NTPC Green Energy IPO Live: NGEL IPO subscribed 2.37 times so far on last day

• QIB: 3.30 times
• NII: 0.77 times
• Retail: 3.24 times
• Employee: 0.75 times
• NTPC shareholders portion: 1.48 times

Total 2.35 times

NTPC Green Energy IPO has been subscribed 2.28 times as at 3 pm.

• QIB: 3.25 times
• NII: 0.66 times
• Retail: 3.14 times
• Employees: 0.72 times
• NTPC shareholder: 1.42 times

Total: 2.28 times

NTPC Green Energy IPO has been subscribed 1.93 times as at 2.12 pm on November 22, 2024. The QIBs portion has been subscribed 2.59 times, NIIs 0.56 times, retail 3.01 times, employee portion 0.63 times, and reservation portion shareholder 1.33 times. 

NTPC Green Energy IPO has been subscribed 1.29 times as at 1.12 pm.

• QIB: 1.21 times
• NII: 0.50 times
• Retail: 2.91 times
• Employee portion: 0.59 times
• Reservation portion shareholder: 1.27 times

Total: 1.29 times 

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NTPC Green Energy IPO has been subscribed 1.27 times as at 12.36 pm.

• QIB: 1.21 times
• NII: 0.47 times
• Retail: 2.84 times
• Employee portion: 0.56 times
• Reservation portion shareholder: 1.24 times

Total: 1.27 times

NGEL IPO has been booked 1.05 times as at 12.03 pm on November 22.

• QIB: 0.75 times
• NII: 0.44 times
• Retail: 2.78 times
• Employee: 0.54 times
• Reservation portion shareholder: 1.20 times

Total: 1.05 times

NTPC Green Energy’s (NGEL) $1.2 billion initial public offering, India’s third-largest in 2024, was fully subscribed on the final day of bidding on Friday, as investors bet on the country’s growing clean energy needs.

About three-quarters of the shares offered were set aside for institutional investors, and were 75% subscribed.

The portion reserved for retail investors was oversubscribed by 2.63 times. They were fully subscribed on the first day of bidding.

Reuters input

NTPC Green Energy IPO has been fully subscribed as at 11.03 am on November 22. 

• QIB: 0.75 times
• NIIs: 0.40 times
• Retail: 2.65 times
• Employee portion: 0.50 times
• Reservation portion shareholder: 1.13 times

Total: 1.00 times

NTPC Green Energy IPO subscribed 96% (as at 10.06 am on November 22)

• QIB: 0.75 times
• NIIs: 0.36 times
• Retail: 2.48 times
• Employee: 0.45 times
• Reservation portion shareholder: 1.06 times

Total 0.96 times

The NPTC Green energy Limited (NGEL) has entered a joint venture with New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) for projects at an outlay of ₹1,87,000 crore.

In a statement issued on Thursday, it said that the joint venture would create employment for 1,06,250 people with an estimated financial benefit of ₹20,620 crore over a period of 25 years.

The JV was signed in the presence of Andhra Pradesh Chief Minister Chandrababu Naidu.

bl Hyderabad Bureau | Read here

The ₹10,000-crore initial public offering of NTPC Green Energy closes today for public subscriptions. The issue has been so far subscribed 0.93 times or 93 per cent, thanks mainly to retail investors. The retail investors’ portion has been subscribed more than two times. The price band is ₹102-108 and the lot size is 138 shares.

While 75 per cent of the IPO portion is reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs) and the remaining 10 per cent for Retail Investors, the company has also reserved ₹200 crore worth shares for its employees and ₹1,000 crore (or 10 per cent of the issue size) for NTPC shareholders. Employees will get these shares at a discount of ₹5 a share from the final issue price, the company said.

KS Badri Narayanan of businessline writes | Read here

NTPC Green Energy IPO, the renewable energy arm of NTPC, got subscribed 93 per cent on the second day of bidding on Thursday.

The share sale received bids for 54,96,35,370 shares against 59,31,67,575 shares on offer, as per NSE data.

The category for Retail Individual Investors (RIIs) attracted 2.38 times subscription while the Qualified Institutional Buyers (QIBs) part got subscribed 75 per cent. The portion for non-institutional investors received 34 per cent subscription.

NTPC Green Energy has mobilised Rs 3,960 crore from anchor investors.

PTI input

NTPC Green Energy IPO has been subscribed 0.92 times as at 4.15 pm on November 21, 2024. The NII portion has been subscribed 0.34 times, QIBs 0.74 times, retail portion 2.35 times, employee portion 0.39 times, and reservation portion for shareholders 1.00 times.

NTPC Green Energy, the subsidiary of power producer NTPC Ltd, has set the price band for its ₹10,000 crore IPO in the range ₹102-108 a share. Ahead of its IPO, the company raised ₹3,960 crore via anchor book on Monday with LIC being the biggest investor worth ₹500 crore. It has finalised allocation of nearly 36.67 crore equity shares to anchor investors at a price of ₹108 per share. 

