Juniper Green Energy's Rs 1,800 crore IPO closes, QIB portion leads

The Development

Juniper Green Energy Limited, a Gurugram-based renewable power producer, closed the three-day subscription window for its Rs 1,800 crore initial public offering on 3 August 2026. Per the red herring prospectus dated 23 July 2026 and filed with the Registrar of Companies, the issue is an entirely fresh issue of equity shares aggregating up to Rs 18,000 million, with no offer-for-sale component. The bidding period ran from 30 July to 3 August, with anchor investor bidding on 29 July.

As of 15:42 on the closing day, the issue was subscribed 6.97 times overall, per NSE bid data, drawing bids for about 41.06 crore shares against roughly 5.89 crore shares on offer. Demand was led by the qualified institutional buyers portion, subscribed 22.34 times, while the non-institutional portion stood at 1.66 times and the retail portion at 0.48 times at that time. The offer is priced in a band of Rs 214 to Rs 225 per share and is proposed to be listed on both the BSE and the NSE, with the NSE the designated stock exchange. The development was surfaced via IPO coverage in Mint.

The Company

Juniper Green Energy Limited (CIN U40100DL2011PLC228318) develops, owns and operates utility-scale renewable energy projects spanning solar, wind, wind-solar hybrid, firm and dispatchable renewable energy and battery storage. The company discloses that it is "amongst the top 10 renewable energy independent power producers in India" by total capacity as at 31 March 2026, citing a CRISIL report, with an installed operational portfolio of 1,233.14 MW (AC) as at that date, up from 854.30 MW a year earlier. Its projects are located across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh, and it sells power largely under long-term power purchase agreements with central and state off-takers.

On financials, the company discloses revenue from operations of Rs 718.93 crore in the year ended 31 March 2026, up from Rs 508.68 crore in FY2025 and Rs 391.55 crore in FY2024. Total income for FY2026 was Rs 804.93 crore, per the RHP. Profit after tax was Rs 40.46 crore in FY2026, against Rs 36.48 crore in FY2025 and Rs 40.06 crore in FY2024. The company reports an EBITDA margin of 85.99% for FY2026 and a net debt-to-equity ratio of 2.75 times as at 31 March 2026. 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 fresh issue of equity shares aggregating up to Rs 1,800 crore, which includes an employee reservation portion of up to Rs 20 million and an anchor investor portion of 2,39,73,333 equity shares, per the exchange record. There is no offer-for-sale, so the entire proceeds accrue to the company rather than to any selling shareholder. The price band is Rs 214 to Rs 225 per share of face value Rs 10, with a discount of Rs 21 per share to eligible employees. The bid lot is 66 equity shares and in multiples thereof, so a single retail lot at the upper band works out to Rs 14,850, with the maximum retail application capped at Rs 2,00,000. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and prior market reporting sits on the Oquilia news desk.

Per the RHP, the net proceeds are earmarked for repayment or prepayment of certain borrowings of the company; investment in its subsidiaries Juniper Green Gamma One, Juniper Green Kite and Juniper Green Power Five for repayment or prepayment 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 Company, and the registrar is KFin Technologies Limited.

Risk Factors

The offer document sets out its risk factors in detail. Among the top risks the company discloses is a heavy revenue concentration: the RHP states that its top two off-takers together contributed 86.06%, 91.11% and 97.00% of revenue from operations in Fiscals 2026, 2025 and 2024 respectively, and warns that the loss of such relationships could adversely affect the business.

The company also discloses supplier concentration, noting that its top 10 suppliers accounted for 84.42% of total purchases in FY2026. The RHP lists a further risk that its corporate promoter, Juniper Renewable Holdings Pte. Ltd., has encumbered some of its equity shares in favour of the Indian Renewable Energy Development Agency, which if enforced could dilute the promoter's holding. Among the risk factors the company discloses are the geographic concentration of its projects in four states, exposing it to state-level policy changes and natural calamities, and its dependence on identifying and acquiring suitable land on acceptable terms. The RHP also flags that a portion of the net proceeds will repay loans owed to an affiliate of one of the lead managers, HSBC.

What Happens Next

With bidding closed on 3 August, the standard post-issue mechanics follow. The registrar, KFin Technologies, reconciles valid applications and finalises the basis of allotment, after which the unblocking of application money for unsuccessful bids and the crediting of shares to successful applicants take place, ahead of listing on the BSE and the NSE. Final category-wise subscription figures are confirmed by the exchanges after the window closes at 5:00 PM on the closing day, and the UPI mandate cut-off was set for the same time.

Because the final allotment ratio depends on the confirmed close figures, the basis of allotment determines how shares are apportioned within each category, particularly where a category is oversubscribed. The listing price on debut will be set by the exchanges against the issue price of up to Rs 225 per share. These are process steps stated by the record and the exchanges, not predictions of demand or price.

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 and lot size?

Per NSE data, the price band is Rs 214 to Rs 225 per equity share of face value Rs 10, and the bid lot is 66 shares and multiples thereof. Eligible employees receive a discount of Rs 21 per share. A single retail lot at the upper band amounts to Rs 14,850, with the maximum retail application capped at Rs 2,00,000.

When did the issue open and close?

The bidding period ran from 30 July to 3 August 2026, with anchor investor bidding on 29 July, per the RHP and the exchange record. The UPI mandate cut-off was 5:00 PM on 3 August, the closing day.

Is this a fresh issue or an offer-for-sale?

It is entirely a fresh issue aggregating up to Rs 1,800 crore, with no offer-for-sale. Per the RHP, the proceeds are earmarked for repayment of borrowings, investment in subsidiaries for their debt repayment, and general corporate purposes.

Where can I read the RHP?

The abridged prospectus and red herring prospectus are filed on SEBI's website under Public Issues, and the offer details also appear on the NSE and BSE public-issue pages. Both are linked in the source note below.

This report is based on the red herring prospectus filed with SEBI and subscription data from the NSE. It was surfaced via IPO coverage in Mint.