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NTPC Green Energy IPO

NTPC Green Energy IPO — date, price band, lot size & details 2024

NTPC Green Energy listed on 27 Nov 2024 at ₹111.5, 3.2% above the ₹108 issue price.

NTPC Green Energy is a wholly owned subsidiary of NTPC and the largest renewable energy public sector company in India by operating capacity, excluding hydro. Its total income was Rs 2,037.66 crore in FY2024.

Stock price

NTPC Green Energy is listed — here is the live share price.

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Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Timetable

Key dates from opening to listing. Today is 14 November.

Key dates Listed
  1. Open 19 Nov 2024
  2. Close 22 Nov 2024
  3. Allotment 25 Nov 2024
  4. Refund/credit 26 Nov 2024
  5. Listing 27 Nov 2024

Issue summary

The terms of the offer, as filed.

IPO Dates 19 to 22 Nov, 2024
Price Band ₹102 – ₹108
Face Value ₹10
Lot Size 138 Shares
Issue Size ₹10000 Cr
Sale Type Fresh capital only
Listing On BSE, NSE
Employee Discount Rs 5.00 per share
Registrar KFin Technologies Limited
Min Investment ₹ 14,904
Reservation
QIB 75%
NII 15%
Retail 10%
Employee 2.1%

Share of the offer set aside for each investor category, as stated in the offer document.

What will it cost me?

Bidding is in multiples of 138 shares at the ₹108 cut-off. Drag to size your application.

shares
1 lot lots
If it lists at today's grey market premium of ₹1
on
Grey market premium is an unofficial, unregulated indicator. It is not a forecast.
Application Lots Shares Amount
Retail (min) 1 138 ₹14,904
Retail (max) 13 1,794 ₹1,93,752
S-HNI (min) 14 1,932 ₹2,08,656
S-HNI (max) 67 9,246 ₹9,98,568
B-HNI (min) 68 9,384 ₹10,13,472

Strengths & risks

Drawn from the offer document — the case for and against, side by side.

Strengths · 5

  • 01Total income rose from Rs 170.63 crore in FY2023 to Rs 2,037.66 crore in FY2024.
  • 02Profit after tax rose from Rs 171.23 crore in FY2023 to Rs 344.72 crore in FY2024.
  • 03The whole Rs 10,000 crore issue was fresh capital, mostly for repaying subsidiary debt.
  • 04It is backed by NTPC, which held 100% before the issue.
  • 05The source puts the PAT margin at 16.20%.

Risks · 5

  • 01The pre-issue P/E was 234.97 at the upper band of Rs 108, based on EPS of Rs 0.46.
  • 02Total borrowing rose from Rs 12,796.74 crore on 31 March 2024 to Rs 17,057.50 crore on 30 September 2024.
  • 03Rapid capacity growth needs heavy capital, and the source puts debt to equity at 1.91.
  • 04Renewable output depends on weather, and power buyers are mainly government utilities. Return on net worth was 2.14%.
  • 05NTPC held 100% before the issue and 89.01% after it.

Three years of numbers

All figures in ₹ crore, as reported in the NTPC Green Energy offer document.

Total income
1,132.74
171
2,038
1,133
31 Mar 202331 Mar 202430 Sep 2024
Profit after tax
175.30
171
345
175
31 Mar 202331 Mar 202430 Sep 2024
Borrowing vs net worth
17,057.50 / 8,189.18
31 Mar 202331 Mar 202430 Sep 2024
Borrowing Net worth
Metric 30 Sep 2024 31 Mar 2024 31 Mar 2023
Assets 32,408.30 27,206.42 18,431.40
Total Income 1,132.74 2,037.66 170.63
Profit After Tax 175.30 344.72 171.23
NET Worth 8,189.18 6,232.14 4,887.43
Total Borrowing 17,057.50 12,796.74 5,417.84

See how this IPO compares — view listing performance of all mainboard IPOs.

Valuation & key ratios

Ratios are for the latest full financial year reported in the NTPC Green Energy RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.

P/E Ratio
259.56
EPS (₹)
0.42
RoE
7.39%
RoNW
2.14%
PAT Margin
16.20%
Debt / Equity
1.91
NAV (₹)
10.92

NTPC Green Energy IPO Valuation

How the issue prices the company before and after the fresh shares are created.

