NTPC Green Energy IPO will open on November 19, 2024, and close on November 22, 2024. NTPC Green Energy Limited was incorporated in 2022 and is India’s largest public-sector renewable energy company in terms of operational capacity in FY24. So, let’s find out all the NTPC Green Energy IPO details, price band, financials, listing, and competitor analysis.
NTPC Green Energy IPO Date 2024
The key pointers for the NTPC IPO date are:
- Bidding Opening Date: November 19, 2024
- Bidding Closing Date: November 22, 2024
- Allotment Date: November 25, 2024
- Initiation of Refunds (in case of less or no allotment): November 26, 2024
- Shares Credited to Your Demat Account: November 26, 2024
- NTPC IPO Listing Date: November 27, 2024
- Listing on Exchange: NSE and BSE
NTPC Green Energy IPO Details
NTPC Green Energy IPO valuation is set at ₹10,000 crores and there will only be a fresh issue of shares.
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Here are the key details of NTPC Green Energy Limited IPO:
- NTPC Green Energy IPO Price Band: ₹102 to ₹108 per share
- Face Value: ₹10 per share
- Lot Size: 138 Shares
- Total Issue Size and Amount: 92,59,25,926 shares (amounting to ₹10,000 crores)
- Fresh Issue Size and Amount: 92,59,25,926 shares (amounting to ₹10,000 crores)
NTPC Green Energy IPO Proceeds Usage
NTPC Green Energy Limited IPO proceeds will be set for the following purposes:
- ₹7,500 crores to be invested in the wholly owned subsidiary, NTPC Renewable Energy Limited (NREL) for repayment or pre-payment of its outstanding loans.
- Remaining for general corporate purposes.
NTPC Green Energy IPO Reservations
NTPC Green Energy IPO reservations to different investors are:
- For QIBs: Not less than 75% of the net issue
- For NIIs: Not more than 15% of the net issue
- For Retail Investors: Not more than 10% of the net issue
- NTPC Green Energy IPO Shareholder Quota: As per the RHP, a maximum of 10% of the total issue size (i.e. ₹1,000 crores) will be reserved for NTPC shareholders.
NTPC Green Energy IPO Lot Size
NTPC Green Energy IPO lot size is 138 shares, wherein bidding can be done in further multiples. The minimum and maximum of the lot size that each category of investor can apply in this IPO are:
| Applicant Type | Lot Size | Shares | Amount (in ₹) |
|---|---|---|---|
| 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 |
NTPC Green Energy Limited IPO: Promoter Holding
The promoters of NTPC Green Energy Limited:
- President of India, Acting through the Ministry Of Power, Government of India
- NTPC Limited
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NTPC Green Energy Limited IPO: Company Overview
NTPC Green Energy Limited (NGEL) is a wholly-owned subsidiary of NTPC which is a Maharatna company. Being the largest RE company, NGEL’s operational capacity was 3,220 MW of solar projects and 100 MW of wind projects across six states as of September 30, 2024. Also, it had 17 off-takers or customers across 41 solar projects and 11 wind projects.
NTPC Green Energy Limited IPO main source of revenue is the sale of renewable energy. It is focused on developing a portfolio of utility-scale solar energy projects and wind energy projects, as well as projects for PSUs and corporates.
The company is working on constructing 36 RE projects in 6 states with a capacity of 13,576 MW (both contracted and awarded). Its key strengths are the NTPC umbrella, extensive portfolio of RE projects, experienced team, growing revenues, and strong credit rating.
NTPC Green Energy IPO: Financial Metrics
NTPC Green Energy Limited’s key financials for different periods are as follows:
| Particulars | As at Sep 30, 2024 | As at Sep 30, 2023 | Percentage Change |
|---|---|---|---|
| Revenue from Operations | 1,082.29 | 1,008.32 | 7.34% |
| Profit After Tax | 175.3 | 208.16 | -15.79% |
| Assets | 32,408.30 | 19,860.07 | 63.18% |
| Total Borrowing | 17,057.50 | 9,722.83 | 75.44% |
| Operating EBITDA | 931.57 | 914.61 | 1.85% |
*(in ₹ crores)
- In the first half of FY25, the revenue from operations increased by 7.34% YoY but PAT fell by 15.79% as compared to the first half of FY24.
