NTPC Green Energy, NTPC's renewable energy arm, saw its shares rise 9.98% on Tuesday, exceeding the upper circuit limit in early trading.

The renewable-energy arm of state-controlled power company NTPC raised 100 billion rupees in the offering.

The $1.2 billion initial share offering of the renewable-energy arm of top Indian power producer NTPC Ltd. was fully sold on the last day of its sale as investors clamor for exposure to the rapidly expanding sector.

NTPC Green Energy’s IPO debuted on November 27 at ₹111.5 on NSE, a 3.2% premium over the issue price. The IPO, valued at ₹10,000 crore, saw strong demand, closing 2.55 times oversubscribed, with retail investors booking 3.

The stock was locked at its upper circuit level of Rs 142.10. At this price, it has gained 31.57 per cent compared to an issue price of Rs 108.

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NTPC Green Energy shares were listed on November 27 at Rs 111.50 per share on the NSE, a premium of 3.24 percent over the IPO price of Rs 108 per share.

With 4,294MW of operational solar and wind capacity supported by 25-year power purchase agreements (PPAs), NTPC Green aims to add 16GW of renewable energy in the next three years

NTPC Green Energy shares will be in focus on December 26 this year as over 18.3 crore shares or 2% of the company's outstanding equity will be eligible for trade as its one-month shareholder lock-in period will end.