Valuation Metric Pre-Issue Post-Issue
EPS (₹) ₹0.46 ₹0.42
P/E Ratio (x) 234.97 259.56
Market Cap at Offer Price (₹ Cr) ₹41,157.39 ₹45,077.14

Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹108 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.

Where the money goes

₹10,000.01 Cr of the issue is earmarked to named objects.

Investment in the wholly owned Subsidiary, NTPC Renewable Energy Ltd. (NREL) for repayment/ prepayment, in full or in part of certain outstanding borrowings availed by NREL ₹7500.00 Cr
General Corporate Purposes ₹2446.49 Cr
Issue Expenses ₹53.52 Cr

NTPC Green Energy IPO Anchor Investors

107 anchor investors across 38 fund houses committed ₹3,959.99 Cr a day before the issue opened.

Anchor Investor Fund House Shares Amount (₹ Cr) % of Anchor Book
New World Fund Inc New World Fund 19,393,968 209.45 5.29%
American Funds Insurance Series New World Fund American Funds Insurance Series 1,097,790 11.86 0.30%
International Growth And Income Fund - 2,424,246 26.18 0.66%
Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Goldman Sachs 20,903,550 225.76 5.70%
New York State Teachers Retirement System-Managed By Goldman Sachs Asset Management L.p. New York State Teachers Retirement System 626,520 6.77 0.17%
Greater India Portfolio Greater India 1,385,934 14.97 0.38%
Government Of Singapore Government Of Singapore 19,460,346 210.17 5.31%
Monetary Authority Of Singapore Monetary Authority Of Singapore 3,455,658 37.32 0.94%
T. Rowe Price Retirement Hybrid Trust-T. Rowe Price Non-U.s. Equities Trust - 1,044,660 11.28 0.28%
T. Rowe Price International Stock Fund - 10,840,176 117.07 2.96%
T. Rowe Price International Growth Equity Trust - 11,031,168 119.14 3.01%
Life Insurance Corporation Of India Life Insurance Corp.of India 46,296,378 500.00 12.63%
ICICI Prudential Infrastructure Fund ICICI Prudential Mutual Fund 5,728,932 61.87 1.56%
ICICI Prudential Energy Opportunities Fund ICICI Prudential Mutual Fund 5,729,070 61.87 1.56%
ICICI Prudential Psu Equity Fund ICICI Prudential Mutual Fund 2,864,466 30.94 0.78%
ICICI Prudential Multicap Fund ICICI Prudential Mutual Fund 2,864,466 30.94 0.78%
ICICI Prudential Equity & Debt Fund ICICI Prudential Mutual Fund 5,729,070 61.87 1.56%
Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Nippon India Mutual Fund 5,301,408 57.26 1.45%
Nippon Life India Trustee Ltd-A/C Nippon India Large Cap Fund Nippon India Mutual Fund 5,301,408 57.26 1.45%
Nippon Life India Trustee Ltd-A/C Nippon India Growth Fund Nippon India Mutual Fund 5,654,826 61.07 1.54%
Nippon Life India Trustee Ltd-A/C Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund 706,836 7.63 0.19%
Nippon Life India Trustee Ltd-A/C Nippon Power & Infra Fund Nippon India Mutual Fund 989,598 10.69 0.27%
Nippon Life India Trustee Ltd-A/C Nippon India Flexi Cap Fund Nippon India Mutual Fund 1,060,254 11.45 0.29%
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Nippon India Mutual Fund 2,827,344 30.54 0.77%
Nippon Life India Trustee Ltd-A/C Nippon India Vision Fund Nippon India Mutual Fund 388,746 4.20 0.11%
Nippon Life India Trustee Ltd-A/C Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund 685,584 7.40 0.19%
Kotak Equity Hybrid Kotak Mahindra Mutual Fund 4,629,624 50.00 1.26%
Kotak Bluechip Fund Kotak Mahindra Mutual Fund 4,629,624 50.00 1.26%