“Out of the total allocation of 36.67 crore equity shares to the anchor investors, 14.53 crore shares were allocated to 16 domestic mutual funds through a total of 72 schemes,” NTPC Green Energy said in an exchange disclosure. 

As per the exchange data filing, Life Insurance Corporation of India was allotted 12.63 per cent, New World Fund 5.29 per cent, Goldman Sachs India 5.70 per cent and Government of Singapore 5.31 per cent, among the top anchor investors. 

The company aims to utilise ₹7,500 crore out of the net issue proceeds for repaying debt of its subsidiary NTPC Renewable Energy. Additionally, the funds will help the company repay or prepay outstanding borrowings and meet general corporate purposes.

KFin Technologies is the registrar and IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities and Nuvama Wealth Management are the book running lead managers to the issue.

The IPO will conclude on November 22, 2024.

NTPC Green Energy IPO has been subscribed 0.89 times as at 3.51 pm on November 21, 2024. 

• QIB: 0.74 times
• NII: 0.31 times
• Retail: 2.27 times
• Employee: 0.37 times
• Reservation portion shareholder: 0.95 times

Total 0.89 times

NTPC Green Energy IPO has been subscribed 0.88 times as at 3.09 pm on November 21.

• QIB: 0.74 times
• NIIs: 0.30 times
• Retail: 2.23 times
• Employee portion: 0.36 times
• Reservation portion shareholder: 0.94 times

Total: 0.88 times

NTPC Green Energy IPO booked 0.86 times as at 2.09 pm on November 21, 2024. QIB portion has been subscribed 0.74 times, NII 0.28 times, retail 2.16 times, employee portion 0.34 times, and reservation portion shareholder 0.91 times.

The issue closes tomorrow.

NGEL IPO has been subscribed 0.84 per cent or 84% as at 1 pm on November 21.

• Retail: 2.09 times
• QIBs: 0.74 times
• NII: 0.26 times
• Employee portion: 0.33 times
• Reservation portion shareholder: 0.87 times

Total: 0.84 times

NTPC Green Energy IPO has been subscribed 0.50 times or 50% as at 12.09 pm on November 21, 2024. 

The retail portion has been oversubscribed 2.01 times, NIIs booked 0.25 times, employee portion 0.31 times, reservation portion shareholder 0.84 times, and QIBs 0.01 times. 

The issue closes tomorrow.

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NTPC Green Energy IPO subscribed 0.48 times or 48% as at 11.15 am on November 21, 2024.

• NII portion: 0.24 times
• RIIs: 1.92 times
• Employee reserved: 0.29 times
• Reservation portion shareholder: 0.80 times
• QIB: NIL

Total: 0.48 times

The issue closes tomorrow, November 22, 2024.

NTPC Green Energy IPO has been subscribed 0.42 times as at 10.27 am on November 21, 2024. 

• NII: 0.21 times
• Retail: 1.70 times
• Employee portion: 0.25 times
• Reservation portion shareholder: 0.72 times
• QIB: NIL

Total: 0.42 times

Here is the summary: 

NTPC Green Energy IPO has been subscribed 0.33 times or 33 per cent on day one, November 19, 2024. The NII portion has been subscribed 0.16 times, retail portion 1.33 times, employee portion 0.17 times, and reservation portion for shareholders 0.57 times. QIBs subscriptions were NIL.

​NTPC Green Energy​, the subsidiary of power producer NTPC Ltd, has set the price band for its ₹10,000 crore IPO in the range ₹102-108 a share. Ahead of its IPO, the company raised ₹3,960 crore via anchor book on Monday with ​LIC ​being the biggest investor worth ₹500 crore. It has finalised allocation of nearly 36.67 crore equity shares to anchor investors at a price of ₹108 per share.

“Out of the total allocation of 36.67 crore equity shares to the anchor investors, 14.53 crore shares were allocated to 16 domestic mutual funds through a total of 72 schemes,” NTPC Green Energy said in an exchange disclosure.

As per the exchange data filing, Life Insurance Corporation of India was allotted 12.63 per cent, New World Fund 5.29 per cent, Goldman Sachs India 5.70 per cent and Government of Singapore 5.31 per cent, among the top anchor investors.

The company aims to utilise ₹7,500 crore out of the net issue proceeds for repaying debt of its subsidiary NTPC Renewable Energy. Additionally, the funds will help the company repay or prepay outstanding borrowings and meet general corporate purposes.

KFin Technologies is the registrar and IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities and Nuvama Wealth Management are the book running lead managers to the issue.

The IPO will conclude on November 22, 2024.

The IPO of NTPC Green Energy (NGEL) was subscribed at 0.33 times with the retail portion getting fully subscribed at 1.33 times.

NGEL is the renewable energy arm of India’s largest power generator NTPC. The sale received bids for 19,46,53,968 shares against 59,31,67,575 shares on offer, as per the NSE. The three-day IPO closes on November 22.

