India's NTPC Green Energy filed draft papers for a 100 billion rupees ($1.19 billion) initial public offering on Wednesday.
This photograph taken on April 6, 2022, shows a general view of the National Thermal Power Corporation plant in Dadri. The mounds of jet-black coal shimmering under the afternoon sun at the Dadri power plant are a raw illustration of India 's coal dependence -- a habit that despite increasing pressure, the country is finding hard to kick.
The IPO market in India is booming. So far this year, about 235 companies have gone public and raised more than $8.6 billion, which exceeds the total amount raised last year.Large power producers in India are allon renewables and making pledges to expand their green energy capacities, while the Indian government is aiming to add at least 500 GW of clean energy by 2030 to reduce carbon emissions.
"The IPO comes at a time when thermal power-heavy NTPC is looking for other energy avenues to diversify into and bolster revenues," Kranthi Bathini, director of equity strategy at WealthMills Securities said. "Considering the fact that green energy will remain in focus in the near-future, investors would definitely want a slice of this pie," Bathini added.NTPC Green Energy said on Wednesday it will use the proceeds from the fresh issue to repay loans worth 75 billion rupees taken by its unit NTPC Renewable Energy.The book running lead managers of the IPO are IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities and Nuvama Wealth Management.
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