India's largest life insurer Life Insurance Corp. of India got over 10% of the NTPC Green Energy IPO.
LIC invested Rs 500 crore in the IPO as an anchor investor. The anchor lock-in will be released after 30-days and 90-days.
The life insurance major invested an additional Rs 593.2 crore in the initial public issue that was overall subscribed 1.94 times at close on Nov. 22. In total, LIC held 1.2% in the green energy major ahead of listing, garnering nearly 11% of the Rs 10,000 crore IPO.
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The NTPC Green IPO saw qualified institutional buyers subscribe 3.51 times, retail portion was also subscribed 3.75 times. The non-institutional portion, between Rs 2–10 lakh, was subscribed 1.39 times, while large NII portion, that is, over Rs 10 lakh application amount, remained under-subscribed at 0.61 times. The IPO saw eligible shareholders portion subscribed 1.59 times, while employee portion remained under-subscribed at 0.84 times.
NTPC Green Energy IPO Final Subscription
Retail: 3.75 times.
Small-NII: 1.39 times.
Large-NII: 0.61 times.
Eligible employees: 0.84 times.
Eligible shareholders: 1.59 times.
QIBs: 3.51 times.
Anchor investors: 1 times.
Total subscription: 1.94 times.
NTPC Green Energy plans to invest the proceeds in its wholly owned subsidiary, NTPC Renewable Energy Ltd. It will prepay Rs 7,500 crore of the borrowings from the IPO proceeds. The rest of the funds will be used for general corporate purposes.
The company's revenue from operations for the September quarter of fiscal 2025 stood at Rs 1,132.74 crore, and its profit-after-tax stood at Rs 175.3 crore.
NTPC Green aims to scale its operational renewable capacity to 19 GW by FY27, reflecting its commitment to India's clean energy transition. This IPO is part of NTPC Ltd.'s broader strategy to achieve 60 GW of renewable energy capacity by 2032.
As of September 2024, the green utility major operated 3,220 MW of solar and 100 MW of wind power projects. The company has a robust pipeline with 13,576 MW of contracted and awarded projects and an additional 9,175 MW in development.
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