The portion for Retail Individual Investors (RIIs) fetched 1.33 times subscription while the category for non-institutional investors (NIIs) got subscribed 15 per cent.

NGEL has reserved 75 per cent of the IPO for Qualified Institutional Buyers (QIBs), 15 per cent for NIIs and 10 per cent for retail investors. The price band is ₹102-108 per share and the bid lot size is 138 shares and in multiples thereof.

NTPC Green Energy IPO: Ventura Securities says ‘subscribe’ - Read here

NTPC Green IPO: Subscribe for the long-term, says SBI Sec - Read here

SBI Securities recommend investors to subscribe to the issue at cut-off price for long term - Read here

Marwadi Financial Services assigns subscribe rating to NGEL IPO - Read here

Arete Securities recommends subscribing to NGEL IPO for long-term- Read here

Indian stock, currency, and commodities markets will remain closed on Wednesday due to assembly elections in Maharashtra.

Inputs from PTI

Arihant Capital notes that while the valuation is high, NGEL’s long-term growth potential in renewable energy and focus on innovative energy solutions make it a viable investment for risk-tolerant investors.

Arihant Capital notes that while the valuation is high, NGEL’s long-term growth potential in renewable energy and focus on innovative energy solutions make it a viable investment for risk-tolerant investors.

The first day of the ₹10,000 crore initial public offer (IPO) of NTPC Green Energy (NGEL) was subscribed at 0.33 times with the retail portion getting fully subscribed at 1.33 times.

NGEL raised ₹3,960 crore from anchor investors with state-run corporation LIC being the biggest investor worth ₹500 crore.

Of the total 36.67 crore equity shares for anchor investors at a price of ₹108 a share, 14.53 crore shares were allocated to 16 domestic mutual funds through a total of 72 schemes.

LIC got allotted 12.63 per cent, New World Fund 5.29 per cent, Goldman Sachs India 5.70 per cent and Government of Singapore 5.31 per cent, among others.

• NTPC Green Energy gets SEBI nod for ₹10,000-crore IPO - Read here
• NTPC Green Energy sets IPO price band at ₹102-108 per share - Read here
• NTPC Green Energy to incur ₹1 lakh crore capex over next 3 years - Read here
• NTPC Green Energy: Should you subscribe to the IPO? - Read here
• NTPC Green Energy raises ₹3,960 crore from anchor investors ahead of IPO - Read here

Marwadi Financial Services has issued a “Subscribe” rating for the IPO, citing the company’s strong parentage, robust project portfolio, and financial stability.

The brokerage firm recommends the IPO for investors seeking long-term exposure to India’s growing renewable energy sector.

Arete Securities has recommended a ‘subscribe’ to the IPO, citing the company’s strong capacity expansion plans and strategic access to low-cost financing. According to Arete, the company’s robust support from its parent entity, NTPC, ensures financial stability and operational efficiency, making it a favorable investment for the long term.

SBI Securities recommends subscribing to the IPO at the upper price band, emphasising long-term growth prospects aligned with India’s renewable energy goals. Investors should weigh potential returns against the inherent risks in the renewable energy sector.

Ahead of the IPO, NGEL raised ₹3,960 crore from anchor investors.

NGEL will complete 19 gigawatts (GW) of renewable energy projects by March 2027. “Top priority remains that we will reach 19 GW by March 2027. There is no uncertainty about this 19 GW. Land is there, PPA is there, connectivity is there, EPC contractor is there and funding is there. We have capitalised this company (NGEL) up to ₹7,500 crore, and today the capitalisation is ₹8,281 crore. I think all fundamentals are strong,” NTPC CMD Gurdeep Singh told reporters after the end of the first day of the IPO.

Asked about tariffs, he said that solar power has tariffs of around ₹2.5-2.6 per unit, while wind power is around ₹3.24-3.6 per unit.

Singh exuded confidence on the outcome of the IPO stating that NGEL has strong fundamentals with a robust medium to long-term outlook. Besides, it is backed by a parent with a strong balance sheet. “We started becoming very active post-2021. Before that we were doing it on cost plus basis and we gained a lot of experience. Thereafter, you will find that whenever we have participated, we have won at least one-third,” he added.

​Read ​ ​bl Delhi Bureau ​​report here​

The Initial Public Offering (IPO) of NTPC Green Energy Ltd (NGEL) was subscribed to about one-third of the shares on offer on Day 1.

The shares meant for retail investors were oversubscribed, at around 1.5 times to that of the offerings, data showed.

The state-owned green energy company kept IPO issue price at the range of Rs 102-108 per share, with a lot size of 138 shares.

The company is offering fresh equities to the public worth Rs 10,000 crore totaling approximately 92.59 crore shares. Of the total, 75 per cent is for Qualified Institutional Buyers, 15 per cent for High Net-Worth Individuals, and 10 per cent for retail buyers.

