NTPC Green Energy, part of state-owned NTPC Ltd., submitted paperwork for a ₹10,000 crore IPO on Wednesday.
India’s NTPC Green Energy submitted draft papers for a ₹100 billion ($1.19 billion) IPO on Wednesday, aiming to benefit from the country’s growing renewable energy market and a booming stock market.
As part of NTPC, the company will issue only new shares; no existing shareholders will sell.
The IPO market in India is thriving. Around 235 companies have gone public this year, raising over $8.6 billion, surpassing last year’s total. India’s Nifty 50 index has reached record highs over 50 times this year.
Major power companies in India are heavily investing in renewable energy and committing to increasing their green energy capacities. The Indian government aims to add at least 500 GW of clean energy by 2030 to lower carbon emissions.
The IPO helps NTPC diversify energy sources and boost revenue, says Kranthi Bathini. He noted that since green energy will be a key focus moving forward, investors will likely want to get involved.
Earlier this year, Reuters reported that NTPC planned to take its green energy division public in FY24-25. NTPC Green Energy will use IPO funds to repay ₹75 billion in loans from its subsidiary.
As of June, NTPC Green Energy had total borrowings of ₹152.77 billion. The lead managers for the IPO include IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities, and Nuvama Wealth Management.
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