NTPC Green Energy files draft papers to raise $1.2 billion through IPO

India's NTPC Green Energy filed draft papers for a 100 billion rupees ($1.19 billion) initial public offering on Wednesday, as it looks to cash in on the country's renewables ramp-up plans and a red-hot equities market.

The company, a unit of power producer NTPC, will only issue new shares, and existing shareholders will not sell any stake, the draft papers showed.
 

The IPO market in India is booming. So far this year, about 235 companies have raised more than $8.6 billion, which already exceeds the total amount raised in 2023.
 

India's benchmark Nifty 50 index has hit record highs more than fifty times this year.
 

The filing also comes at a time when power producers are betting big on renewables and making pledges to expand their green energy capacities.
 

The Indian government is aiming to add at least 500 GW of clean energy by 2030 to reduce emissions.