The proceeds from the fresh issue worth Rs 7,500 crore will be used for investment in its wholly-owned subsidiary, NTPC Renewable Energy (NREL) for repayment or prepayment; capital expenditure; and other general corporate purposes.

Inputs from ANI

Increasing the capacity of NTPC Green Energy Ltd to 19 GW is among the key priorities for its parent company NTPC, its Chairman and Managing Director (CMD) Gurdeep Singh said on Tuesday.

NTPC Green Energy Ltd (NGEL), the renewable energy arm of power giant NTPC, launched its Rs 10,000 crore Initial Public Offering (IPO) on Tuesday, with a price band of Rs 102-108 per share.

The CMD also said the price band was moderated after detailed consultation, taking into account overall market sentiment.

Replying to a question related to his priorities for NGEL, Singh said the company’s capacity will be increased to 19 gigawatt (GW) by March 2027.

NGEL’s operational renewable energy portfolio includes 3,220 megawatt (MW) of solar project and 100 MW of wind projects across six states as of September 30, 2024.

For addition of new capacities “we will need Rs 1 lakh crore,” Singh said in an interaction with media persons.

The capacity will be increased in a phased manner. In the current fiscal, 6 GW will be made operational and 11 GW will be achieved in FY 2025-26 and by FY 2026-27, the entire 19 GW will be made operational.

He further said there is no issue related to availability of land for the planned capacity, besides Power Purchase Agreements (PPAs) have already been signed and EPC has been done.

The new projects will come up in states like Gujarat, Rajasthan, Maharashtra, Chhattisgarh, Andhra Pradesh, Telangana and Uttar Pradesh.

For solar, PPAs have been signed at a tariff of Rs 2.6 per unit and it will be in the range of Rs 3.24-3.6 per unit for wind.

The IPO of NGEL got subscribed 33 per cent on the first day of share sale on Tuesday.

The Rs 10,000-crore initial share sale is entirely a fresh issuance of equity shares with no Offer For Sale (OFS) component.

The issue, with a price band of Rs 102-108 per share. The initial share sale for public subscription will conclude on November 22.

Proceeds from the IPO to the tune of Rs 7,500 crore will be used to repay or prepay part or all of its subsidiary NTPC Renewable Energy Ltd’s (NREL) outstanding loans and a portion will be utilised for general corporate purposes.

Inputs from PTI

The Indian stock, currency, and commodities markets will remain closed on Wednesday due to assembly elections in Maharashtra.

Inputs from PTI

The first day of the ₹10,000 crore initial public offer (IPO) of NTPC Green Energy (NGEL) was subscribed at 0.33 times with the retail portion getting fully subscribed at 1.33 times.

NTPC Green Energy IPO has been subscribed 0.33 times or 33 per cent on day one, November 19, 2024. The NII portion has been subscribed 0.16 times, retail portion 1.33 times, employee portion 0.17 times, and reservation portion for shareholders 0.57 times. QIBs subscriptions were NIL.

​NTPC Green Energy​, the subsidiary of power producer NTPC Ltd, has set the price band for its ₹10,000 crore IPO in the range ₹102-108 a share. Ahead of its IPO, the company raised ₹3,960 crore via anchor book on Monday with ​LIC ​being the biggest investor worth ₹500 crore. It has finalised allocation of nearly 36.67 crore equity shares to anchor investors at a price of ₹108 per share.

“Out of the total allocation of 36.67 crore equity shares to the anchor investors, 14.53 crore shares were allocated to 16 domestic mutual funds through a total of 72 schemes,” NTPC Green Energy said in an exchange disclosure.

As per the exchange data filing, Life Insurance Corporation of India was allotted 12.63 per cent, New World Fund 5.29 per cent, Goldman Sachs India 5.70 per cent and Government of Singapore 5.31 per cent, among the top anchor investors.

The company aims to utilise ₹7,500 crore out of the net issue proceeds for repaying debt of its subsidiary NTPC Renewable Energy. Additionally, the funds will help the company repay or prepay outstanding borrowings and meet general corporate purposes.

KFin Technologies is the registrar and IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities and Nuvama Wealth Management are the book running lead managers to the issue.

The IPO will conclude on November 22, 2024.

Read full report here.

NTPC Green Energy IPO has been subscribed 0.31 times or 31 per cent as at 4 pm on day one, November 19, 2024. The NII portion has been subscribed 0.13 times, retail portion 1.27 times, employee portion 0.16 times, and reservation portion for shareholders 0.54 times. QIBs subscriptions were NIL at the time of writing. 

​​​​NTPC Green Energy​​​​, the subsidiary of power producer NTPC Ltd, has set the price band for its ₹10,000 crore IPO in the range ₹102-108 a share. Ahead of its IPO, the company raised ₹3,960 crore via anchor book on Monday with ​​​​LIC ​​​​being the biggest investor worth ₹500 crore. It has finalised allocation of nearly 36.67 crore equity shares to anchor investors at a price of ₹108 per share. 

