1 day Ago
NTPC Ltd , the parent company of NTPC Green Energy Ltd (NGEL), said it took the prevailing market sentiments into account while deciding on the price band for the initial public offering (IPO). The NGEL IPO opened for subscription today with an offer at a price band of Rs 102-108 per share, and the subscription is open until Friday. The management of the state-run companies pointed to the market sentiment after the US election result.
“Post the sentiment change, we have moderated this [the price band]. We could have priced higher,” Chairman and Managing Director Gurdeep Singh said. Through the IPO, NGEL aims to raise nearly Rs 10,000 crore.
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The capacity will comprise of solar and wind projects, where the average tariff is around Rs 2.5-2.6/unit and Rs 3.
4-3.6/unit, respectively. For the targeted capacity, major factors like land availability, connectivity, power purchase agreements, EPC contractors, and funding are in place, the management of the companies said.
Singh listed NTPC and NGEL’s strong fundamentals such as its vast experience with states as the differentiating factor from other companies. The company is not very aggressive on firm and dispatchable renewable energy (FDRE) and round-the-clock renewable energy (RE-RTC) projects, which have gained traction in the last one year, Singh said. The company is bullish on solar with storage capacities which it sees as a long-lasting sustainable, and an affordable option, while treading carefully in round-the-clock projects.
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