NTPC is planning to bring IPOs of its arms THDC and NEEPCO. If all goes well, NTPC can launch IPOs of THDC and NEEPCO by the end of the current financial year (FY2027).

Sources said that the listing could even take place in FY2027 itself.

NTPC is a state-owned thermal power company.

NTPC had, in November 2024, listed its green arm NTPC Green Energy Ltd. NTPC is using the proceeds raised from the NTPC Green Energy IPO to set up clean energy projects.

"NTPC is now looking to the public issue of THDC and NEEPCO, which will help the company to raise funds," the source said.

NTPC has also agreed to the listing of Hindustan Urvarak & Rasayan Limited (HURL). NTPC holds around 30 per cent stake in HURL.

Through HURL's share sale, NTPC and its joint venture partners Coal India Limited (CIL) and Indian Oil Corporation Limited (IOCL) are looking to raise around Rs 5,000 crore to Rs 6,000 crore.

According to the HURL website, NTPC, CIL and IOCL jointly hold a total of 89 per cent equity share in HURL.

Sources said that NTPC will soon start the process to engage with merchant bankers for all three listings.

NGEL is an umbrella company for the green business initiatives of NTPC and undertakes clean energy projects. It had raised Rs 10,000 crore from the initial public offering (IPO) in 2024.

Based in Rishikesh, Uttarakhand, THDC India is a 75:25 per cent entity of the NTPC and the government of Uttar Pradesh. It is into the generation of power through solar, hydro, thermal and pumped storage.

North Eastern Electric Power Corporation Ltd (NEEPCO) is a wholly-owned subsidiary of NTPC, operating in the hydro, thermal and solar power segments.

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