Shares of NTPC Green Energy Ltd., the recently listed subsidiary of state-run NTPC Ltd., extended their rally for the second consecutive session. The stock surged another 9% on Wednesday, after being locked in a 10% upper circuit on Tuesday.
The scrip has been gaining for the last two days and has risen 21% in the period.
Out of the six trading sessions that the stock has had, the stock has ended higher in five of them.
With today’s surge, shares of NTPC Green Energy have risen 44% above their IPO price of ₹108. The stock commands a market capitalisation of ₹1.23 lakh crore post this six-day upmove.
NTPC Green Energy has raised ₹10,000 crore during its three-day bidding process, in what was an entirely fresh issue of equity shares.
Out of the IPO proceeds, the company intends to use over ₹7,500 crore to repay its existing debt. NTPC Green is currently the third-largest IPO of the year after Hyundai Motors India and Swiggy.
NTPC Green Energy said that it will commission 5,000 MW of projects by financial year 2026 and is targeting capacity of 19,000 MW by March 2027.
NTPC Green Energy does not have any analyst coverage as of date.
The stock will be in focus on December 26, 2024, as more than 18.3 crore shares or 2% of the company’s outstanding equity will be eligible for trade as its one-month shareholder lock-in period will end.
It needs to be clarified that the shareholder lock-in period ending does not mean all the shares will be sold in the open market but will only become eligible to trade.
NTPC Green Energy is a ‘Maharatna’ central public sector enterprise with a renewable energy portfolio, including solar and wind power assets.
Shares of NTPC Green Energy are currently trading 2.93% higher at ₹146.28.
Content retrieved from: https://www.cnbctv18.com/market/ntpc-green-energy-share-price-build-on-to-tuesday-surge-check-the-premium-from-ipo-price-19519060.htm.