“Out of the total allocation of 36.67 crore equity shares to the anchor investors, 14.53 crore shares were allocated to 16 domestic mutual funds through a total of 72 schemes,” NTPC Green Energy said in an exchange disclosure. 

As per the exchange data filing, Life Insurance Corporation of India was allotted 12.63 per cent, New World Fund 5.29 per cent, Goldman Sachs India 5.70 per cent and Government of Singapore 5.31 per cent, among the top anchor investors. 

The company aims to utilise ₹7,500 crore out of the net issue proceeds for repaying debt of its subsidiary NTPC Renewable Energy. Additionally, the funds will help the company repay or prepay outstanding borrowings and meet general corporate purposes.

KFin Technologies is the registrar and IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities and Nuvama Wealth Management are the book running lead managers to the issue.

The IPO will conclude on November 22, 2024.

NTPC Green Energy aims to utilise ₹7,500 crore out of the net issue proceeds for repaying debt of its subsidiary NTPC Renewable Energy. Additionally, the funds will help the company repay or prepay outstanding borrowings and meet general corporate purposes.

NTPC Green Energy IPO has been subscribed 0.30 times or 30 per cent as at 3.33 pm on day one, November 19, 2024. The NII portion has been subscribed 0.13 times, retail portion 1.24 times, employee portion 0.16 times, and the reservation portion for shareholders 0.52 times. QIBs subscriptions were NIL at the time of writing. 

NTPC Green Energy gets Sebi nod for ₹10,000-crore IPO - Read here

NTPC Green Energy sets IPO price band at ₹102-108 per share - Read here

NTPC Green Energy to incur ₹1 lakh crore capex over next 3 years - Read here

NTPC Green Energy: Should you subscribe to the IPO? - Read here

NTPC Green Energy raises ₹3,960 crore from anchor investors ahead of IPO - Read here

NTPC Green Energy IPO has been subscribed 0.29 times as at 3.15 pm on November 19, 2024. 

• NII: 0.12 times
• Retail: 1.21 times
• Employee portion: 0.16 times
• Reservation portion shareholder: 0.51 times
• QIB: NIL

Total: 0.29 times

NTPC Green Energy IPO has been subscribed 0.28 times as at 3 pm on November 19, 2024. 

• NII: 0.12 times
• Retail: 1.18 times
• Employee portion: 0.15 times
• Reservation portion shareholder: 0.50 times
• QIB: NIL

Total: 0.28 times 

The Initial Public Offering (IPO) of NTPC Green Energy Ltd (NGEL), a subsidiary of the Maharatna public sector enterprise NTPC Ltd, opened for subscription from today, Tuesday.

The IPO is offered, at a price band of Rs 102-108 per share, and subscription is open until Friday. The company plans to raise a total of Rs 10,000 crore and is scheduled to list on the stock exchanges on November 27.

Shareholders of NTPC can apply for the IPO under a special shareholder quota. Additionally, NTPC employees have a separate quota for applying.

The lot size for the IPO is 138 shares. The shares will be transferred to demat accounts on November 26.

NGEL aims to scale its operational renewable capacity to 19 GW by FY27, reflecting its commitment to India’s clean energy transition.

This IPO is part of NTPC Ltd’s broader strategy to achieve 60 GW of renewable energy capacity by 2032. NTPC currently contributes 24 per cent of India’s total power generation and views NGEL as a critical vehicle to drive its renewable energy ambitions.

As of September 2024, NGEL operates 3,220 MW of solar and 100 MW of wind power projects. The company has a robust pipeline with 13,576 MW of contracted and awarded projects and an additional 9,175 MW in development.

NGEL’s renewable projects span key states such as Rajasthan, Gujarat, Tamil Nadu, and Uttar Pradesh. This geographical diversification mitigates risks associated with location-specific generation variability, ensuring stable and reliable energy output.

With NTPC’s extensive experience in project development and execution, NGEL is well-positioned to deliver on its ambitious targets. The company’s ownership of 8,900 acres of freehold land and 45,700 acres of leasehold land further bolsters its foundation for future expansion.

Beyond conventional solar and wind energy, NGEL is exploring advanced solutions like green hydrogen, green chemicals, and battery energy storage systems. These initiatives align with India’s sustainability goals and position NGEL to tap into emerging opportunities in the global clean energy market.

NGEL benefits from NTPC’s strong financial backing, ensuring access to low-cost capital. This advantage is crucial for maintaining profitability in the capital-intensive renewable energy sector. The company’s operational efficiencies and strategic focus further enhance its market competitiveness.

At the upper price band of Rs 108 per share, NGEL is valued at an FY24 EV/EBITDA multiple of 53.4x. Analysts have expressed confidence in the company’s long-term growth potential and recommended for subscription for investors seeking sustainable and long term profitable opportunities.

