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 energy independent power producer, opened its initial public offering on Thursday, 30 July 2026 as an entirely fresh issue of equity shares aggregating up to Rs 1,800 crore. Per the red herring prospectus filed with SEBI, there is no offer-for-sale component, so the whole amount is primary capital raised by the company itself. The issue closes on Monday, 3 August 2026, with anchor-investor bidding having taken place on Wednesday, 29 July 2026.

The price band is set at Rs 214 to Rs 225 per equity share of face value Rs 10, per NSE data. The book-running lead managers to the offer are ICICI Securities, JM Financial and Kotak Mahindra Capital Company, and KFin Technologies is the registrar. The offer was surfaced through IPO-preview coverage; every figure below is drawn from the offer document and the exchanges, to which each is attributed.

As of the exchange bid data updated at the close of 31 July 2026, the issue had been subscribed about 0.47 times overall, per NSE. The qualified institutional buyer portion was subscribed 1.19 times, the retail portion stood at 0.22 times and the non-institutional portion at 0.09 times, while the employee reservation was subscribed 1.69 times.

The Company

Juniper Green Energy is a renewable energy independent power producer that develops and operates utility-scale solar, wind, hybrid and firm-and-dispatchable renewable energy (FDRE) projects. The company discloses that its projects are located in Gujarat, Maharashtra, Rajasthan and Madhya Pradesh, and that site selection is driven mainly by the availability of solar irradiance and wind resources. As of 31 March 2026, per the RHP, it had an operational utility-scale solar portfolio of 1,322.08 MWp, hybrid capacity of 211.75 MWp, FDRE capacity of 123.20 MWp and 151.20 MW of wind capacity, alongside two merchant solar projects of 210 MWp.

On its financials, the company discloses restated revenue from operations of Rs 718.93 crore in Fiscal 2026, up from Rs 508.68 crore in Fiscal 2025 and Rs 391.55 crore in Fiscal 2024. EBITDA was Rs 692.18 crore in Fiscal 2026 at an EBITDA margin of 85.99 per cent, per the RHP. Profit for the year after tax, however, was Rs 40.46 crore in Fiscal 2026, against Rs 36.48 crore in Fiscal 2025 and Rs 40.06 crore in Fiscal 2024. The company discloses total borrowings of Rs 12,920.54 crore as at 31 March 2026 and a debt-to-equity ratio of 3.77 times. Its promoters are Arvind Tiku, Hemant Tikoo, Niharika Tiku, AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd.

The Offer Structure

The offer is a fresh issue of equity shares aggregating up to Rs 1,800 crore, with no offer-for-sale, per the RHP. The price band is Rs 214 to Rs 225 per share of Rs 10 face value, per NSE. Applications are made for a minimum of one lot, with the retail minimum bid falling within SEBI's Rs 14,000 to Rs 15,000 range as prescribed under the issue structure. Anchor bidding was on 29 July 2026, the issue opened on 30 July and closes on 3 August 2026.

The company proposes to use the net proceeds towards three stated objects, per the RHP: repayment or prepayment of certain borrowings availed by the company, for which it has earmarked Rs 683.24 crore; investment in its material subsidiary Juniper Green Gamma One Private Limited and subsidiaries Juniper Green Kite Private Limited and Juniper Green Power Five Private Limited towards repayment of their borrowings; and general corporate purposes. ICICI Securities, JM Financial and Kotak Mahindra Capital Company are the lead managers, with KFin Technologies as registrar. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and can find prior coverage on the Oquilia news desk.

Risk Factors

The RHP sets out the material risks the company must disclose. Among the risk factors it discloses, its renewable energy projects are concentrated in four states - Gujarat, Maharashtra, Rajasthan and Madhya Pradesh - so any change in state policy or the occurrence of natural disasters in those states may affect its business and cash flows.

The RHP also lists that the business is capital-intensive, with a debt-to-equity ratio of 3.77 times as at 31 March 2026, and notes that contingent liabilities were 64.56 per cent of net worth on the same date. The company discloses that its power generation is a direct function of environmental conditions, irradiation and wind speed, and is therefore subject to seasonal fluctuations and weather. It further lists risks around acquiring contiguous land and rights of way for projects, and around changes in the price of solar modules, wind turbines and inverters or underperformance by suppliers, which it says may cause cost overruns on under-construction projects.

What Happens Next

With the subscription window closing on 3 August 2026, the standard mechanics from here run through the registrar and the exchanges. After bidding closes, applications are reconciled and the basis of allotment is finalised, after which shares are credited to successful applicants' demat accounts and the blocked funds of unsuccessful applicants are released under the ASBA and UPI framework.

The company's equity shares are proposed to be listed on the BSE and the NSE, with the listing date to be notified by the exchanges once allotment is complete. Subscription figures change through the window, and the final position is the one published by the exchanges after the issue closes. None of the above is a statement about how the issue will be received or how the shares will trade.

FAQ

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.

What is the price band?

The price band is Rs 214 to Rs 225 per equity share of face value Rs 10, per NSE data. Applications are made for a minimum of one lot, with the retail minimum bid falling within SEBI's prescribed Rs 14,000 to Rs 15,000 range.

When does the issue open and close?

The issue opened on Thursday, 30 July 2026 and closes on Monday, 3 August 2026, per the RHP. Anchor-investor bidding took place on Wednesday, 29 July 2026, one working day before the issue opened.

What is the issue size and structure?

It is a fresh issue of equity shares aggregating up to Rs 1,800 crore, with no offer-for-sale component, per the RHP. The proceeds are earmarked for repaying borrowings, investing in subsidiaries towards their borrowings, and general corporate purposes.

How is the basis of allotment decided?

Where a category is oversubscribed, the registrar allots shares under SEBI's proportionate and lottery rules and confirms this through an exchange notice. Retail applicants are allotted in whole lots. The registrar for this issue is KFin Technologies.

Where can I read the RHP?

The red herring prospectus is filed with SEBI and hosted on its website under Filings, Public Issues, and is also available on the BSE and NSE. It contains the full offer terms, financial statements and risk factors.

This report is based on the red herring prospectus filed with SEBI and subscription and price-band data from the NSE. It was surfaced via IPO-preview coverage carried on Google News.