NTPC Green Energy IPO to Open for Subscription on November 19, 2024
NTPC Green Energy has set a privce band of INR 102-108 per share for its 10,000 Crore IPO - a completely fresh issue of equity shares with a face value of INR 10 each. The IPO will open for subscription from November 19 and will close on November 22, 2024.
November 13, 2024. By Mrinmoy Dey
The company has reserved not less than 75 percent for the qualified institutional buyer (QIB), not more than 15 percent for non-institutional investors and not more than 10 percent for the retail investors.
The allotment of share to the successful bidders is expected to be done on November 25, 2024. The IPO is expected to be listed on the BSE and NSE on November 27, 2024.
The proposed IPO is completely a fresh issue of equity shares with a face value of INR 10 each. It further clarified that there will be no offer-for-sale (OFS) component.
Of the total IPO proceeds, INR 7,500 crore will be used to repay the debts of its wholly-owned subsidiary NTPC Renewable Energy Ltd. A part will also be used for general corporate purposes.
IDBI Capital Markets & Securities Ltd., HDFC Bank Ltd., IIFL Securities Ltd. and Nuvama Wealth Management Ltd. are book-running lead managers. KFin Technologies Ltd. is the registrar.
Citing a September 2024 CRISIL Report, the company claimed to be the largest renewable energy public sector enterprise (excluding hydro) in terms of operating capacity as of June 30, 2024 and power generation in Fiscal 2024.
The company’s renewable energy portfolio encompasses solar and wind power assets with presence across multiple locations in more than six states which helps the company mitigate the risk of location-specific generation variability.
According to the RHP, the company’s operational capacity was 3,071 MW of solar projects and 100 MW of wind projects across six states as of August 31, 2024. Further, the NTPC group intends to reach 60 GW of renewable energy capacity by 2032. It has an installed capacity of 3.5 GW and over 28 GW in progress.
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