NTPC Green Energy Ltd
UtilitiesListedIssue Size: ₹10,000 CrPrice Band: ₹102-108Exchange: NSE & BSE
About the Company
NTPC Green Energy Limited (NGEL) is the renewable energy subsidiary of NTPC Ltd, India's largest power generation company. NGEL focuses on solar, wind, and hybrid renewable energy projects.
Business Model
NGEL develops and operates renewable energy projects — solar parks, wind farms, and hybrid projects — under long-term Power Purchase Agreements (PPAs) with state utilities. Revenue is largely contracted and predictable.
Promoters
NTPC Limited holds 89.2% post-IPO.
Key Strengths
- Parentage of NTPC — AAA-rated PSU with sovereign backing
- India's green energy capacity target of 500 GW by 2030 provides massive tailwinds
- Low-cost sovereign borrowing through NTPC umbrella
- Long-term PPAs provide revenue predictability
- Access to NTPC's land bank and grid connectivity
Key Risks
- Execution risk in commissioning 19+ GW target
- Curtailment risk from state DISCOMs
- Land acquisition delays in solar/wind projects
- Interest rate risk on long-duration debt
- Competition from Adani Green, ReNew, Azure Power
Use of Proceeds
Investment in Subsidiaries (Renewable Projects)73.4%
General Corporate Purposes26.6%
IPO Details
Issue Size
₹10,000 Cr
Fresh Issue
₹10,000 Cr
OFS
₹0
Price Band
₹102-108
Lot Size
138 shares
Min Investment
₹14,904
Exchange
NSE & BSE
Registrar
KFin Technologies Ltd
Open Date
Nov 19, 2024
Close Date
Nov 22, 2024
Allotment
Nov 25, 2024
Listing Date
Nov 27, 2024
Lead Managers
HDFC BankNuvama Wealth ManagementIDBI CapitalIIFL Capital
Subscription Status
QIB3.31x
NII (HNI)0.24x
Retail0.68x
Employee0.42x
Overall1.58x