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The initial public offering (IPO) of NTPC Green Energy Ltd., one of the largest IPOs of the year, is attracting strong interest due to its promising long-term growth potential. The state-run NTPC Ltd.'s green energy arm is set to raise Rs 10,000 crore through its IPO, which opens for subscription on November 19, with a price band of Rs 102 to Rs 108 per share.
Analysts are optimistic about the offering, highlighting NTPC Green Energy's solid financial backing from its parent, NTPC Ltd., and its long-term relationships with buyers and suppliers. The company has an established track record and domain expertise in renewable energy solutions, which positions it for substantial growth in the green energy sector.
According to Reliance Securities, NTPC Green Energy’s prudent business model and strong financials make it an attractive investment opportunity. They recommend subscribing to the IPO for the long term, citing its potential for robust earnings growth and improved return ratios. SBI Securities also echoes a positive outlook, noting the company’s strong product portfolio, diversified operations, and low cost of capital, which collectively create a compelling case for investment.
At the upper price band of Rs 108 per share, the company is valued at a fiscal 2024 enterprise value to EBITDA of 53.4 times, which some analysts, like Bajaj Broking, suggest is an aggressive valuation. However, given NTPC Green Energy’s expanding capacities and future growth potential, it is considered a long-term investment opportunity.
Investors are advised to consider the IPO if they have surplus funds and are looking for a long-term investment story. The IPO will consist of a fresh issue of shares, with proceeds being used to repay debt and for general corporate purposes.
The company’s green hydrogen initiative, which includes the development of India’s largest Green Hydrogen hub in Pudimadaka, Andhra Pradesh, is expected to further drive growth in the coming years, making the IPO even more appealing.
As of now, the grey market premium (GMP) for NTPC Green Energy shares stands at Rs 0.70, indicating a 0.65% premium over the upper price band, suggesting positive sentiment surrounding the IPO.