Kotak Infrastructure & Economic Reform Fund Kotak Mahindra Mutual Fund 4,629,762 50.00 1.26%
Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Esg Integration Strategy Fund Aditya Birla Sun Life Mutual Fund 925,980 10.00 0.25%
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Infrastructure Fund Aditya Birla Sun Life Mutual Fund 1,666,350 18.00 0.45%
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Equity Advantage Fund Aditya Birla Sun Life Mutual Fund 2,824,170 30.50 0.77%
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Frontline Equity Fund Aditya Birla Sun Life Mutual Fund 2,824,170 30.50 0.77%
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Psu Equity Fund Aditya Birla Sun Life Mutual Fund 2,824,170 30.50 0.77%
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Flexi Cap Fund Aditya Birla Sun Life Mutual Fund 2,824,170 30.50 0.77%
DSP Flexi Cap Fund DSP Mutual Fund 2,863,776 30.93 0.78%
DSP Multicap Fund DSP Mutual Fund 572,700 6.19 0.16%
DSP India T.i.g.e.r. Fund DSP Mutual Fund 1,574,994 17.01 0.43%
DSP ELSS Tax Saver Fund DSP Mutual Fund 5,154,714 55.67 1.41%
DSP Equity Opportunities Fund DSP Mutual Fund 3,722,826 40.21 1.02%
Whiteoak Capital Flexi Cap Fund Whiteoak Capital Mutual Fund 3,683,910 39.79 1.00%
Whiteoak Capital Mid Cap Fund Whiteoak Capital Mutual Fund 2,262,786 24.44 0.62%
Whiteoak Capital Large Cap Fund Whiteoak Capital Mutual Fund 565,248 6.10 0.15%
Whiteoak Capital ELSS Tax Saver Fund Whiteoak Capital Mutual Fund 260,544 2.81 0.07%
Whiteoak Capital Multi Cap Fund Whiteoak Capital Mutual Fund 1,169,136 12.63 0.32%
Whiteoak Capital Large And Mid Cap Fund Whiteoak Capital Mutual Fund 1,317,762 14.23 0.36%
ABU Dhabi Investment Authority - Monsoon ABU Dhabi Investment 9,259,386 100.00 2.53%
ABU Dhabi Investment Authority - Stable ABU Dhabi Investment 6,944,574 75.00 1.89%
BNP Paribas Funds Energy Transition - 6,154,386 66.47 1.68%
BNP Paribas Funds Emerging Markets Climate Solutions BNP Paribas 2,001,000 21.61 0.55%
BNP Paribas Funds Global Climate Solutions BNP Paribas 1,104,000 11.92 0.30%
Canara Robeco Mutual Fund A/C Canara Robeco Blue Chip Equity Fund Canara Robeco Mutual Fund 4,562,694 49.28 1.24%
Canara Robeco Mutual Fund A/C Canara Robeco Infrastructure Canara Robeco Mutual Fund 261,234 2.82 0.07%
Canara Robeco Mutual Fund A/C Canara Robeco ELSS Tax Saver Canara Robeco Mutual Fund 2,712,942 29.30 0.74%
Canara Robeco Mutual Fund A/C Canara Robeco Value Fund Canara Robeco Mutual Fund 389,436 4.21 0.11%
Canara Robeco Mutual Fund A/C Canara Robeco Mid Cap Fund Canara Robeco Mutual Fund 819,582 8.85 0.22%
Canara Robeco Mutual Fund A/C Canara Robeco Manufacturing Fund Canara Robeco Mutual Fund 513,498 5.55 0.14%
Invesco India Infrastructure Fund Invesco Mutual Fund 925,980 10.00 0.25%
Invesco India Balanced Advantage Fund Invesco Mutual Fund 462,990 5.00 0.13%
Invesco India ELSS Tax Saver Fund Invesco Mutual Fund 1,851,822 20.00 0.51%
Invesco India Flexi Cap Fund Invesco Mutual Fund 3,240,792 35.00 0.88%
Invesco India Multicap Fund Invesco Mutual Fund 1,851,822 20.00 0.51%
Invesco India Psu Equity Fund Invesco Mutual Fund 925,980 10.00 0.25%
SBI Life Insurance Co. Ltd SBI Life Insurance 9,259,386 100.00 2.53%
HDFC Life Insurance Company Limited HDFC Life Insurance 9,259,386 100.00 2.53%
Florida Retirement System - Allspring Global Investments, Llc - 1,388,970 15.00 0.38%