Inputs from ANI

NTPC Green Energy, the subsidiary of power producer NTPC Ltd, has set the price band for its ₹10,000 crore IPO in the range ₹102-108 a share.

Anand Rathi assigns ‘subscribe for long-term’

“On valuation parse at the upper price band ₹ 108/-, the issue is asking a Market Cap of ₹ 910000 Mn and based on FY 2025e annualized earnings and fully diluted post IPO paid-up capital, the company is asking for a PB of 4.96x and PE of 259.56x which appears aggressively priced. But considering its current established capacities and future expanded capacities, this is a pure long term story. The company is well placed to capture the tailwind from capacity addition in renewables owing to its strong parentage (NTPC), low operating costs along with diversified capacity portfolio and access to lower cost of capital. Therefore we believe that this issue may be considered for its long term growth. Hence we give “ SUBSCRIBE for LONG TERM” rating to this IPO.”

NTPC Green Energy IPO has been subscribed 0.26 times as at 2.27 pm on November 19, 2024. 

• NII: 0.10 times
• Retail: 1.10 times
• Employee portion: 0.14 times
• Reservation portion shareholder: 0.45 times
• QIB: NIL

Total: 0.26 times 

State-owned NTPC on Monday said it has paid ₹2,424 crore as an interim dividend to its shareholders.

The company paid its first interim dividend of ₹2,424 crore for the financial year 2024-25 on November 18, representing 25 per cent of the company’s paid-up equity share capital, NTPC said in a statement.

NTPC CMD Gurdeep Singh, along with the Board of Directors of the company, presented the “payment advice of Rs 1,238.84 crore, representing the government’s share to the Minister of Power Manohar Lal, Power Secretary Pankaj Agarwal”, it added.

On October 24, the Board of Directors of NTPC approved the first interim dividend of ₹2.50 on the face value of shares of ₹10 each for the financial year 2024-25.

This marks the 32nd consecutive year that NTPC has distributed dividends to its shareholders.

Inputs from PTI

(BSE data)

NTPC Green Energy, the subsidiary of India’s largest power producer NTPC, will be incurring a capex of ₹1 lakh crore over the next three years to take its green energy capacity to 19 GW by March 2027, NTPC Chairman and Managing Director, Gurdeep Singh, said.

NTPC Green currently has a portfolio of 16,896 MW, of which 3320 MW are operational and 13,576 MW are contracted and awarded. It has an additional pipeline of 9.2 GW, where term-sheets have been signed with joint venture partners or offtakers.

Report by Janaki Krishnan of businessline | Click to read the full report

• NTPC Green Energy IPO: Ventura Securities says ‘subscribe’ - Read here
• NTPC Green IPO: Subscribe for the long-term, says SBI Sec - Read here
• SBI Securities recommend investors to subscribe to the issue at cut-off price for long term - Read here

• NTPC Green Energy gets SEBI nod for ₹10,000-crore IPO - Read here
• NTPC Green Energy sets IPO price band at ₹102-108 per share - Read here
• NTPC Green Energy to incur ₹1 lakh crore capex over next 3 years - Read here
• NTPC Green Energy: Should you subscribe to the IPO? - Read here
• NTPC Green Energy raises ₹3,960 crore from anchor investors ahead of IPO - Read here

NTPC Green Energy IPO has been subscribed 0.25 times as at 2 pm on November 19, 2024. 

• NII: 0.10 times
• Retail: 1.03 times
• Employee portion: 0.13 times
• Reservation portion shareholder: 0.42 times
• QIB: NIL

Total: 0.25 times 

The wholly-owned subsidiary of NTPC Ltd, NTPC Green Energy has declared the price band of the public issue at ₹102-108 apiece. 

NTPC Green Energy IPO has been subscribed 0.21 times as at 1.06 pm on November 19, 2024. 

• NII: 0.08 times
• Retail: 0.90 times
• Employee portion: 0.12 times
• Reservation portion shareholder: 0.37 times
• QIB: NIL

Total: 0.21 times

Anand Rathi assigns ‘subscribe for long-term’

“On valuation parse at the upper price band ₹ 108/-, the issue is asking a Market Cap of ₹ 910000 Mn and based on FY 2025e annualized earnings and fully diluted post IPO paid-up capital, the company is asking for a PB of 4.96x and PE of 259.56x which appears aggressively priced. But considering its current established capacities and future expanded capacities, this is a pure long term story. The company is well placed to capture the tailwind from capacity addition in renewables owing to its strong parentage (NTPC), low operating costs along with diversified capacity portfolio and access to lower cost of capital. Therefore we believe that this issue may be considered for its long term growth. Hence we give “ SUBSCRIBE for LONG TERM” rating to this IPO.”

