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, Bloomberg reported.

The clean energy unit has been in talks with advisers about pricing shares above 100 rupees ($1.18) each, with the potential to raise up to 100 billion rupees through the offering.

Sources indicate that the IPO book-building process is expected to open on November 18 and close on November 21, though final details such as valuation, price range, and timing remain subject to change.

This offering follows Waaree Energies Ltd.’s recent successful IPO, which raised $514 million and saw a subscription rate of over 70 times, attracting investment from major entities like Goldman Sachs, BlackRock, and Morgan Stanley, as well as both retail and high-net-worth investors.

Investor interest in India’s renewable energy sector continues to grow, spurred by Prime Minister Narendra Modi’s emphasis on clean energy.

Over the past decade, India has added over 100 gigawatts of renewable energy capacity, surpassing earlier projections.