India's state-run NTPC Ltd has set a price range of $1.21 to $1.31 per share for the upcoming initial public offering (IPO) of its renewables subsidiary, NTPC Green Energy.
Targeting to raise up to $1.2 billion, the IPO will open for public subscription from November 19 to November 22, with anchor investor bidding scheduled for November 18.
The offering consists solely of new equity shares without an Offer for Sale (OFS). Investors can bid in lots of 138 shares, with 75% of the issue reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors. Additionally, $120 million will be reserved for existing NTPC shareholders.
Proceeds from the IPO will go toward reducing the debt of NTPC Renewable Energy, a subsidiary, and supporting corporate needs. Shares are expected to start trading on the stock exchange on November 27.
This IPO follows other planned public listings within India's renewables sector, as the Solar Energy Corporation of India (SECI) and Matrix Gas and Renewables Ltd consider offerings to advance their clean energy and green hydrogen projects.
