's Sembcorp Industries Explores IPO of Indian Arm: Report

Singapore’s Temasek-backed Sembcorp Industries has opened preliminary discussions for an initial public offering (IPO) of its India business and has brought on board three investment banks to lead the process, according to the news reports.  

The move signals a renewed attempt to unlock value from its Indian operations after the company withdrew a previous listing plan in 2019. 

Banks Appointed and IPO Timeline 

As per the news reports, the company has appointed Citi, HSBC, and Axis Capital to advise on the proposed share sale. Discussions are still in the early phase, and key details such as issue size are yet to be finalised. The IPO is tentatively targeted for launch within 8 to 9 months, depending on regulatory clearances and market conditions. 

Indian Companies have collectively raised more than $16 billion in 2025 so far, making India the world’s 3rd-largest IPO market, according to Dealogic. 

Sembcorp’s India Operations and Recent Deals 

Sembcorp’s Indian subsidiary, Sembcorp Green Infra, operates across wind, solar, and energy-storage solutions and competes with players including Adani Green Energy and Avaada Group. The company has reshaped its portfolio in recent years, including the sale of its thermal power assets in India for $1.47 billion to Tanweer Infrastructure Pte in 2023. 

It has since expanded its renewable footprint and, in October, signed an agreement to acquire ReNew Power’s solar energy unit for about $188 million. As per the regulatory filings, Sembcorp’s India business posted a profit of $40 million for the year ending March 31, 2024, on revenues of $252 million. 

Read More: Upcoming IPOs: Amagi Media Labs, Fractal Analytics, Sahajanand Medical Technologies Get SEBI Approval! 

Conclusion 

Sembcorp’s renewed push for an India IPO comes at a time when equity markets are buoyant and investor appetite for renewable energy businesses is strong. With a growing green-energy portfolio and investment banks formally appointed, the company appears positioned to revive its plan to debut in public markets after several years. 

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