Divyam Mour, Research Analyst, SAMCO Securities, said, “As a subsidiary of NTPC operating in a high-growth segment, the company demonstrates significant future potential, leveraging NTPC’s extensive experience in the sector. A peer comparison of key fundamentals presents a favorable image, with the company outperforming its peers in revenue growth, profit margins, and leverage ratios. However, its capacity utilization factor (CUF), a critical measure of a plant’s electricity generation efficiency, is relatively lower for its solar and wind projects compared to competitors. Additionally, an analysis of the company’s price-to-earnings (P/E) ratio against its peers indicates overvaluation, raising concerns about its long-term wealth creation prospects. Consequently, investors are advised to avoid the IPO.”

NTPC Green Energy is raising ₹10,000 crore through a fresh issue and proposes to use ₹7,500 crore to repay/ prepay, in full or in part, debt availed by its subsidiaries. The remaining amount is tagged for general corporate purposes.

GEL competes with Adani, Tata and JSW groups amongst others. Though incorporated only in April 2022, the strong parentage and execution track record of the management warrants a premium. But even accounting for it, the valuation demanded in the IPO remains high. For perspective, Adani Green Energy, a pure-play IPP player, trades at 28.7 times EV to Revenue TTM and 22 times Price to Book, while ACME Solar, an integrated player with in-house EPC capabilities, trades at 17.2 times and 7 times respectively.

NTPC Green Energy IPO has been subscribed 0.19 times or 19% as at 12.36 pm on November 19, 2024.

• NII: 0.07 times
• Retail: 0.81 times
• Employee portion: 0.11 times
• Reservation portion shareholder: 0.33 times
• QIB: NIL

Total: 0.19 times

Reliance Securities views NGEL’s strategic initiatives and financial strength as compelling reasons for long-term investment. “With a prudent business model and consistent earnings growth, NGEL is well-positioned to capitalize on the increasing demand for renewable energy in India,” the brokerage stated.

NTPC Green Energy IPO opened today, November 19, 2024, and will close on November 22, 2024.

​NTPC Green Energy IPO​ has been subscribed 0.16 times or 16% as at 11.48 am on November 19, 2024.

• NII: 0.06 times
• Retail: 0.68 times
• Employee portion: 0.09 times
• Reservation portion shareholder: 0.28 times
• QIB: NIL

NTPC shares traded at ₹370 on the NSE, up 0.90% as at 11.33 am. The IPO of its wholly-owned subsidiary NTPC Green Energy is now open and available for subscription.

The wholly-owned subsidiary of NTPC Ltd, NTPC Green Energy has declared the price band of the public issue at ₹102-108 apiece. 

The bid lot size for NTPC Green Energy IPO is 138 Equity Shares and in multiples thereof and the IPO will close on November 22. 

• IDBI Capital Markets & Securities Limited
• HDFC Bank Limited
• IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
• Nuvama Wealth Management Limited

NTPC Green Energy has raised ₹3,960 crore via anchor book on Monday with ​LIC ​being the biggest investor worth ₹500 crore.

Out of the total allocation of 36.67 crore equity shares to the anchor investors, 14.53 crore shares were allocated to 16 domestic mutual funds through a total of 72 schemes,” NTPC Green Energy said.

KS Badri Narayanan of businessline writes| ​Click to read the full report here​

NTPC Green Energy raised ₹3,960 crore via anchor book on Monday with LIC being the biggest investor worth ₹500 crore.

Out of the total allocation of 36.67 crore equity shares to the anchor investors, 14.53 crore shares were allocated to 16 domestic mutual funds through a total of 72 schemes,” NTPC Green Energy said.

Marquee global institutional investors that became shareholders in NTPC Green Energy via anchor book included New World Fund, International Growth and Income Fund, Goldman Sachs, Morgan Stanley, New York State Teachers Retirement System, Government of Singapore, Monetary Authority of Singapore, T Rowe, Abu Dhabi Investment Authority, and BNP Paribas.

As per the exchange data filing, Life Insurance Corporation of India was allotted 12.63 per cent, New World Fund 5.29 per cent, Goldman Sachs India 5.70 per cent and Government of Singapore 5.31 per cent, among the top anchor investors. 

Domestic institutional investors such as ICICI Prudential Mutual Fund, Nippon Life India, Kotak AMC, Aditya Birla Sun Life AMC, DSP Mutual Fund, Whiteoak Capital, Canara Robeco MF, Invesco India, SBI Life Insurance, HDFC Life Insurance, Edelweiss Trusteeship, Baroda BNP Paribas MF, HSBC MF, Aditya Birla Sun Life Insurance, Allianz India Equity, Bandhan Mutual Fund, PI Opportunities AIF, Bank of India MF, Union MF, ITI MF, and Canara HSBC Life Insurance also bought shares of the company.

KS Badri Narayanan of businessline writes| Click to read the full report here

NTPC Green Energy IPO has been subscribed 0.11 times as at 11.03 am on November 19, 2024. NIIs subscribed 0.04 times, retail 0.47 times. employee portion 0.06 times, and reservation portion for shareholders 0.19 times. 

