HNIs continue to play on GMP, IPO subscribed 2.4 times.
MUMBAI, Nov 22 (The CONNECT) – The Initial Public Offering of NTPC Green Energy Limited was subscribed 2.4 times on the final day of bidding, today.
The issue received bids of 1,42,55,97,546 shares against the offered 59,31,67,575 equity shares, at a price band of ₹ 102-108, according to the data available on the stock exchanges.
Qualified institutional buyer portion was subscribed 3.32 times, while the Retail segment was subscribed 3.39 times. Non institutional investors continued to show little interest in IPOs as the segment reserved them was subscribed and 0.81 times.
Market observers say the NIIs or HNIs appear to be going by the grey market premium with listing gains in mind.
IDBI Capital Markets & Securities Limited, HDFC Bank Limited, IIFL Capital Services Limited, and Nuvama Wealth Management Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the offer.
Company Information
NTPC Green Energy is 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, according to a CRISIL Report, November 2024. Its renewable energy portfolio encompasses both solar and wind power assets with presence across multiple locations in more than six states which helps mitigate the risk of location-specific generation variability. Its operational capacity was 3,220 MW of solar projects and 100 MW of wind projects across six (6) states as of September 30, 2024.
As of September 30, 2024, its “Portfolio” consisted of 16,896 MWs including 3,320 MWs of operating projects and 13,576 MWs of contracted and awarded projects. Its Capacity under Pipeline together with its Portfolio consisted of 26,071 MWs. It had 17 offtakers across 41 solar projects and 11 wind projects.
It is strategically focused on developing a portfolio of utility-scale renewable energy projects, as well as projects for public sector undertakings (PSUs) and Indian corporates. The projects generate renewable power and feed that power into the grid, supplying a utility or offtaker with energy. For its operational projects, we have entered into long-term Power Purchase Agreements (PPAs) or Letters of Award with an offtaker that is either a Central government agency like the Solar Energy Corporation of India or a State government agency or public utility.
As of September 30, 2024, its Capacity under Pipeline together with its Portfolio consisted of 26,071 MWs.
NTPC Green Energy’s revenue from operations has grown at a CAGR of 46.82% from ₹910.42 crore in Fiscal 2022 (on a special purpose carved-out basis) to ₹1,962.60 crore in Fiscal 2024 (on a restated basis). Its Operating EBITDA has grown at a CAGR of 48.23% from ₹794.89 crore in Fiscal 2022 (on a special purpose carved-out basis) to ₹1,746.47 crore in Fiscal 2024 (on a restated basis). Its Profit After Tax has grown at a CAGR of 90.75 % from ₹94.74 crore in Fiscal 2022 (on a special purpose carved-out basis) to ₹344.72 crore in Fiscal 2024 (on a restated basis).
For the six months ended September 30,2024, revenue from operations stood at Rs 1082 crore and profit after tax stood at Rs 175.30 crore.
