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.

The company’ prospects in the renewable energy space make it a suitable option for long term investors, say analysts.

NTPC Green Energy made its debut on the stock market on Wednesday, November 27, with a somewhat lukewarm reception.

Shares of NTPC Green, which launched its initial public offering (IPO) for public subscription from November 19 to November 22, debuted on the stock exchange today at a 3.2% premium over IPO price. The stock debuted at Rs 111.

The company received a total of Rs 15,406 crore from investors. The retail investors bid for 293 million shares against 81.48 million shares.

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.

The IPO was subscribed to a total of 2.55 times more than the offered shares. The retail investors booked the issue 3.6 times.

A day ahead of its stock market debut, NTPC Green Energy launched a 50:50 joint venture with the State-run Maharashtra State Power Generation Company Limited. Shares closed lower on Tuesday's market before the announcement.