NTPC Green Energy's Rs 10,000 cr IPO likely in November first week

NTPC Green Energy, a subsidiary of state-owned power giant NTPC, is likely to bring its initial public offering (IPO) to raise Rs 10,000 crore in first week of November, a source said.

Last week, NTPC Green Energy had filed preliminary papers with capital markets regulator Sebi to raise Rs 10,000 crore through IPO.

The highly placed source said the IPO is expected to be launched in first week of November this year.

The company has planned roadshows in India (Mumbai) as well as abroad, especially in Singapore, the source informed.

The initial share-sale is entirely a fresh issuance of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP).

The company said proceeds of the issue to the tune of Rs 7,500 crore will be used to repay or prepay part or all of its subsidiary NTPC Renewable Energy Ltd's (NREL) outstanding loans, while a portion will be utilised for general corporate purposes.

The filing comes at a time when the country's IPO market is thriving, with around 60 main board companies having launched their initial share-sale this year so far.

NTPC Green Energy is a 'Maharatna' central public sector enterprise with renewable energy portfolio, including solar and wind power assets spread across more than six states.

As of August 2024, the company's operational capacity comprised 3,071 MW from solar projects and 100 MW from wind projects.

Overall, the NTPC group aims to reach 60 GW of renewable energy capacity by 2032. Currently, it has 3.5 GW of installed capacity and over 28 GW is in progress.

India's renewable energy sector is growing rapidly. Globally, India is ranked fourth in clean energy capacity, including wind and solar installations, the draft paper said, citing a Crisil report.

The country's installed renewable energy capacity increased from 63 GW in FY12 to 123 GW in FY21 and reached about 191 GW by March 2024 (including large hydro). As of March 2024, renewable energy made up nearly 43 per cent of India's total power generation capacity, with solar energy leading this growth, it added.

IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities, and Nuvama Wealth Management are the book-running lead managers to the issue.
 

Manba Finance IPO subscribed 23.67 times on Day 1

 The initial public offer of Manba Finance Ltd received 23.67 times subscription on the first day of bidding on Monday.
 

The Rs 151-crore initial share sale of the Non-Banking Finance Company (NBFC) received bids for 20,82,50,750 shares against 87,99,000 shares on offer, according to the NSE data.
 

The category for non-institutional investors fetched 43.09 times subscription while the quota for Retail Individual Investors (RIIs) got subscribed 27.52 times. The Qualified Institutional Buyers (QIBs) portion received 2.36 times subscription.
 

The initial public offer (IPO) has a fresh issue of up to 1,25,70,000 equity shares. Price range for the offer is Rs 114-120 per share.
 

The initial share sale will conclude on September 25.
 

Proceeds from the issues will be utilized to augmenting the capital base to meet the company's future capital requirements towards onward lending and for general corporate purposes.
 

Hem Securities is the manager to the offer.
 

Manba Finance provides financial solutions for auto loans, used cars, small business loans and personal loans. It currently operates across 66 locations in Maharashtra, Gujarat, Rajasthan, Chhattisgarh, Madhya Pradesh and Uttar Pradesh.