Allspring Emerging Markets Equity Fund - 5,555,604 60.00 1.52%
Morgan Stanley India Investment Fund, Inc. Morgan Stanley 2,778,492 30.01 0.76%
Morgan Stanley Investment Funds Sustainable Asia Equity Fund Morgan Stanley 475,686 5.14 0.13%
Morgan Stanley Investment Funds Indian Equity Fund Morgan Stanley 1,383,588 14.94 0.38%
Morgan Stanley Investment Funds Sustainable Emerging Markets Equity Fund Morgan Stanley 2,306,808 24.91 0.63%
Edelweiss Trusteeship Co Ltd Ac- Edelweiss MF Ac- Edelweiss Large & Mid Cap Fund Edelweiss Mutual Fund 1,064,808 11.50 0.29%
Edelweiss Trusteeship Co Ltd Ac- Edelweiss MF Ac- Edelweiss Flexi Cap Fund Edelweiss Mutual Fund 1,157,406 12.50 0.32%
Edelweiss Trusteeship Co Ltd Ac- Edelweiss MF Ac- Edelweiss ELSS Tax Saver Fund Edelweiss Mutual Fund 138,828 1.50 0.04%
Edelweiss Multi Cap Fund Edelweiss Mutual Fund 1,111,176 12.00 0.30%
Edelweiss Trusteeship Co Ltd Ac - Edelweiss MF Ac- Edelweiss Recently Listed Ipo Fund Edelweiss Mutual Fund 1,851,960 20.00 0.51%
Edelweiss Trusteeship Co Ltd Ac- Edelweiss MF Ac- Edelweiss Balanced Advantage Fund Edelweiss Mutual Fund 1,620,396 17.50 0.44%
Baroda BNP Paribas Multi Cap Fund Baroda BNP Paribas Mutual Fund 2,314,536 25.00 0.63%
Baroda BNP Paribas Large & Mid Cap Fund Baroda BNP Paribas Mutual Fund 2,129,616 23.00 0.58%
Baroda BNP Paribas Flexi Cap Fund Baroda BNP Paribas Mutual Fund 1,388,832 15.00 0.38%
Baroda BNP Paribas Innovation Fund Baroda BNP Paribas Mutual Fund 1,111,590 12.01 0.30%
HSBC Aggressive Hybrid Fund HSBC Mutual Fund 4,629,762 50.00 1.26%
Aditya Birla Sun Life Insurance Company Limited Aditya Birla Sun Life Insurance 4,629,762 50.00 1.26%
Nps Trust- A/C HDFC Pension Fund Management Limited Scheme E - Tier I HDFC Nps Trust 4,629,762 50.00 1.26%
Allianz Global Investors Fund - Allianz India Equity Allianz 2,314,950 25.00 0.63%
Bandhan Business Cycle Fund Bandhan Mutual Fund 1,388,970 15.00 0.38%
Bandhan Infrastructure Fund Bandhan Mutual Fund 925,980 10.00 0.25%
Pi Opportunities AIF V LLP Pi Opportunities AIF 2,314,950 25.00 0.63%
3P India Equity Fund I 3P India 1,851,960 20.00 0.51%
3P India Equity Fund Im 3P India 462,990 5.00 0.13%
Bank Of India Large & Midcap Equity Fund - 277,800 3.00 0.08%
Bank Of India Manufacturing & Infrastructure Fund Bank Of India Mutual Fund 463,000 5.00 0.13%
Bank Of India Multi Asset Allocation Fund Bank Of India Mutual Fund 277,800 3.00 0.08%
Bank Of India Business Cycle Fund Bank Of India Mutual Fund 555,555 6.00 0.15%
Bank Of India Blue Chip Fund - 185,200 2.00 0.05%
Bank Of India Small Cap Fund Bank Of India Mutual Fund 555,595 6.00 0.15%
Union Flexi Cap Fund Union Mutual Fund 1,203,912 13.00 0.33%
Union Large & Midcap Fund Union Mutual Fund 417,036 4.50 0.11%
Union Midcap Fund Union Mutual Fund 694,002 7.50 0.19%
LIC MF Large Cap Fund Lic19 LIC Mutual Fund 2,314,950 25.00 0.63%
ITI Multi Cap Fund ITI Mutual Fund 925,970 10.00 0.25%
ITI Value Fund ITI Mutual Fund 462,986 5.00 0.13%
ITI Flexi Cap Fund ITI Mutual Fund 925,970 10.00 0.25%
Canara HSBC Life Insurance Co Ltd Canara HSBC 2,314,950 25.00 0.63%
Integrated Core Strategies (Asia) Pte. Ltd. Integrated Core 2,314,950 25.00 0.63%
Oxbow Master Fund Limited Oxbow 2,314,950 25.00 0.63%
Goldman Sachs (Singapore) Pte. - Odi Goldman Sachs 2,314,950 25.00 0.63%
Total anchor allocation 3,959.99

Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.

About the company

NTPC Green Energy Limited was incorporated on 7 April 2022. It is a wholly owned subsidiary of NTPC Limited, a Maharatna central public sector enterprise.

As per CRISIL, it is the largest renewable energy public sector enterprise, excluding hydro, by operating capacity as of 30 September 2024 and by power generation in Fiscal 2024.

It earns revenue by selling solar and wind power under power purchase agreements to government agencies and utilities. Its promoters are the President of India, acting through the Ministry of Power, and NTPC Limited.

The IPO was Rs 10,000 crore and was entirely fresh issue. The money was mainly planned for repaying borrowings of its subsidiary NTPC Renewable Energy.

Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.

Promoters
President of India, acting through the Ministry of Power, and NTPC Limited
Promoter holding
100% → 89.01%
Pre-issue → post-issue

The bankers & the filings

Who is running the book, and the documents this page is built from.

Book-running lead manager
Nuvama Wealth Management Ltd. View track record →
Book-running lead manager
IDBI Capital Markets & Securities Ltd. View track record →
Book-running lead manager
IIFL Capital Services Limited View track record →
Book-running lead manager
HDFC Bank Limited View track record →
Red Herring Prospectus
SEBI filing
Final offer document — price band, financials and risk factors. This page is built from it.
Open the RHP
Anchor allocation
Exchange filing
The anchor book as filed with the exchange a day before the issue opened.
Open the filing

NTPC Green Energy IPO Documents

Read the filings this page is built from.

Red Herring Prospectus (RHP) Final offer document — price band, financials, risk factors Anchor Investor Allocation Exchange filing listing the anchor book

Lead Manager Track Record

How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.

Nuvama Wealth Management Ltd.

42 issues handled
Listed in Profit 69% 29 of 42 listed
Avg Listing Gain +12% across 42 issues
Listed Below Issue 13 of 42 listed

Best listing: Gandhar Oil Refinery (India) (+76.3%). Weakest: ACME Solar Holdings (-13.1%).

IDBI Capital Markets & Securities Ltd.

42 issues handled
Listed in Profit 73.8% 31 of 42 listed
Avg Listing Gain +21.9% across 42 issues
Listed Below Issue 11 of 42 listed

Best listing: Route Mobile (+104.9%). Weakest: Bharat Dynamics (-13.6%).

IIFL Capital Services Limited

146 issues handled
Listed in Profit 69% 100 of 145 listed
Avg Listing Gain +16.3% across 145 issues
Listed Below Issue 45 of 145 listed

Best listing: Unicommerce eSolutions (+117.6%). Weakest: ICICI Securities (-16.3%).

HDFC Bank Limited

34 issues handled
Listed in Profit 73.5% 25 of 34 listed
Avg Listing Gain +17.5% across 34 issues
Listed Below Issue 9 of 34 listed

Best listing: G R Infraprojects (+105.0%). Weakest: Precision Camshafts (-11.3%).

Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.

Company contact

Company
NTPC Green Energy
Email

Frequently asked

What is the GMP of NTPC Green Energy?

The current Grey Market Premium is ₹1, or 1% over the issue price.

What is the NTPC Green Energy IPO price band?

₹102 to ₹108, on a face value of ₹10.

When is the allotment?

The basis of allotment is 25 November 2024, with listing on 27 November 2024.

How do I check allotment status?

On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.

NTPC Green Energy IPO

Every number here traces back to a filing.

IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.

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Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.

GMP
₹1
Subscribed
2.55×
Min bid
₹14,904
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