NTPC Green Energy Share Price Locked In Upper Circuit, Up 31% From IPO Price—Here's Why
Shares of NTPC Green Energy Ltd., the renewable energy arm of NTPC Ltd., surged by 10% on Tuesday, hitting their upper circuit in early trading. The state-owned entity's scrip continued its gains since listing, and is trading 31.6% higher from its IPO price.
The IPO, which closed on November 22, was subscribed 2.42 times, driven largely by retail investors. The offering consisted solely of a fresh issuance of shares, with no offer-for-sale component. The stock had closed at a 12.31% premium over the issue price on BSE.
Jaikumar Srinivasan, the company's director of finance, shared the capacity expansion targets for the next three fiscal years with NDTV Profit. NTPC Green plans to add 3 GW of capacity in 2025, 5 GW in 2026, and 8 GW in 2027. The company has a clear pipeline of over 21 GW in projects, with 80% of the new capacity expected to come from solar energy and 20% from wind.
The funds raised from the Rs 10,000-crore IPO will be used for debt repayment and capital expenditure, among other purposes outlined in the pre-issue documents, Srinivasan stated.
NTPC Green aims for cost-efficient growth, with an investment of Rs 5 crore per MW for solar and Rs 8 crore per MW for wind. Srinivasan highlighted that the solar segment has an Ebitda of Rs 65 lakh per MW.
NTPC Green Business
Incorporated in April 2022, NTPC Green's total portfolio stands at 25.67 gigawatts, with an operational portfolio of 2.93 GW. Its contracted and awarded capacity stands at 14.7 GW and projects under pipeline stand at 10.98 GW. Its total portfolio consists of 20.32 GW of solar capacity and 5.35 GW of wind capacity.
As of fiscal 2024, NTPC Green's market share, depending on how many bids it won, stood at 7%. This has declined from 18% in fiscal 2022, according to Morgan Stanley.
NTPC Green Share Price Today
NTPC Green share price hit the 10% upper circuit and is locked at Rs 142.12 apiece as of 10:45 a.m., the highest level since listing. This compares to a 0.25% advance in the NSE Nifty 50 index. It has risen 16.83% on a year-to-date basis, and the stock is trading 0.9 times its 30-day volume.
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