Sembcorp Industries, backed by Singapore’s sovereign fund Temasek, has revived plans to list its India renewables arm, Sembcorp Green Infra, and has appointed Citi, HSBC, and Axis Capital as advisors, Reuters reports. The IPO, expected within eight to nine months, is the firm’s second attempt at listing after withdrawing a draft prospectus in 2019. India’s buoyant markets, which have raised over USD 16 bn (INR 1.4 tn) so far in 2025, underpin the timing.

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Strategic exit, M&A: Sembcorp Green Infra operates wind, solar, and storage assets alongside rivals Adani Green. The firm exited thermal power in 2023 via a USD 1.5 bn sale to Tanweer Infrastructure and expanded its clean-energy base, including a USD 188 mn solar acquisition from ReNew Power in October, as per Reuters.

What’s next? Bank discussions are in the preliminary stage and the offer size is still under evaluation. A successful float would give Sembcorp capital to accelerate its India renewables build-out, where policy tailwinds and rising storage demand continue to attract global investors.

REMEMBER- Gulf capital has become increasingly influential in India’s renewables cycle, as sovereign wealth funds and state-backed energy companies build long-term positions in green assets — think Emmvee’srecentAdia-backedIPO or the Masdar-led consortium’s plans to take Renew private. Masdar, the Abu Dhabi Investment Authority, Mubadala, and Saudi Aramco have each evaluated or deployed capital across India’s solar, wind, green hydrogen, and grid-infrastructure platforms.

Also in the IPO pipeline…

#1- Market regulator Securities and Exchange Board of India (Sebi) has cleared the listing of global enterprise AI firm Fractal Analytics, which aims to raise INR 49 bn (USD 554 mn), including a INR 12.8 bn fresh issue and INR 36.2 bn mn in investor sales. Backed by TPG, Apax and Gaja Capital, this will be India’s first pure-play AI unicorn’s offering which will use proceeds for debt repayment, new offices, R&D, sales and acquisitions.

#2- The Indian regulator has also approved the IPO of Bengaluru-based SaaS firm Amagi Media Labs, comprising a INR 10.2 bn fresh issue and 1.7 bn in an offer for sale, according to a regulatory filing. The cloud-media SaaS company will channel INR 6.6 bn into tech and cloud infrastructure, with the remainder for acquisitions and corporate purposes.

#3- Sahajanand Medical Technologies (SMT), a cardiovascular devices company, received approval for its offering — a pure offer for sale worth INR 27.6 mn, held by promoters and investors, including Samara Capital and Kotak pre-IPO Opportunities Fund.

#4- Bengaluru-based contract manufacturer Zetwerk is also accelerating plans for an IPO to raise up to USD 750 mn and intends to file a draft proposal to regulators early next year, according to Bloomberg.

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