NTPC green to file DRHP by July, aims for listing by November

In stark contrast to the scale of India’s energy transition ambitions, there is a paucity of green issuances in the capital markets. This is true for both equity capital and debt capital markets. NTPC Green Energy Limited – which would be the second pure-play green public sector undertaking (PSU) to go public after IREDA – would be a welcome addition to India’s equity markets.

IREDA’s initial public offering (IPO) generated significant investor interest, and its post-IPO share price has risen dramatically. Will we see a similar trend with NTPC? More importantly, what will be the relative valuations crystallised for its green versus traditional businesses?