By Manvi Pant

Nov 22 (Reuters) - NTPC Green Energy, the renewable

energy arm of state-owned NTPC, garnered bids worth

154.06 billion rupees ($1.83 billion) on Friday for its $1.2

billion initial public offering, as investors bet on the

country's growing clean energy needs.

India has been scrambling to meet its clean energy targets

and has ramped up investments in renewable energy and expanded

capacity. It has to spend $385 billion by 2030 to meet its

targets after falling short in 2022, per Moody's Ratings.

The IPO has done reasonably well for itself and the fact

they have achieved 2.41 times the overall share subscription is

creditable, said Arun Kejriwal, founder of brokerage Kejriwal

Research.

About three-quarters of the 593.2 million shares on offer

were set aside for institutional investors, which were

oversubscribed by 3.3 times. Most of these bids came during the

final few hours of trading on Friday.

Meanwhile, the portion reserved for retail investors was

oversubscribed by 3.4 times, after being fully subscribed on the

first day of bidding on Tuesday.

At the upper end of its price band of 102-108 rupees apiece,

NTPC Green is valued at $10.8 billion rupees. Its IPO trails

behind only Hyundai Motor India and Swiggy

in size this year.

However, Indian stock markets -- which hit multiple record

highs earlier this year -- have cooled off since September,

falling over 8% from its last peak and causing some near-term

concerns for the IPO, Prashanth Tapse, Senior Vice President of

Research at Mehta Equities, said.

The IPO only includes fresh issue of shares, with NTPC not

diluting its stake, according to the draft papers in the filing.

Anchor investors, including the Government of Singapore, the

Abu Dhabi Investment Authority and the New World Fund, had also

bought shares worth about $469 million ahead of the bidding

date.

Trading on the stock exchanges is expected to begin on Nov.

27.

($1 = 84.3970 Indian rupees)