NTPC Green Energy’s IPO Gets Oversubscribed by 2.42 Times
NTPC Green Energy’s IPO, aiming to raise INR 10,000 crore at a price band of INR 102-108 per share, has been oversubscribed by 2.42 times, driven by strong interest from retail investors and qualified institutional buyers. The IPO is expected to be listed on the BSE and NSE on November 27, 2024.
November 25, 2024. By Mrinmoy Dey
The demand was spearheaded by retail investors who oversubscribed by 3.44 times, followed by qualified institutional investors at 3.32. The NTPC’s shareholders segment got oversubscribed by 1.6 times. Interestingly, both the institutional investors’ and employees’ portions were undersubscribed at 0.81 times and 0.80 times respectively.
The allotment of shares 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 and Securities Ltd., HDFC Bank Ltd., IIFL Securities Ltd. and Nuvama Wealth Management Ltd. are book-running lead managers. KFin Technologies Ltd. is the registrar.
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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