JSA Advocates & Solicitors is advising NTPC Green Energy, state-run power producer National Thermal Power Corporation’s renewable energy arm, on its announced initial public offering worth $1.2 billion, with Trilegal advising the book running lead managers.

The BRLMs are IDBI Capital Markets & Securities, HDFC Bank, IIFL Securities and Nuvama Wealth Management.

NTPC Green’s move marries the country’s strong renewables push with a red-hot stock market, witnessing the highest number of listings in recent times.  

With renewable energy likely to pay a large part in the country’s economy in coming years, investors will look to increase their bets in the segment, experts say.

So far this year, about 235 companies have gone public and raised more than $8.6 billion, which exceeds the total amount raised last year, Reuters reported.

The company will only issue new shares, and existing shareholders will not sell any stake, the draft papers showed. NTPC Green Energy said it will use the proceeds from the fresh issue to repay loans worth 75 billion rupees taken by its unit NTPC Renewable Energy.

The JSA team on the deal included partners Madhurima Mukherjee Saha, Siddhartha Desai, and Shivali Singh, and associates Bhavini Mohan, Govind Roy, Ayushi Pandit, Prateek Khandelwal,

The Trilegal team on the deal is being led by partner Richa Choudhary, and comprised counsels Avanti Kale and Maitreya Rajurkar, senior associate Sanya Chaudhari, and associates Aayush Khandelwal, Vibhav Pitambhare, Shivayana Balodia, Kirti Gohil, and Siddhant Mishra.