NTPC Green seeks $12 billion valuation for its IPO
The clean energy subsidiary of state-backed NTPC Ltd. has held discussions with advisers about pricing its IPO at more than 100 rupees ($1.18) a share, the people said, asking not to be identified because the matter is private. NTPC Green Energy may raise up to 100 billion rupees in the share sale, the company has previously said.
Books are expected to open on Nov. 18 and close on Nov. 21, the people said. Considerations are ongoing and details such as the valuation, price range and timing could still change, the people said.
A representative for NTPC Green didn’t immediately respond to a request seeking comment.
NTPC Green’s IPO would follow the successful listing of Waaree Energies Ltd., which raised $514 million last month and was subscribed more than 70 times. Waaree’s share sale drew investments from the likes of Goldman Sachs Group Inc., BlackRock Inc. and Morgan Stanley as well as from small and wealthy investors.
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