Steamhouse India. Photo Credit: Special Arrangement

New Delhi:

The Initial Public Offering (IPO) of NTPC Green Energy Ltd (NGEL), a subsidiary of the Maharatna public sector enterprise NTPC Ltd, opened for subscription from today, Tuesday.

The IPO is offered, at a price band of Rs 102-108 per share, and subscription is open until Friday. The company plans to raise a total of Rs 10,000 crore and is scheduled to list on the stock exchanges on November 27.

Shareholders of NTPC can apply for the IPO under a special shareholder quota. Additionally, NTPC employees have a separate quota for applying.

The lot size for the IPO is 138 shares. The shares will be transferred to demat accounts on November 26.

NGEL 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. NTPC currently contributes 24 per cent of India’s total power generation and views NGEL as a critical vehicle to drive its renewable energy ambitions.

As of September 2024, NGEL operates 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.

NGEL’s renewable projects span key states such as Rajasthan, Gujarat, Tamil Nadu, and Uttar Pradesh. This geographical diversification mitigates risks associated with location-specific generation variability, ensuring stable and reliable energy output.

With NTPC’s extensive experience in project development and execution, NGEL is well-positioned to deliver on its ambitious targets. The company’s ownership of 8,900 acres of freehold land and 45,700 acres of leasehold land further bolsters its foundation for future expansion.

Beyond conventional solar and wind energy, NGEL is exploring advanced solutions like green hydrogen, green chemicals, and battery energy storage systems. These initiatives align with India’s sustainability goals and position NGEL to tap into emerging opportunities in the global clean energy market.

NGEL benefits from NTPC’s strong financial backing, ensuring access to low-cost capital. This advantage is crucial for maintaining profitability in the capital-intensive renewable energy sector. The company’s operational efficiencies and strategic focus further enhance its market competitiveness.

At the upper price band of Rs 108 per share, NGEL is valued at an FY24 EV/EBITDA multiple of 53.4x. Analysts have expressed confidence in the company’s long-term growth potential and recommended for subscription for investors seeking sustainable and long term profitable opportunities.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Sydney/Seoul:

Hyundai India will start taking orders for its $3.3 billion initial public offering in Mumbai on Monday, the company said in regulatory filings, a deal that will be the country’s largest ever share offering and world’s second biggest IPO in 2024.

The IPO shows that India’s red hot capital markets show no sign of cooling, with 260 companies having raised more than $9 billion so far in 2024, according to LSEG data. The year-to-date volume has already surpassed the $7.42 billion total raised last year.

Hyundai will not issue new shares in the IPO, in which its South Korean parent will sell up to 17.5% of its stake in the wholly-owned unit that will be valued at up to $19 billion.

At that size, Hyundai India will make up about 40% of its parent company Hyundai Motor’s market capitalisation.

There will be 142,194,700 shares on offer in a price band of 1,865 to 1,960 rupees, according to the filings, and the deal will be the first time Hyundai is listed outside of its South Korean home market.

Institutions can bid for the stock from Monday while retail and other investors can place orders on Tuesday and Wednesday. The stock will begin trading in Mumbai on Oct. 22, the regulatory filings show.

Analysts said Hyundai Motor is likely to expand its production in India, potentially including hybrids and electric vehicles. This would help the South Korean automaker strengthen its position in the Indian market as the country focuses on environmentally friendly vehicles.

“With the funds raised by the IPO, Hyundai Motor would secure a sizable investment capacity to close the market share gap with India’s No.1 player Maruti Suzuki as the South Korea automaker would likely invest to expand its production in India,” said Shin Yoon-chul, an analyst at Kiwoom Securities. He added that the IPO seemed timely as the auto sector has been leading the Indian stock market in terms of performance.

Hyundai India’s IPO will be the largest ever in India if successful, eclipsing the previous record of Life Insurance Corporation of India’s 2022 deal when it raised $2.5 billion.

It will be the second largest IPO globally this year in terms of money raised, following Lineage Inc’s $5.1 billion U.S. IPO in July.

Hyundai is India’s second-largest automaker after Maruti and is looking to take market share from domestic rivals by expanding its SUV lineup.

It also plans to launch its first India-made electric vehicle early next year and introduce at least two gasoline-powered models tailored to the market starting in 2026.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

Equity investors are gearing up for another public offer that is ready to hit the Indian markets this week – the Zaggle Prepaid Ocean IPO (initial public offering).

Zaggle Prepaid Ocean is a leading fintech player in spend management, with more than 50 million prepaid cards issued in partnership with banking partners and more than 2.27 million users served, as of March 31, 2023.

If you are considering subscribing to the issue, here are some key details you should know.

Important dates

Zaggle Prepaid Ocean Services IPO opens for subscription on Thursday, September 14, and closes on Monday, September 18. The anchor investors bidding will happen on September 13.

The finalisation of the basis of allotment of shares will be done on September 22, refunds should be initiated on September 25 and the shares are likely to be listed on exchanges on September 27.

IPO details

Zaggle Prepaid Ocean Services has priced its IPO at Rs 156-164 per equity share of face value of Re 1 each. The lot size is 90 equity shares. This means that investors need to bid for a minimum 90 shares and in multiples of 90 thereafter.

At the higher end of the pricing range, the company plans to generate Rs 564 crore through its IPO.

The IPO comprises a fresh issue of shares worth Rs 392 crore and an offer-for-sale (OFS) of 10.45 million shares by eight shareholders.

The selling shareholders include the company’s promoters Raj P Narayanam and Avinash Ramesh Godkhindi, VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, Ventureast Trustee Company, Zuzu Software Services, and Koteswara Rao Meduri.

Up to 75 percent of the shares in the IPO have been reserved for qualified institutional buyers (QIB), 15 percent for non-institutional investors (NII), and 10 percent is reserved for retail investors.

Zaggle has said that it would use net fresh issue proceeds for customer acquisition and retention at a cost of Rs 300 crore. Around Rs 40 crore  will be invested for developing products and tech till 2026.

The company will also repay its debt of Rs 17.08 crore via the fresh issue money, and the remaining amount will be used for general corporate purposes.