The business intends to repay debt by investing in its subsidiary, NTPC Renewable Energy, with the money raised from the IPO.

Mumbai: NTPC Green Energy Ltd., a subsidiary of state-run NTPC Ltd., is reportedly aiming for a valuation of around $12 billion in what could be one of India’s largest IPOs in the renewable energy sector,

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) initial public offering (IPO), a newspaper advertisement showed on Wednesday.

The company didn't offer more than 10% of the issue to retail investors. The NIIs can place their bids for 15% of the issue.

NTPC Green Energy will be the biggest IPO by a PSU since Life Insurance Corporation's ₹21,000-crore share sale in May 2022.

Investors making bids for the NTPC Green Energy IPO can do so for one lot of 138 shares and in multiples of that thereafter.