NTPC green energy’s $1.2 billion IPO fully sold on last day
Published On : 2024-11-22T12:42:50+0530 [ IST ] |
Author : Mayur_Tembhare
Reading Time : 1 mins
Home
Trending
None :
The initial share offering of the renewable-energy arm of top Indian power producer NTPC Ltd. was fully sold on the last day of its sale as investors clamor for exposure to the rapidly expanding sector.
The demand for NTPC Green Energy Ltd. shares underlines the rush for new issuances in a country that has been a global hotspot for dealmaking in recent months. The appetite for energy" target="_blank">renewable energy stocksis particularly higher as the sector is a key part of the government’s ambitious net zero carbon agenda
The sale comes against a weak market backdrop as foreign funds offload local shares. The indictment of billionaire Gautam Adani by US prosecutors and the rout of shares in his
NTPC Green Energy raised about $469 million through an anchor share allotment on Monday. The allocation saw participation from global money managers including Goldman Sachs, the Capital Group and T. Rowe Price Group Inc.
The firm will use the proceeds to invest in its subsidiary focusing on India's rapidly expanding power requirements and repay loans taken by the unit.
The company’s shares are valued at 4.9 times their price-to-book value based on annualized financials for fiscal year 2025 and are fairly valued according to Indian brokerage Geojit Financial Services. For the year that ended March 2024 NTPC Green’s shares held a price-to-book
The brokerage recommended its clients to subscribe to the issue on a long-term investment basis based on its strong brand recall, superior execution capabilities, portfolio expansions and investment in nextgen energy solutions.
Ready to master stock valuation? ET's workshop is just around the corner!
Source : Reporters From Sunrise Chronicles
Tags : Monday , timesntpc green energy raised , price2 billion initial share offering , Green Energy Ltd , Ltd , investmenttop indian power producer ntpc ltd , The , Rowe Price Group Inc , India , Gautam Adani ,
Summary :
The initial share offering of the renewable-energy arm of top Indian power producer NTPC Ltd. was fully sold on the last day of its sale as investors clamor for exposure to the rapidly expanding se
