(Bloomberg) — NTPC Green Energy Ltd. is considering seeking a valuation of about $12 billion in what could be one of India’s biggest initial public offerings in the renewable energy industry, according to people familiar with the matter.

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The clean energy subsidiary of state-backed NTPC Ltd. has held discussions with advisers about pricing its IPO at more than 100 rupees ($1.18) a share, the people said, asking not to be identified because the matter is private. NTPC Green Energy may raise up to 100 billion rupees in the share sale, the company has previously said.

Books are expected to open on Nov. 18 and close on Nov. 21, the people said. Considerations are ongoing and details such as the valuation, price range and timing could still change, the people said.

A representative for NTPC Green didn’t immediately respond to a request seeking comment.

NTPC Green’s IPO would follow the successful listing of Waaree Energies Ltd., which raised $514 million last month and was subscribed more than 70 times. Waaree’s share sale drew investments from the likes of Goldman Sachs Group Inc., BlackRock Inc. and Morgan Stanley as well as from small and wealthy investors.

Shares of Top Indian Solar Panel Maker Surge 56% in Mumbai Debut

Investor interest has been surging in India’s renewable-energy sector, which has been a focus for Prime Minister Narendra Modi’s government. India’s renewable-energy revolution has added more than 100 gigawatts in the last decade, outpacing earlier expectations.

ACME Solar Holdings Ltd. is also planning a $344 million IPO in India and has received strong demand from both retail and qualified institutional investors.

–With assistance from Rajesh Kumar Singh.

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