Ntpc Green IPO: Issue Details, Open/Close Date | Research 360 by Motilal Oswal
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NTPC Green

CMP

143.99

+2.89 (2.05%)

  • DRHP
₹108

Offer Price

₹ 10,000.00 Cr

Issue Size

₹ 14,904

Min Investment

2.42x

Times Subscribed

138

Lot size

Time Line

  • 19
    Nov 2024
    Open
  • 22
    Nov 2024
    Close
  • 25
    Nov 2024
    Finalisation of Basis of Allotment
  • 26
    Nov 2024
    Initiation of Refunds
  • 26
    Nov 2024
    Transfer of Shares to Demat Account
  • 27
    Nov 2024
    Listing Date

Shares Offered

Number of Times Subscribed

Objects of the Offer

  • Continue to grow project pipeline through prudent bidding and strategic joint ventures with PSUs and private corporates.

  • Focus on projects in new energy solutions like green hydrogen, green chemicals and storage

  • Drive efficiency and cost reductions in project execution and operating & maintenance.

  • Continue to contribute to India`s sustainability efforts.

Strengths

  • We are promoted by NTPC Limited, which has a legacy of around five decades, is one of India`s largest power companies, and has experience in operating and maintaining power stations efficiently and in acquiring land for large power projects throughout India.

  • As of September 30, 2024, our Portfolio consisted of 16,896 MWs including 3,320 MWs operating projects and 13,576 MWs projects contracted and awarded. We are in the process of constructing 36 renewable energy projects in 6 states consisting of 13,576 MWs, contracted and awarded.

  • We along with the NTPC Group have a strong track record of developing, constructing and operating renewable power projects, driven by our experienced in-house management and procurement teams. Our superior execution capabilities are demonstrated by 5 decades of successful operations by NTPC Limited.

  • With strong parent support and diversified portfolio with long term PPA, the Company is able to maintain a healthy interest coverage ratio. (Source: CRISIL Report, November 2024). As of September 30, 2024 and March 31, 2024, our interest coverage ratio was 2.60 times and 2.64 times (on a restated basis), respectively, and, as of March 31, 2023 and March 31, 2022, was 2.80 times and 3.17 times (on a special purpose carvedout basis), respectively.

  • We benefit from a strong balance sheet and AAA rating from CRISIL as of May 8, 2024. We believe that our ability to leverage the NTPC Group`s outstanding credit and its long-term relationships with financial institutions will continue to provide us with access to a low cost of capital.

Risks

  • There is a concentrated pool of utilities and power purchasers for electricity generated by its plants and projects. Accordingly, the company derived a significant portion (more than 87%) of its revenue from operations from the company top five offtakers in Fiscal 2024, with its single largest offtaker contributing around 50% of the company`s revenue from operations in Fiscal 2024. Loss of any of these customers or a deterioration of their financial condition could adversely affect its business, results of operations and financial condition.

  • Its business and profitability is substantially dependent on the availability and cost of solar modules, solar cells, wind turbine generators and other materials, components and equipment for its solar, wind and other projects. The company is dependent on third party suppliers for meeting its materials, component and equipment requirements, and its top 10 suppliers accounted for 92.65% and 77.71% of the company supplies in the six months period ended September 30, 2024 and in Fiscal 2024, respectively. Any disruption to the timely and adequate supply, or volatility in the prices of required materials, components and equipment may adversely impact its business, results of operations and financial condition.

  • The company renewable energy project construction activities may be subject to cost overruns or delays which may adversely affect its business, results of operations, financial condition and cash flows. Further, its future growth is significantly dependent on successfully executing its contracted and awarded projects. In the event, the company is not successful in executing its contracted and awarded projects, the company`s business, results of operations and financial condition may be adversely impacted.

  • In the six months period ended September 30, 2024 and in Fiscal 2024, 62.20% and 61.74%, respectively, of its operating renewable energy projects are concentrated in Rajasthan. Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in Rajasthan could have an adverse effect on its business, results of operations and financial condition.

  • Its Special Purpose Carved-Out Combined Financial Statements and Carved-Out Operating Data for Fiscal 2023 and Fiscal 2022 may not be representative of its results as an independent company.

Company Promoters

Promoters Holding

Issue For IPO
11.00%
Pre Holding

100.00%

Post Holding

89.00%

Top Promoters Holding

Financials

All values in Cr

Mar-2023 Mar-2024
Revenue 169.69 (-) 1,962.60 (1,056.60%)
Gross Profit 102.45 (-) 1,130.96 (1,003.90%)
Net Income 171.22 (-) 344.71 (101.30%)
Assets 12,719.09 (-) 22,023.15 (73.20%)
Liabilities 7,831.66 (-) 15,791.01 (101.60%)

Peers

Company Name Revenue (Cr) Net Profit (Cr) Assets (Cr) Liabilities (Cr) ROE EPS BVPS Current Ratio Debt to Assets
NTPC Green Energy Ltd 1,962.60 344.71 22,023.15 15,791.01 5.53 0.60 10.90 0.37 0.63
Adani Green Energy Ltd 9,220.00 1,100.00 88,538.00 88,538.00 13.07 6.21 101.16 1.24 7.50

Book Running Managers

  • IDBI Capital Markets & Securities Ltd
  • HDFC Bank Ltd
  • IIFL Securities Ltd
  • Nuvama Wealth Management Ltd

Registrar & Transfer Agent

KFin Techologies Ltd

Karvy Selenium Tow-B,
31&32 Financial Dist,
Nanakramguda - Hyderabad-500032
Phone : 91-40-67162222 Fax: 91-40-23001153/23420814

Company Contact Information

NTPC Bhavan Core-7 SCOPE -,
Complex 7 Instl Area Lodi Rd,
New Delhi - 110003
Phone : +91 11 2436 2577 Email : ngel@ntpc.co.in www.ngel.in

Offer Related Information

Initial public offering of 92,68,24,881 equity shares of face value of Rs.10 each ("equity shares") of NTPC Green Energy Limited (the "company" or the "issuer") for cash at a price of Rs. 108.00 per equity share including a premium of Rs. 98.00 per equity share (the "issue price") aggregating to Rs. 10000.00 crores (the "issue"). This issue includes a reservation of 1,94,17,475 equity shares aggregating to Rs. 200.00 crores (constituting 0.23% of the post-issue paid-up equity share capital... More

News

  • No Data Found.

NTPC Green FAQ's

The shares of NTPC Green were first listed on the stock exchanges on June 26, 2024.

The total issue size of the NTPC Green IPO was 1,10,00,000 shares, amounting to Rs. 132 crore. they

The minimum lot size for NTPC Green public issue was 125 shares.

The price band of the IPO of NTPC Green was Rs. 114 to Rs. 120 per equity share.

NTPC Green IPO is a public issue through which the company raised approximately Rs. 132 crore by issuing around 1.1 crore equity shares to the public. After a successful IPO, the company’s shares are currently listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), where they are freely traded without restrictions.

Bigshare Services Private Limited is the registrar and share transfer agent of NTPC Green IPO.

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