Sembcorp Green Infra, Razorpay, and MakeMyTrip Secure SEBI Approvals for Dalal Street IPOs — November 13, 2026
The Securities and Exchange Board of India (SEBI) has cleared the draft initial public offering (IPO) proposals of renewable energy major Sembcorp Green Infra, fintech heavyweight Razorpay Software, and online travel aggregator MakeMyTrip (India) Ltd, marking a significant milestone in India's primary market pipeline.
The regulatory nods, issued through final observation letters in early to mid-November, allow the three prominent companies to advance their plans to tap domestic equity markets.
Sembcorp Green Infra: ₹3,750-Crore Pure Fresh Issue
Sembcorp Green Infra Ltd, the Indian renewable power arm of Singapore-listed Sembcorp Industries (a Temasek portfolio company), received SEBI’s final observations on November 13, 2026. The company had submitted its Draft Red Herring Prospectus (DRHP) on August 26, 2026.
The key features of Sembcorp Green Infra's upcoming issue include:
- Issue Structure: The IPO consists entirely of a fresh issue of shares aggregating up to ₹3,750 crore, with no Offer for Sale (OFS) component.
- Use of Proceeds: Funds raised will be deployed primarily toward repayment or prepayment, in full or in part, of borrowings availed by the company and its subsidiaries, as well as general corporate purposes.
- Operational Footprint: Sembcorp Green Infra operates 105 projects across 13 states and Union Territories, boasting 3.60 GW of operational capacity alongside 4.04 GW/GWh under construction, including battery energy storage system (BESS) capacity.
- Financial Profile: For FY26, the company posted revenue from operations of ₹2,652.50 crore, up from ₹2,318.29 crore in FY25, while profit after tax (PAT) grew to ₹371.08 crore from ₹298.83 crore.
The issue is being managed by merchant bankers including Axis Capital, Citigroup Global Markets India, CLSA India, HSBC Securities, ICICI Securities, IIFL Securities, and Kotak Mahindra Capital.
Razorpay: Confidential Filing Cleared for ₹5,000–6,000 Crore Float
Bengaluru-headquartered Razorpay Software Ltd received its final regulatory observation from SEBI on November 3, 2026. The fintech major had submitted its draft papers under the confidential pre-filing route in June.
Key highlights of Razorpay’s planned Dalal Street debut:
- Issue Size & Valuation: While the company has not officially published the issue parameters, sources estimate the public issue size in the range of ₹5,000 crore to ₹6,000 crore, targeting an estimated valuation of around $5 billion.
- Business Model: Founded in 2014 by Harshil Mathur and Shashank Kumar, the company provides merchant payment processing, business banking, neo-banking payouts, payroll management, and lending products.
- Backing: Razorpay, which achieved unicorn status in 2020, counts Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital, and TCV among its marquee institutional shareholders.
MakeMyTrip India: Domestic Arm Cleared for Mega Listing
MakeMyTrip (India) Ltd (MMT India), the primary domestic operating subsidiary of Nasdaq-listed MakeMyTrip Ltd, secured SEBI’s final observations on November 6, 2026, after filing via the confidential route in July.
Highlights of the travel major's public offer:
- Offer Structure: The public offer is anticipated to be a pure Offer for Sale (OFS) by its parent company MakeMyTrip Ltd and wholly-owned subsidiary ibibo Group Holdings (Singapore) Pte Ltd.
- Expected Proceeds: Market participants estimate the offer could raise over $1 billion.
- Corporate Structure: In regulatory disclosures, parent MakeMyTrip noted that MMT India will remain a controlled subsidiary following the domestic listing, with financial results continuing to be consolidated globally. Proceeds will be used by the parent company for inorganic initiatives, long-term growth, and potential share repurchases.
Market Implications for Indian Investors
The regulatory clearances signal strong momentum in India's primary markets, highlighting two key trends:
Expansion of Tech and Clean Energy Offerings: The approvals give retail and institutional investors access to distinct high-growth verticals. While Sembcorp Green Infra brings scale in utility renewable generation and energy storage backed by 25-year power purchase agreements, Razorpay and MakeMyTrip provide exposure to India's maturing digital economy, B2B financial services, and travel consumption.
Rising Adoption of the Confidential Pre-Filing Route: Both Razorpay and MakeMyTrip leveraged SEBI's confidential filing mechanism. This route allows companies to seek regulatory clearance and resolve comments without initially releasing commercially sensitive details to the public, offering greater strategic flexibility as they monitor broader market liquidity before finalizing dates and price bands.
