IPO Calendar: NTPC Green Energy To Debut, Enviro Infra Engineers And Seven SME Issues Active

NTPC Green Energy Ltd. is set to debut on the stock exchanges on Wednesday after its highly anticipated maiden public issue. The Rs 10,000-crore initial public offering was entirely a fresh issue of approximately 92.6 crore shares.

The IPO, the third-largest in India this year, closed for subscription on Friday, with 2.42 times subscription. As with most IPOs this year, frenzied retail investors (3.44 times) led the subscription. Of the total issue size, 75% was reserved for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors.

Life Insurance Corp., the country's largest domestic institution, plans to participate further in NTPC Green Energy's IPO, having already subscribed to the anchor book, according to people aware of the matter. The insurer, which manages the largest asset corpus in India, is doubling down on its investment in the NTPC subsidiary.

NGEL intends to use 75% of the IPO proceeds, amounting to Rs 7,500 crore, to repay debt. This includes Rs 4,000 crore planned for repayment in the current financial year and Rs 3,500 crore in the next. The remaining 25% will be allocated for general corporate purposes.

The IPO of Enviro Infra Engineers will remain open for subscription on Monday and Tuesday before listing on Friday. The IPO, which opened on Friday, comprises a fresh issue of 3.86 crore equity shares worth Rs 572.5 crore and an offer for sale of 52.7 lakh shares worth approximately Rs 78 crore by promoters. It was subscribed 2.08 times on its first day.

The company, a water and wastewater management service provider, plans to use the proceeds for several purposes; Rs 181 crore for working capital, Rs 30 crore for its subsidiary EIEL Mathura Infra Engineers, and Rs 120 crore for repaying outstanding borrowings.

There are no other mainboard IPOs for subscription or listing this week.

The SME IPOs during the week are:

• Subscription for C2C Advanced Systems and Lamosaic India IPOs close Tuesday and both company’s will list in the SME space on Friday.

• Other SME IPOs that will be open for subscription during the week include: Ganesh Infraworld Ltd., Agarwal Toughened Glass India Ltd., Apex Ecotech Ltd., Abha Power and Steel Ltd., Rajputana Biodiesel Ltd. and Rajesh Power Services Ltd.