Juniper Green Energy opens Rs 1,800 crore IPO at Rs 214-225 band
Juniper Green Energy's Rs 1,800 crore fresh-issue IPO opened on 30 July at a Rs 214-225 band, after a Rs 539.40 crore anchor book, per the RHP and exchange data.
The Development
Juniper Green Energy Limited opened its initial public offering on 30 July 2026, a fresh issue of equity shares aggregating Rs 1,800 crore, per the red herring prospectus filed with SEBI and the exchange record. The company set a price band of Rs 214 to Rs 225 per share, with the three-day subscription window scheduled to close on 3 August 2026. The milestone was surfaced through coverage on the IPO desk of The Economic Times.
Ahead of the opening, the company completed its anchor allocation on 29 July 2026, raising Rs 539.40 crore, per the exchange circular; the anchor shares carry a lock-in of 50% for 30 days and 50% for 90 days. As of the close of the second day of bidding on 31 July, the issue was subscribed about 0.47 times overall per exchange data, with the qualified institutional buyers category (excluding anchor) at 1.25 times, the retail category at 0.23 times, and the non-institutional category at 0.09 times.
This is a mainboard offer, with shares proposed to list on both the NSE and the BSE on 6 August 2026, following a basis of allotment expected on 4 August. At the upper end of the band, the company's post-issue market capitalisation works out to roughly Rs 12,802 crore.
The Company
Juniper Green Energy Limited describes itself in the offer document as one of the larger independent renewable power producers in India, with a generation portfolio spanning solar, wind and hybrid projects. The company discloses that its pipeline extends to wind-solar hybrid and firm and dispatchable renewable energy configurations, including projects paired with battery energy storage systems. Its operating assets are held largely through project-level special purpose vehicles.
Per the RHP, the company reported consolidated revenue of Rs 424.45 crore in FY2024, Rs 569.78 crore in FY2025 and Rs 804.93 crore in FY2026, indicating a rising top line across the three reported years. Profit after tax over the same periods was Rs 40.06 crore, Rs 36.48 crore and Rs 40.46 crore respectively, as the company discloses.
The offer document states that the business operates in a capital-intensive sector, where projects are built and financed at the special-purpose-vehicle level and revenue is contracted through long-term power purchase agreements with state and central offtakers. Promoter and group details, along with the full financial statements, are set out in the offer document rather than in any summary.
The Offer Structure
The issue is entirely a fresh issue of Rs 1,800 crore, with no offer-for-sale component, which means the proceeds accrue to the company rather than to selling shareholders. Per the RHP, the stated objects of the issue are the repayment or prepayment of certain borrowings of the company and investment in subsidiaries towards repayment of their borrowings, together with general corporate purposes.
The price band is set at Rs 214 to Rs 225 per share and the lot size is 66 shares, per the exchange record. A single lot at the upper band amounts to Rs 14,850, the minimum application amount, while the maximum retail application of 13 lots (858 shares) works out to Rs 1,93,050. 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.
Readers working through the arithmetic of an allotment may find Oquilia's lumpsum calculator and CAGR calculator useful, and the Oquilia news desk carries prior primary-market coverage.
Risk Factors
The offer document sets out a detailed risk-factors section, and the following are among the material risks the company discloses. The RHP lists the company's substantial indebtedness, with the bulk of its borrowings carried at floating rates, which exposes it to interest-rate movements. The company discloses a high debt-to-equity position, consistent with the capital-intensive nature of renewable-project financing.
Among the risk factors, the company discloses a concentration of revenue, with a large share flowing from a small number of state distribution utilities, creating dependence on those counterparties for timely payment. The RHP also notes that the business is conducted substantially through subsidiaries and special purpose vehicles, so the parent company's cash flows depend on distributions from those entities.
The offer document further flags the sector's dependence on regulatory and policy support, on tariff determinations, and on the performance of long-term power purchase agreements. These are the company's own disclosures, reproduced here as such, and are not an assessment by this desk.
What Happens Next
With the anchor book completed on 29 July and the three-day subscription window running from 30 July to 3 August 2026, the remaining steps follow the standard mainboard mechanics. After the issue closes, the basis of allotment is expected to be finalised on 4 August, per the schedule, with refunds and the unblocking of ASBA and UPI mandates for unsuccessful applicants processed thereafter, and shares credited to demat accounts ahead of listing.
The stock is scheduled to list on both the NSE and the BSE on 6 August 2026. The subscription figures cited above are exchange bid data as of a stated time and will change until the issue closes; the final category-wise multiples are confirmed by the exchanges after the window shuts. This is stated as process, not as a prediction of demand or price.
FAQ
What is the price band and lot size?
Per the exchange record, the price band is Rs 214 to Rs 225 per share and the lot size is 66 shares. A single lot at the upper band amounts to Rs 14,850, which is the minimum application amount. The maximum retail application is 13 lots, or 858 shares, per the offer terms.
When does the issue open and close?
The issue opened on 30 July 2026 and is scheduled to close on 3 August 2026, per the RHP and exchange schedule. The basis of allotment is expected on 4 August, with listing on the NSE and the BSE scheduled for 6 August 2026.
What does the anchor allocation mean?
Per the exchange circular, the company allotted shares worth Rs 539.40 crore to anchor investors on 29 July 2026, a day before the issue opened. The anchor shares carry a lock-in, disclosed as 50% for 30 days and 50% for 90 days. Anchor allocation is a procedural step and not an indicator of eventual demand.
Where can I read the RHP?
The red herring prospectus is available on SEBI's website and on the exchanges. The offer document filed with the NSE, including the complete risk-factors and financial-statements sections, should be read directly from the official record rather than any summary.
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.
This report is based on the red herring prospectus filed with SEBI and the offer document filed with the NSE, together with the price band, anchor and subscription data on the official record. It was surfaced via coverage in The Economic Times.