NTPC Green IPO update
NTPC Green Energy has finalized a list of four investment banks to oversee its Rs 10,000 crore initial public offering, marking the largest IPO by a state-owned entity since the share sale by Life Insurance Corporation of India in 2022. According to sources familiar with the matter, IDBI Capital Markets and Securities, HDFC Bank, IIFL Securities, and Nuvama Wealth Management have been selected following a thorough evaluation of financial and technical proposals. The bid from IDBI Capital emerged as the most competitive among the contenders. Among the ten investment banks vying for the IPO mandate were Goldman Sachs, Axis Capital, ICICI Securities, and DAM Capital, as per the sources.
Efforts to obtain responses from NTPC, IDBI Capital, Nuvama, IIFL, and HDFC Bank via email remained unanswered.
Proceeds from the IPO will be allocated towards NTPC Green’s ongoing and future ventures in clean energy domains such as solar, green hydrogen, and green ammonia.
Established in April 2022, NTPC Green amalgamated NTPC’s renewable energy assets into a unified entity. Initially, the company considered divesting a 20 percent stake to a strategic investor. However, negotiations with Malaysian energy conglomerate Petronas, which submitted the highest bid of $460 million, eventually fell through.
NTPC Green CEO Mohit Bhargava recently affirmed their intention to go public by the conclusion of the 2025 fiscal year. The company boasts a development pipeline of nearly 25-26 GW, with 8 GW already in the construction phase.
