The capital markets regulator has cleared three heavyweight public issues in quick succession.
Securities and Exchange Board of India approval clears the runway for fintech operator Razorpay Software Ltd, renewable energy developer Sembcorp Green Infra, and online travel platform MakeMyTrip India to launch domestic offerings, regulatory updates on the regulator's portal confirmed. Razorpay received clearance on November 3, followed by MakeMyTrip on November 6 and Sembcorp Green Infra on November 13. The formal observation letters permit all three issuers to float their shares on domestic bourses subject to market timing and final red herring prospectuses.
Sembcorp Green Infra filed preliminary papers in August seeking to raise up to ₹3,750 crore. The capital structure carries a distinct discipline. It consists entirely of fresh equity issuance, completely shutting out secondary share sales by existing promoters.
No existing investor is cashing out. According to the draft red herring prospectus, proceeds will directly retire outstanding debt across the parent and its operating subsidiaries, de-leveraging a balance sheet built to fund rapid capacity deployment. Sembcorp Utilities Pte Ltd and Sembcorp Industries Ltd back the developer, which operates 105 renewable installations across 13 states and union territories.
| Sembcorp Green Infra: Portfolio Metrics | Operational & Pipeline Data |
|---|---|
| Primary Fundraise Target | ₹3,750 crore (100% fresh issue) |
| Offer For Sale (OFS) Component | Nil |
| Operational Renewable Capacity | 3.60 GW |
| Under-Construction Capacity | 4.04 GW/GWh (2.61 GW RE + 1,433 MWh BESS) |
| Geographic Footprint | 105 projects across 13 states/UTs |
The developer is accelerating projects across firm and dispatchable renewable energy, hybrid platforms, and battery storage systems. Under-construction assets stand at 4.04 GW/GWh—comprising 2.61 GW of generation and 1,433 MWh of battery energy storage capacity—built on top of its 3.60 GW operating base.
Bengaluru-based Razorpay opted for discretion. The payment processing major filed draft papers in June through the confidential pre-filing mechanism, keeping its balance sheet metrics away from public scrutiny during initial regulatory scrutiny.
Bankers peg the proposed issue between ₹5,000 crore and ₹6,000 crore. Harshil Mathur and Shashank Kumar set up Razorpay in 2014, breaking into unicorn valuation status by 2020 as enterprise transaction volumes exploded. The firm runs an enterprise suite spanning merchant payment acceptance, corporate banking, payouts, payroll processing, and working capital lending. Its institutional cap table counts marquee backing from Peak XV Partners, GIC, Tiger Global, Ribbit Capital, Lone Pine Capital, Alkeon Capital, and TCV.
Market Context: The confidential filing mechanism allows unlisted companies to resolve regulatory queries before their financial accounts, risk factors, and capitalization tables enter public view. MakeMyTrip India also took this route in July.
Gurugram-based MakeMyTrip India will execute its listing through an offer for sale. Nasdaq-listed parent MakeMyTrip Ltd and its wholly owned unit, ibibo Group Holdings Pte Ltd, will offload equity shares. MMT India will remain a controlled subsidiary post-listing, with its financial accounts remaining consolidated into the parent company.
The proposed listing is expected to improve MMT India’s brand visibility and help it attract and incentivise talent in the competitive technology recruitment market," MakeMyTrip disclosed in a regulatory filing with Nasdaq.
Parent MakeMyTrip said cash generated from the subsidiary's secondary offering will fund organic growth initiatives, strategic acquisitions, and repurchases of securities, including outstanding convertible instruments. With regulatory greenlights secured across all three candidates, merchant bankers are now charting syndicate pricing windows and anchor book allocations for prospective market rollouts.