QIB portion: NIL

• In terms of valuation, the IPO is priced aggressively at a P/E ratio of 264x as of FY 2024, which is significantly higher than its peers
• The aggressive valuation suggests that the IPO may be suited for only investors with a high-risk appetite and investing for long term (3-5 yrs), GMP indicates minimal listing gains.
• The company has commendable growth potential in a growing sector, its high valuation could pose risks for investors investing with a view of short-term gains.

- Gaurav Garg, Research Analyst at Lemonn Markets Desk

“At the upper price band of ₹108, NGEL is available at P/Bv of 4.9x (on FY25E annualised financials), which appears to be fairly priced. We assign a “Subscribe” rating for the issue on a long-term investment basis, considering its strong brand recall, superior execution capabilities, portfolio expansions, investment in nextgen energy solutions (Battery Energy Storage Systems & Green Hydrogen derivatives) and promising industry outlook.”

- Geojit Research

• QIB: NIL
• NIIs: 0.01 times
• Retail: 0.11 times
• Employee portion: 0.01 times
• Reservation portion Shareholder: 0.02 times

Total: 0.02 times

Key risks include dependency on government utilities for revenue, cost volatility in renewable energy components, and execution challenges for upcoming projects. The company’s geographic concentration in Rajasthan, where over 60% of its capacity resides, also poses a risk.

Ventura Securities advises investors to subscribe to the issue.

NTPC shares gained 1.16% on the NSE to trade at ₹370.95 as at 10 am. The IPO of its wholly-owned subsidiary NTPC Green Energy opens today.

The much-awaited ₹10,000-crore IPO of ​NTPC Green Energy​ opens today for public subscription at a price band of ₹102-108. The IPO is entirely fresh issue by the largest renewable energy public sector enterprise. Before the launch of IPO, NTPC was the only shareholder with 100 per cent stake.

Meanwhile, as part of IPO process, NTPC Green Energy has raised ₹3,960 crore via anchor book on Monday with LIC being the biggest investor worth ₹500 crore.

The company has finalised allocation of nearly 36.67 crore equity shares to anchor investors at a price of ₹108 per share, the subsidiary of NTPC said in its filing to exchanges.

Marquee global institutional investors that became shareholders in NTPC Green Energy via anchor book included New World Fund, International Growth and Income Fund, Goldman Sachs, Morgan Stanley, New York State Teachers Retirement System, Government of Singapore, Monetary Authority of Singapore, T Rowe, Abu Dhabi Investment Authority, and BNP Paribas.

As per the exchange data filing, Life Insurance Corporation of India was allotted 12.63 per cent, New World Fund 5.29 per cent, Goldman Sachs India 5.70 per cent and Government of Singapore 5.31 per cent, among the top anchor investors.

KS Badri Narayanan of businessline writes | ​Click to read the full report here​

SBI Securities recommends subscribing to the IPO at the upper price band, emphasising long-term growth prospects aligned with India’s renewable energy goals. Investors should weigh potential returns against the inherent risks in the renewable energy sector.

NTPC Green Energy raised ₹3,960 crore via anchor book on Monday with LIC being the biggest investor worth ₹500 crore.

The much-awaited ₹10,000-crore IPO of NTPC Green Energy opens today for public subscription at a price band of ₹102-108. The IPO is entirely fresh issue by the largest renewable energy public sector enterprise. Before the launch of IPO, NTPC was the only shareholder with 100 per cent stake.

While 75 per cent of the IPO portion is reserved for Qualified Institutional Buyers (QIBs), 15 per cent for Non-Institutional Investors (NIIs) and the remaining 10 per cent for Retail Investors. The bid lot size for the IPO is 138 Equity Shares and in multiples thereof and the IPO will close on November 22. 

Meanwhile, as part of IPO process, NTPC Green Energy has raised ₹3,960 crore via anchor book on Monday with ​​LIC being the biggest investor worth ₹500 crore​​.

​NTPC Green Energy Ltd (NGEL), a wholly owned subsidiary of NTPC Ltd, is set to launch its initial public offering (IPO) on November 19​, with the issue closing on November 22. The company is seeking to raise ₹10,000 crore through a fresh issue of shares priced between ₹102 and ₹108 per share.

NGEL, India’s largest renewable energy public sector enterprise excluding hydropower, operates a portfolio of solar and wind power projects with an operational capacity of around 3.3 GW (Solar – 3.2 GW and Wind – 0.1 GW) and projects awarded and contracted add up to 13.6 GW as of September 2024, with a target to reach 60 GW of non-fossil capacity by FY32.

NTPC Green Energy, the renewable energy arm of the NTPC, mobilised ₹3,960 crore from anchor investors on Monday, a day before its initial share-sale opening for public subscription.

New World Fund Inc, Goldman Sachs Funds, Government of Singapore, Life Insurance Corporation of India, ICICI Prudential Mutual Fund (MF), Nippon India MF, DSP MF and Kotak MF are among the anchor investors, according to a circular uploaded on the BSE’s website. - PTI