The Sembcorp Green Infra IPO has got SEBI's final observations for ₹3,750 crore, as per a PTI report on 13 November. The whole issue is fresh shares, with no offer for sale (OFS). The money goes to the company, mainly to repay debt.
What does the SEBI nod mean?
SEBI has finished its review of the company's draft papers. It has no further observations that stop the IPO from moving ahead. The company can now finalise its offer document and pick a launch date.
An approval like this is usually valid for 12 months. No dates or price band have been announced yet. We covered the earlier report on a possible December launch, and that is still only a report.
Key facts at a glance
| Item | Detail |
|---|---|
| Issue size | ₹3,750 crore |
| Structure | Entirely fresh issue |
| Main use of money | Repay or prepay borrowings of the company and some subsidiaries |
| Parent | Sembcorp Industries of Singapore, a Temasek portfolio company |
| SEBI observations | 13 November 2026 |
What does the company do?
Sembcorp Green Infra is the Indian renewable energy arm of Sembcorp Industries. It has been in the market since 2005. It is among the 10 largest renewable power producers in India by operating capacity, as per the PTI report.
Its portfolio is about 7.64 GW/GWh. Of this, 3.60 GW is operating and 4.04 GW/GWh is under construction. The projects are spread over 105 sites in 13 states and union territories. They cover wind, solar, hybrid and battery storage.
How are the financials?
| Item (₹ crore) | FY25 | FY26 |
|---|---|---|
| Revenue from operations | 2,318.29 | 2,652.50 |
| EBITDA | 1,837.12 | 2,098.73 |
| Net profit | 298.83 | 371.08 |
Revenue grew about 14% in FY26. Net profit grew about 24%. The gap between EBITDA and profit is large, which is normal for a company that carries a lot of debt. That is the debt the IPO money is meant to reduce.
What our data shows
Issues of ₹1,000 crore to ₹5,000 crore are common this year. 28 of them have listed, and their median listing gain was 3.7%. At ₹3,750 crore, Sembcorp Green Infra would sit in this size band.
What happens next
The company now has to file its red herring prospectus (RHP), the final offer document, before the issue opens. The price band and dates come with it. Sembcorp Green Infra has no IPO page on IPO Guru yet. You can track every approved name on our upcoming mainboard IPO page. We will write again when dates are announced.
The lead managers are Axis Capital, Citigroup Global Markets India, HSBC Securities, ICICI Securities, Kotak Mahindra Capital, CLSA India and IIFL Capital Services.
