NTPC Green Energy shares rose in their trading debut after it raised more than $1 billion in its initial public offering, becoming the latest Indian company to tap a buoyant equity market. Shares were recently at 122.

India's NTPC Green Energy , the renewable energy arm of power producer NTPC climbed 3.24% in pre-open debut trade on Wednesday as traders bet on the country's growing clean energy needs.

Delhi-based NTPC Green Energy is selling its shares in the price band of Rs 102-108 apiece. Investors can apply for a minimum of 138 shares and its multiples thereafter.

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.

Backed by the Abu Dhabi Investment Authority (ADIA), the green energy arm of NTPC, one of the largest renewable energy public sector enterprises in India, saw its stock jump to Rs 122.65 per share on the NSE by 1pm local time, up 13.56% from a listing price of INR 111.50.