The initial public offering (IPO) of NTPC Green Energy Ltd got off to a decent start when it received a 33 per cent subscription on the first day of the sale.

Led by retail investors, the share sale received bids for 19,48,57,242 shares against 59,31,67,575 shares on offer, according to data available with the BSE.

Of this, the portion reserved for retail individual investors saw 1.33 times subscription, while the category for non-institutional investors was subscribed 15 per cent.

The ₹10,000-crore share float is entirely a fresh issuance of equity shares with no offer-for-sale component. The issue comes at a price band of ₹102-108 per share. It will be open for subscription till November 22.

NTPC Green Energy had mobilised ₹3,960 crore from anchor investors on Monday.

The foreign and domestic institutions that were part of the anchor investment included Capital World, Goldman Sachs, GIC, T.Rowe Price, Abu Dhabi Investment Authority, Morgan Stanley, Allianz Global, LIC, ICICI Pru MF, Nippon Life India MF, Kotak Mutual Fund, ABSL Mutual Fund, DSP Mutual Fund, White Oak, Baroda BNP Mutual Fund, Canara Robeco Mutual Fund and Edelweiss Mutual Fund.

The grey market premium for the shares is currently ruling at ₹1 per share.

Proceeds from the IPO will be used to repay or prepay part or all of its subsidiary NTPC Renewable Energy Ltd’s (NREL) outstanding loans and a portion will be utilised for general corporate purposes.