You may not have to wait for next year for the NTPC Green Energy (NGEL) IPO after all. The subsidiary of the state-owned NTPC is reportedly seeking a valuation of nearly $12 billion for its upcoming initial public offering (IPO) and it may open for bidding as early as next week. This is as per a report by Bloomberg citing people familiar with the development. If successful, this IPO could become one of the largest in the renewable energy industry.
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The clean energy firm has engaged in discussions with its advisors about pricing the IPO shares at over Rs 100 per share, the report said. The potential fundraising amount could reach up to Rs 10,000 crore (Rs 100 billion) through the share sale, as previously disclosed by the company.
According to Bloomberg report, the IPO is set to open next week on November 18 and close on November 21. However, ongoing deliberations may still result in adjustments to details like valuation, the price range and exact timing.
Focus on renewable energy sector
The NTPC Green Energy IPO follows the recent listing of Waaree Energies, another major player in the renewable energy space. Last month, Waaree Energies successfully raised $514 million, with the offering being oversubscribed more than 70 times. The stake sale attracted significant interest from global investors, including Goldman Sachs, BlackRock, and Morgan Stanley. Waaree’s shares surged 56% in their debut on Dalal Street.
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India’s renewable energy revolution has added over 100 gigawatts in the past decade, surpassing earlier expectations, according to the agency report.
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