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NTPC Green Energy files draft papers for Rs 10,000 crore IPO

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ReutersLast Updated: Sep 18, 2024, 07:50:00 PM IST

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NTPC Green Energy has filed draft papers for a 100 billion rupees initial public offering, aiming to benefit from India's renewables expansion and a strong equities market. The company will issue new shares, with no existing shareholders selling stakes. This move aligns with India's goal to add 500 GW of clean energy by 2030.

NTPC Green Energy files draft papers for $1.2 billion IPO

India's NTPC Green Energy filed draft papers for a Rs 10,000 crore ($1.19 billion) initial public offering on Wednesday, as it looks to cash in on the country's renewables ramp-up plans and a red-hot equities market.

The company, a unit of power producer NTPC, will only issue new shares, and existing shareholders will not sell any stake, the draft papers showed.

The IPO market in India is booming. So far this year, about 235 companies have raised more than $8.6 billion, which already exceeds the total amount raised in 2023.

India's benchmark Nifty 50 index has hit record highs more than fifty times this year.

The filing also comes at a time when power producers are betting big on renewables and making pledges to expand their green energy capacities.

The Indian government is aiming to add at least 500 GW of clean energy by 2030 to reduce emissions.

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