NTPC Green Energy Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹108
Per ShareLot Size
138 Shares
Minimum Investment
₹14,904
Issue Size
₹10,000 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
NTPC Green Energy Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
100%
Promoter Holding (Post-Issue)
89%
Issue Type
Book Building
ISIN
INE0ONG01011
About the Company
We are a wholly owned subsidiary of NTPC Limited, a aharatna' central public sector enterprise. We are the largest renewable energy public sector enterprise (excluding hydro) in terms of operating capacity as of September 30, 2024 and power generation in Fiscal 2024. (Source: CRISIL Report, November 2024). We generate revenue by the sale of solar and wind power pursuant to Power Purchase Agreements to Indian government agencies and public utilities. Our renewable energy portfolio encompasses solar and wind power assets with an operational capacity of 3,220 MW of solar projects and 100 MW of wind projects across six (6) states as of September 30, 2024.
Industry Overview
Renewable energy represents a significant and growing industry in India. Globally, India ranks fourth in total renewable energy, wind as well as solar installations. (Source: CRISIL Report, November 2024). Installed capacity of renewable energy sources in India (including large hydro) have increased from approximately 63 GW as of March 2012 to approximately 201 GW as of September 2024. (Source: CRISIL Report, November 2024). As of September 2024, installed grid connected renewable energy generation capacity in India (including large hydro) constituted approximately 45% of the total installed generation base in India, and this growth has been led by solar power.
Company History
Our Company was incorporated as "NTPC Green Energy Limited", a public limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated April 7, 2022, issued by the Registrar of Companies, Delhi and Haryana.
Growth Strategy
- Continue to grow project pipeline through prudent bidding and strategic joint ventures with PSUs and private corporates.
- Focus on projects in new energy solutions like green hydrogen, green chemicals and storage
- Drive efficiency and cost reductions in project execution and operating & maintenance.
- Continue to contribute to India's sustainability efforts.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 92,68,24,881 equity shares of face value of Rs.10 each ("equity shares") of NTPC Green Energy Limited (the "company" or the "issuer") for cash at a price of Rs. 108.00 per equity share including a premium of Rs. 98.00 per equity share (the "issue price") aggregating to Rs. 10000.00 crores (the "issue"). This issue includes a reservation of 1,94,17,475 equity shares aggregating to Rs. 200.00 crores (constituting 0.23% of the post-issue paid-up equity share capital of the company) for subscription by eligible employees (the "employee reservation portion") and a reservation of 9,25,92,592 equity shares of face value of Rs.10 each, aggregating to Rs. 1000.00 crores (constituting up to 1.10% of the post-issue paid-up equity share capital of the company of the issue) for subscription by eligible shareholders ("shareholders reservation portion"). The company, in consultation with the book running lead managers, may offer a discount of 4.63% (equivalent of Rs. 5.00 per equity share) to the issue price to eligible employees bidding under the employee reservation portion ("employee discount"). The issue less the employee reservation portion and the shareholders reservation portion is hereinafter referred to as "net issue". The issue and the net issue would constitute 11.00% and 9.67%, respectively, of the postissue paid-up equity share capital. The Issue Price is Rs. 108 per equity share of face value of Rs. 10 each. The Issue price is 10.80 times the face value of the equity shares. Bid can be made for a minimum of 138 equity shares and in multiples of 138 equity shares. A discount of Rs.5 equity share is being offered to eligible employees bidding in the employee reseravtion portion.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- We are promoted by NTPC Limited, which has a legacy of around five decades, is one of India's largest power companies, and has experience in operating and maintaining power stations efficiently and in acquiring land for large power projects throughout India.
- As of September 30, 2024, our Portfolio consisted of 16,896 MWs including 3,320 MWs operating projects and 13,576 MWs projects contracted and awarded. We are in the process of constructing 36 renewable energy projects in 6 states consisting of 13,576 MWs, contracted and awarded.
- We along with the NTPC Group have a strong track record of developing, constructing and operating renewable power projects, driven by our experienced in-house management and procurement teams. Our superior execution capabilities are demonstrated by 5 decades of successful operations by NTPC Limited.
- With strong parent support and diversified portfolio with long term PPA, the Company is able to maintain a healthy interest coverage ratio. (Source: CRISIL Report, November 2024). As of September 30, 2024 and March 31, 2024, our interest coverage ratio was 2.60 times and 2.64 times (on a restated basis), respectively, and, as of March 31, 2023 and March 31, 2022, was 2.80 times and 3.17 times (on a special purpose carvedout basis), respectively.
- We benefit from a strong balance sheet and AAA rating from CRISIL as of May 8, 2024. We believe that our ability to leverage the NTPC Group's outstanding credit and its long-term relationships with financial institutions will continue to provide us with access to a low cost of capital.
- There is a concentrated pool of utilities and power purchasers for electricity generated by its plants and projects. Accordingly, the company derived a significant portion (more than 87%) of its revenue from operations from the company top five offtakers in Fiscal 2024, with its single largest offtaker contributing around 50% of the company's revenue from operations in Fiscal 2024. Loss of any of these customers or a deterioration of their financial condition could adversely affect its business, results of operations and financial condition.
- Its business and profitability is substantially dependent on the availability and cost of solar modules, solar cells, wind turbine generators and other materials, components and equipment for its solar, wind and other projects. The company is dependent on third party suppliers for meeting its materials, component and equipment requirements, and its top 10 suppliers accounted for 92.65% and 77.71% of the company supplies in the six months period ended September 30, 2024 and in Fiscal 2024, respectively. Any disruption to the timely and adequate supply, or volatility in the prices of required materials, components and equipment may adversely impact its business, results of operations and financial condition.
- The company renewable energy project construction activities may be subject to cost overruns or delays which may adversely affect its business, results of operations, financial condition and cash flows. Further, its future growth is significantly dependent on successfully executing its contracted and awarded projects. In the event, the company is not successful in executing its contracted and awarded projects, the company's business, results of operations and financial condition may be adversely impacted.
- In the six months period ended September 30, 2024 and in Fiscal 2024, 62.20% and 61.74%, respectively, of its operating renewable energy projects are concentrated in Rajasthan. Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in Rajasthan could have an adverse effect on its business, results of operations and financial condition.
- Its Special Purpose Carved-Out Combined Financial Statements and Carved-Out Operating Data for Fiscal 2023 and Fiscal 2022 may not be representative of its results as an independent company.