NTPC Green Energy's Rs 100 Bn IPO likely in November first week

25 Sep 2024 CW Team

The source indicated that the IPO was expected to be launched in early November. Additionally, the company had planned to conduct roadshows in India, particularly in Mumbai, as well as abroad, with a focus on Singapore.

According to the draft red herring prospectus (DRHP), the IPO would consist entirely of a fresh issue of equity shares, without any offer-for-sale (OFS) component. The company specified that Rs 75 billion of the proceeds would be used to repay or prepay part or all of the outstanding loans of its subsidiary, NTPC Renewable Energy Ltd (NREL), while a portion would go towards general corporate purposes.

The filing came at a time when India's IPO market was seeing significant activity, with around 60 main board companies having launched their IPOs so far this year. NTPC Green Energy, a 'Maharatna' central public sector enterprise, has a renewable energy portfolio that includes solar and wind power assets across more than six states.

As of August 2024, the company’s operational capacity included 3,071 MW from solar projects and 100 MW from wind projects. The NTPC group as a whole aims to reach 60 GW of renewable energy capacity by 2032, with 3.5 GW already installed and over 28 GW under development.

India’s renewable energy sector was reported to be growing rapidly. Globally, India was ranked fourth in clean energy capacity, particularly in wind and solar installations, as cited in the draft paper based on a Crisil report. The country’s installed renewable energy capacity had increased from 63 GW in FY12 to 123 GW in FY21, reaching approximately 191 GW by March 2024, including large hydro. By that time, renewable energy accounted for nearly 43% of India’s total power generation capacity, with solar energy leading this growth.

NTPC Green Energy, a subsidiary of the state-owned power company NTPC, was reportedly planning to launch its initial public offering (IPO) to raise Rs 100 billion in the first week of November, according to a source. The previous week, the company had filed preliminary documents with the capital markets regulator, Sebi, to raise the same amount through the IPO. The source indicated that the IPO was expected to be launched in early November. Additionally, the company had planned to conduct roadshows in India, particularly in Mumbai, as well as abroad, with a focus on Singapore. According to the draft red herring prospectus (DRHP), the IPO would consist entirely of a fresh issue of equity shares, without any offer-for-sale (OFS) component. The company specified that Rs 75 billion of the proceeds would be used to repay or prepay part or all of the outstanding loans of its subsidiary, NTPC Renewable Energy Ltd (NREL), while a portion would go towards general corporate purposes. The filing came at a time when India's IPO market was seeing significant activity, with around 60 main board companies having launched their IPOs so far this year. NTPC Green Energy, a 'Maharatna' central public sector enterprise, has a renewable energy portfolio that includes solar and wind power assets across more than six states. As of August 2024, the company’s operational capacity included 3,071 MW from solar projects and 100 MW from wind projects. The NTPC group as a whole aims to reach 60 GW of renewable energy capacity by 2032, with 3.5 GW already installed and over 28 GW under development. India’s renewable energy sector was reported to be growing rapidly. Globally, India was ranked fourth in clean energy capacity, particularly in wind and solar installations, as cited in the draft paper based on a Crisil report. The country’s installed renewable energy capacity had increased from 63 GW in FY12 to 123 GW in FY21, reaching approximately 191 GW by March 2024, including large hydro. By that time, renewable energy accounted for nearly 43% of India’s total power generation capacity, with solar energy leading this growth.

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