- In the H1 of FY25, the assets increased by 63.18% but total borrowings increased by 75.44% YoY.
- The operating EBITDA increased by 1.85% YoY as of September 30, 2024.
NTPC Green Energy IPO: Operational Capacity
| Particulars | As at Sep 30, 2024 | As at Sep 30, 2023 | Percentage Change |
|---|---|---|---|
| Installed Capacity (MW) | 3,320 | 2,711 | 22.46% |
| Solar | 3,220 | 2,661 | 21.01% |
| Wind | 100 | 50 | 100.00% |
| Total Contracted & Awarded Capacity (MW) | 13,576 | 8,600 | 57.86% |
| Solar | 10,576 | 7,050 | 50.01% |
| Wind | 3,000 | 1,550 | 93.55% |
- NTPC Green Energy operational capacity has increased by 22.46% YoY in H1 of FY25.
- The company’s total contracted and awarded capacity also rose by 57.86% YoY in the H1 FY25.
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Peer Analysis of NTPC Green Energy Limited
The comparison of NTPC Green Energy Limited’s performance with its peers in the same industry is as follows:
| Particulars | NTPC Green Energy Limited | ReNew Energy Global PLC | Adani Green Energy Limited |
|---|---|---|---|
| Operating EBITDA Margin | 88.99% | 71.57% | 82.28% |
| PAT Margin | 17.56% | 5.06% | 13.67% |
| Net Debt/Equity (x) | 1.98 | 5.19 | 5.52 |
| Cash RoE (% of average equity) | 17.76% | 20.49% | 36.91% |
| Interest Coverage Ratio | 2.64 | 1.54 | 1.71 |
*(As on FY24 ending)
- NTPC Green Energy Limited’s operating EBITDA and PAT margins are the highest amongst its peers reflecting its positive performance.
- Net debt to equity ratio is also the lowest in the industry highlighting more reliance on equity for financing.
- Cash ROE is more than 15% and the interest coverage ratio is the highest which signifies the company’s strong financial health.
Risk Factors in NTPC Green Energy Limited IPO
The risk factors that the NTPC Green Energy Limited is exposed to are as follows:
- More than 87% of revenue from operations was derived from the top five off-takers and any loss of such customers might impact the financial condition.
- Heavily dependent on third-party suppliers to meet the material and equipment requirements.
- Failure to timely execute the contracted and awarded projects could adversely impact the operations and financial performance.
- There is a geographical concentration of renewable energy projects in Rajasthan and any social, political, or economic impact in the state can affect the business.
- The PPAs (Power Purchase Agreements) are exposed to certain risks that might affect the operations.
NTPC Green Energy IPO GMP and Review
NTPC Green Energy IPO GMP is quite meagre as of November 14, 2024. With the IPO price of ₹108 per share, NTPC Green Energy share price can list at a premium of 2.78%. But GMP is not a true reflection and you should not take it as a performance benchmark for the listing NTPC Green Energy share price.
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NTPC Green Energy Limited IPO Contact Information
For inquiries related to the NTPC Green Energy IPO details, you can contact at the following places:
Registered Office Address: NTPC Bhawan, Core -7, SCOPE Complex, 7 Institutional Area, Lodi Road, New Delhi-110 003, India
Email: ngel@ntpc.co.in
Company Website: https://www.ngel.in/ngel-home
NTPC Green Energy IPO Registrar Details:
Registrar Name: KFin Technologies Limited
Phone: 91 40 6716 2222
Email: ntpcgreen.ipo@kfintech.com
FAQs
1. When NTPC Green Energy IPO?
NTPC Green Energy IPO is all set to open on November 19, 2024 and bidding will close on November 22, 2024.
2. What was the IPO price of NTPC?
NTPC Green Energy IPO price band is set in the range of ₹102 to ₹108 per share.
3. What is the profit of NTPC Green?
The profit of NTPC Green in FY24 is ₹344.72 crores and it has grown by 101.32% on a year-on-year basis.
References
https://www.sebi.gov.in/filings/public-issues/nov-2024/ntpc-green-energy-limited-rhp_88431.html
Author: All Content is verified by SMC Global Securities.
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