NTPC Green Energy has applied to SEBI for an IPO
NTPC Green Energy IPO: NTPC’s renewable energy unit NTPC Green Energy on Wednesday filed preliminary documents with market regulator SEBI to raise ₹10,000 crore through an initial public offering (IPO). According to documents filed with the Securities and Exchange Board of India (SEBI), the initial share sale is a completely new issue of equity shares and there is no offer for sale (OFS).
This filing has been made at a time when power-generating companies are betting big on renewable energy and are preparing to expand their green energy capacity. The Indian government is targeting at least 500GW of clean energy by 2030 to reduce emissions. There is a tremendous boom in the IPO market in India. So far this year, about 235 companies have raised more than $8.6 billion, which is more than the total amount raised in 2023.
What will the company use the money?
The renewable energy company said that ₹7,500 crore raised from the issue will be used to repay the outstanding debt of its subsidiary NTPC Renewable Energy Limited (NREL), while a part will be used for general corporate purposes. Let us tell you, so far this year about 60 big companies have brought IPOs.
IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities, and Nuvama Wealth Management have been appointed as book-running lead managers for this issue. Let us tell you, that the renewable energy sector in India is growing rapidly. According to the Crisil report mentioned in the draft, India currently ranks fourth in the world in terms of renewable energy capacity.
How big is the business
NTPC Green Energy is a ‘Maharatna’ Central Public Sector Enterprises. It has solar and wind energy assets spread 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 in six states.
The NTPC Group aims to achieve 60 GW of renewable energy capacity by 2023. Currently, 3.5 GW is installed. While work is going on on the capacity of 28 GW.
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