Sembcorp weighs IPO for India renewable arm

Sembcorp Industries, which is backed by Temasek, is reportedly considering an IPO for its Indian subsidiary Sembcorp Green Infra. The launch could take place in the next eight to nine months.

The talks are at an early stage and the size of the issue has not been set. This would be Sembcorp’s second attempt to list its India business after the company withdrew a draft prospectus in January 2019. The new effort comes at a time when Indian markets are close to record levels. Companies have raised more than $16 billion in IPOs in 2025, placing India as the third largest market for new listings.

Sembcorp Green Infra has been reshaping its portfolio and exited its Indian thermal power assets for $1.47 billion in 2023. It has since expanded its clean energy footprint, including a recent deal to buy ReNew Power’s solar unit.