India's NTPC Green Energy has set a price band of 102 rupees to 108 rupees per share for its 100 billion rupees ($1.19 billion) IPO, which is set to be the country's third-largest this year, a newspaper advertisement
showed on Wednesday. The renewable energy company's IPO will open for bids on Nov. 19 and close on Nov. 22. Large "anchor" investors will bid on Nov. 18.
The IPO by the unit of state-owned power company NTPC comes as India bets big on renewable power and is ramping up capacity as it scrambles to achieve its 2030 clean energy target after falling short of a much-publicised 2022 target.
India's IPO market is booming, but recent large IPOs -- including from Hyundai Motor India and Swiggy , the two biggest this year -- have had a tepid response from investors amid a slide in the stock market.
The blue-chip Nifty 50 index has fallen 9% from its record high on Sept. 27 as marquee companies logged their worst quarter in over four years, in terms of market expectations, and as foreign investors pulled out funds.
NTPC Green is selling new shares worth 100 billion rupees in the IPO. But parent NTPC is not selling any stake, its draft papers showed.
The company plans to use proceeds from the IPO to invest in its unit NTPC Renewable Energy to repay debt.