NTPC Green Energy and Avanse Financial Services have received approval from SEBI to proceed with their IPO plans. The market regulator issued observation letters to both companies on October 22 and October 23. NTPC Green Energy, a subsidiary of NTPC, filed its draft red herring prospectus to raise ₹10,000 crore, entirely through fresh issues, with ₹7,500 crore earmarked for debt repayment. In contrast, Avanse Financial Services aims to raise ₹1,000 crore via fresh issues and ₹2,500 crore through an offer-for-sale, with major stakeholders selling shares. Merchant bankers for NTPC include IDBI Capital and HDFC Bank, while Avanse’s team includes Kotak Mahindra and JP Morgan. VMS TMT, however, has withdrawn its IPO plans.
