Sembcorp’s India Business IPO – Analyzed

Sembcorp Industries, a big company in Singapore, is considering selling part of its business in India through an initial public offering (IPO). They’ve hired banks like Citi and HSBC to help with this plan. This isn’t a final decision yet, and they’re still figuring out how much money to raise.

Key Points

• Sembcorp explores IPO for Indian unit, seeking investment growth.
• Three banks advise: Citi, HSBC, and Axis Capital involved.
• India’s booming IPO market provides a favorable opportunity.
• Renewable energy focus: wind, solar, and storage dominate operations.
• Strong financials: $40 million profit, $252 million revenue in 2024.
• Market trends support a successful IPO for Sembcorp’s India.

The move comes after Sembcorp tried to list its Indian business before, but didn’t go through with it in 2019. They’re now taking advantage of a time when many companies in India are going public and raising lots of money – over $16 billion so far in 2025.

Sembcorp’s Indian business, called Sembcorp Green Infra, focuses on clean energy. They work with wind, solar power, and storing energy. They compete with companies like Adani Green Energy and Avaada Group.

Sembcorp Green Infra has been busy growing its renewable energy portfolio. They sold off their old coal power plants for $1.47 billion in 2023 and recently bought a solar energy business from ReNew Power for about $188 million.

Sembcorp Green Infra’s financial results show a solid performance. They made a profit of $40 million in 2024 with $252 million in revenue.

Ultimately, this IPO represents a strategic step in Sembcorp’s long-term expansion within the dynamic Indian energy market.