Juniper Green Energy opens Rs 1,800 crore IPO at Rs 214-225 band

The Development

Juniper Green Energy Limited, a New Delhi-headquartered renewable independent power producer, opened its initial public offering for subscription on Thursday, 30 July 2026, a fresh issue of equity shares aggregating up to Rs 1,800 crore (Rs 18,000 million), per the red herring prospectus filed with the Securities and Exchange Board of India (SEBI). The RHP, dated 23 July 2026, was carried in SEBI's public-issues section on 28 July. The price band has been set at Rs 214 to Rs 225 per equity share of face value Rs 10, with a bid lot of 66 shares, according to the offer terms carried by the exchanges and reported by The Economic Times, which surfaced the development.

The offer is structured entirely as a fresh issue, with no offer-for-sale component, so the whole of the proceeds flows to the company rather than to selling shareholders. Anchor investor bidding was held on Wednesday, 29 July, one working day before the issue opened, per the abridged prospectus. The three-day subscription window closes on Monday, 3 August 2026, with the UPI mandate confirmation cut-off at 5:00 pm on the closing date. The equity shares are proposed to be listed on both BSE Limited and the National Stock Exchange of India, with NSE the designated stock exchange.

The Company

Per the RHP, Juniper Green Energy is "among the top 10 largest renewable" independent power producers in India by Total Capacity as at 31 March 2026, citing a CRISIL report. It builds and operates utility-scale renewable projects spanning solar, wind, wind-solar hybrid and firm and dispatchable renewable energy (FDRE) projects with battery energy storage, selling electricity to central and state government-backed off-takers. The company discloses that it commissioned its first 100 MW solar project in March 2020 and had expanded to a Total Capacity of 7,910.20 MW (10,247.06 MWp) as at 30 June 2026, of which 20 projects totalling 1,794.80 MW were operational, with the balance under construction or awarded.

The company states that 97.68% of its Total Capacity in MWp terms is backed by long-term power purchase agreements, typically for 25 years, with counterparties rated "A" or above. Its off-takers, per the RHP, include the Solar Energy Corporation of India, SJVN, NHPC, NTPC, Gujarat Urja Vikas Nigam and Maharashtra State Electricity Distribution Company. The projects are located in Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.

On financials, the company discloses restated consolidated revenue from operations of Rs 718.93 crore in FY2026, up from Rs 508.68 crore in FY2025 and Rs 391.55 crore in FY2024. Profit after tax was Rs 40.46 crore in FY2026 against Rs 36.48 crore in FY2025, while total borrowings rose to Rs 12,920.54 crore as at 31 March 2026 from Rs 5,502.53 crore a year earlier, per the RHP. The promoters are Arvind Tiku, Hemant Tikoo, Niharika Tiku, Juniper Renewable Holdings Pte. Ltd. and AT Holdings Pte. Ltd.

The Offer Structure

The issue is a pure fresh issue of equity shares aggregating up to Rs 1,800 crore, with no offer-for-sale, per the RHP, so there are no named selling shareholders. The price band is Rs 214 to Rs 225 per share and the bid lot is 66 shares, which places the minimum retail application at Rs 14,850 at the upper band, or roughly 8 crore shares in all at the top of the band. Readers working through the arithmetic of a possible allotment can use Oquilia's lumpsum calculator or CAGR calculator.

The stated objects of the fresh issue, per the RHP, are the repayment or pre-payment, in full or in part, of certain borrowings of the company; investment in its material subsidiary Juniper Green Gamma One Private Limited and its subsidiaries Juniper Green Kite Private Limited and Juniper Green Power Five Private Limited for the repayment or pre-payment of their borrowings; and general corporate purposes.

The book-running lead managers to the issue are ICICI Securities, HSBC Securities and Capital Markets (India), JM Financial and Kotak Mahindra Capital, with KFin Technologies as registrar, per the offer document. For prior primary-market coverage, see the Oquilia news desk.

Risk Factors

The following risks are drawn from the company's own risk-factors section in the RHP. Among the top internal risks the company discloses is a heavy revenue concentration: its two largest off-takers, Gujarat Urja Vikas Nigam and Maharashtra State Electricity Distribution Company, together contributed 86.06%, 91.11% and 97.00% of revenue from operations in FY2026, FY2025 and FY2024 respectively, and the RHP states the loss of such relationships could adversely affect the business.

The company also discloses supplier concentration, with its top 10 suppliers accounting for 84.42%, 79.99% and 87.52% of total purchases across the same three years. The RHP lists that its corporate promoter, Juniper Renewable Holdings, has encumbered some of its equity shares in favour of the Indian Renewable Energy Development Agency, and that enforcement of the encumbrance could dilute the promoter's holding.

Further risk factors the company discloses include geographic concentration, with all projects in four states and therefore exposed to changes in state policy or natural calamities, and dependence on identifying and acquiring suitable land on commercially acceptable terms. The RHP also notes that a portion of the net proceeds will repay loans from an affiliate of HSBC, one of the lead managers.

What Happens Next

With anchor allocation completed on 29 July and the three-day book open from 30 July, the mechanics from here follow the standard SEBI timetable. Bids are collected across the qualified institutional buyer, non-institutional and retail categories until the issue closes on 3 August, per the abridged prospectus.

After the close, the basis of allotment is finalised by the registrar, KFin Technologies, in consultation with the designated stock exchange, followed by refunds or the unblocking of application amounts for unsuccessful applicants and the credit of allotted shares to demat accounts. The shares are then scheduled to list on the BSE and NSE. Category-wise exchange subscription data becomes the official record of demand once released; this report sets out the offer terms and does not forecast that demand or the listing price.

FAQ

What is the price band and lot size?

The price band is Rs 214 to Rs 225 per equity share of face value Rs 10, and the bid lot is 66 shares, per the offer terms carried by the exchanges. At the upper end of the band, one lot requires a minimum retail application of Rs 14,850.

When does the issue open and close?

Anchor investor bidding was held on 29 July 2026, and the issue opened for subscription on 30 July 2026, per the red herring prospectus. The three-day window closes on 3 August 2026, with the UPI mandate confirmation cut-off at 5:00 pm on the closing date.

Where can I read the RHP?

The red herring prospectus is available on SEBI's website under its public-issues section, and on the websites of the NSE and BSE. It is also carried by the book-running lead managers. The document contains the complete risk-factors section, financials and stated objects of the issue.

Should I apply for this IPO?

Oquilia does not make recommendations. This report is informational and is not investment advice or a recommendation to subscribe. The RHP, including the complete risk-factors section, is available on SEBI's website and the exchanges - read it directly before making any decision.

How is the basis of allotment decided?

After the issue closes, the registrar finalises the basis of allotment in consultation with the designated stock exchange, the NSE. Where a category is oversubscribed, retail allotment is made by draw of lots in multiples of the bid lot, per SEBI's standard process; refunds or the unblocking of application amounts follow for unsuccessful applicants.

This report is based on the red herring prospectus filed with SEBI and the abridged prospectus hosted on SEBI's website. It was surfaced via coverage in The Economic Times.