Nov 13 Reuters NTPC Green Energy set a price band on Wednesday for its initial public offering IPO, targeting a valuation of as much as 10.8 billion in what is set to be India39;s thirdlargest IPO this year, though analysts raised concerns on the aggressive pricing.

The company set a price band of 102108 rupees per share, aiming to raise 100 billion rupees 1.19 billion in the IPO, which trails only Hyundai Motor India and Swiggy in size this year.

At the upper end of the range, NTPC Green, a unit of stateowned power company NTPC, will be valued at 910 billion rupees 10.78 billion, per Reuters calculations.

The IPO comes as India bets big on renewable power and is ramping up capacity. However, its redhot IPO market has cooled in the past month due to underwhelming corporate earnings and an exodus of foreign funds.

NTPC Green, which mostly produces solar power and has a few wind energy projects, follows solar panel makers Waaree Energies, Premier Energies and ACME Solar to the stock market this year.

Some analysts flagged concerns over NTPC Green39;s valuation, including on a pricetoearnings PE basis.

The issue appears to be steeply priced for a company that trails its peers on various valuation metrics, said Arun Kejriwal, founder of brokerage Kejriwal Research.

NTPC Green39;s PE ratio of 148, based on last fiscal year39;s earnings, is higher than its smaller peers but lags bigger rival Adani Green Energy 260.

Kranthi Bathini, director of equity strategy at…