NTPC Green Energy Seeks $1.2 Billion in IPO Amid India's Renewables Boom

The state-run power firm's renewable energy arm plans to use the proceeds to invest in its subsidiary and repay loans.

NTPC Green Energy Ltd., a unit of India's state-owned NTPC, has filed for a 100 billion rupees ($1.2 billion) IPO.
Proceeds from the IPO will be used to invest in NTPC Green Energy's subsidiary and repay 75 billion rupees in loans.
The IPO market in India is thriving, with 235 companies raising over $8.6 billion so far this year.
NTPC shares surged 4.34% to a record high following the IPO announcement.
The company aims to capitalize on India's push to add 500 GW of clean energy by 2030 and reduce carbon emissions.