Juniper Green Energy's Rs 1,800 crore IPO closes subscription window

The Development

Juniper Green Energy Limited, a New Delhi-headquartered renewable independent power producer, has closed the subscription window for its initial public offering, a fresh issue of equity shares aggregating up to Rs 1,800 crore. Per the company's red herring prospectus (RHP) dated 23 July 2026 and filed with the Securities and Exchange Board of India (SEBI), the bid/issue period opened on Thursday, 30 July 2026 and closed on Monday, 3 August 2026, with anchor investor bidding held one working day earlier on 29 July. The issue now moves to the basis-of-allotment stage ahead of a proposed listing on the BSE and the National Stock Exchange (NSE), which is the designated stock exchange for the offer.

The development was surfaced through coverage on the IPO desk of The Economic Times. The entire offer is a fresh issue with no offer-for-sale component, so all proceeds accrue to the company rather than to selling shareholders. The RHP records the face value of each equity share at Rs 10 and states that the floor, cap and issue price were to be set through the book-building process; the price band and lot size, together with the full risk-factors section, appear in the offer documents available on SEBI's website and the exchanges.

The Company

Per the RHP, Juniper Green Energy is among the ten largest renewable independent power producers in India by total capacity as at 31 March 2026, a ranking the company attributes to a CRISIL report. It develops, builds, operates and maintains utility-scale solar, wind, wind-solar hybrid and firm and dispatchable renewable energy projects, generating revenue by selling electricity to government-backed off-takers. The company discloses that it commissioned its first solar project of 100 MW 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 1,794.80 MW was operational.

The company discloses that 97.68% of its total capacity, measured in MWp, is backed by long-term power purchase agreements, typically of 25 years, with counterparties rated "A" or above. Its named off-takers include the Solar Energy Corporation of India, SJVN, NHPC, NTPC, Gujarat Urja Vikas Nigam and the Maharashtra State Electricity Distribution Company, alongside private buyer Tata Power.

On financials, the RHP states revenue from operations of Rs 718.93 crore in the financial year ended 31 March 2026, 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 and Rs 40.06 crore in FY2024, while EBITDA was Rs 692.18 crore at a margin of 85.99%. The company also discloses total borrowings of Rs 12,920.54 crore as at 31 March 2026 and a net-debt-to-equity ratio of 2.75 times.

The Offer Structure

Per the RHP, the offer is a fresh issue of equity shares of face value Rs 10 each aggregating up to Rs 1,800 crore (Rs 18,000 million), made under Regulation 6(1) of the SEBI ICDR Regulations. There is no offer-for-sale, so none of the company's promoters or existing shareholders are selling shares in the issue. The promoters named in the RHP are Arvind Tiku, Hemant Tikoo, Niharika Tiku, AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd.

The company states the net proceeds are proposed to be used for the repayment or pre-payment, in full or part, of certain of its borrowings; for investment in its material subsidiary Juniper Green Gamma One and its subsidiaries Juniper Green Kite and Juniper Green Power Five towards repaying their borrowings; and for 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. Readers working through the arithmetic of an allotment can use Oquilia's lumpsum calculator or CAGR calculator, and the /news desk carries prior primary-market coverage.

Risk Factors

The RHP sets out a detailed risk-factors section, and the following are among the material risks the company itself discloses. On customer concentration, the RHP states that the two largest off-takers together contributed 86.06%, 91.11% and 97.00% of revenue from operations in FY2026, FY2025 and FY2024 respectively, and that the loss of such relationships could adversely affect the business. On supplier concentration, the company discloses that its top ten suppliers accounted for 84.42% of total purchases in FY2026.

The RHP also 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. Among the risk factors the company discloses are geographic concentration, with projects located in Gujarat, Maharashtra, Rajasthan and Madhya Pradesh, and the fact that it does not own a majority of the land on which its projects sit. The RHP further notes that a portion of the net proceeds will repay loans owed to an affiliate of one of the lead managers.

What Happens Next

With the three-day subscription window closed on 3 August 2026, the registrar, KFin Technologies, works with the exchanges to finalise the basis of allotment, the process by which shares are apportioned across the qualified institutional buyer, non-institutional and retail categories where a category is oversubscribed. Applicants' funds remain blocked under the UPI and ASBA mechanism until allotment is finalised, after which the unblocking of funds for unsuccessful applicants and the credit of shares to successful applicants follow.

The final step is listing and the commencement of trading on the BSE and the NSE, with the actual debut price set against the issue price. The RHP records the offer's mechanics and dates, while the category-wise subscription figures and the listing outcome are matters of exchange record, reported by the NSE and BSE as they occur. This report states the process, not any expectation 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 size and structure of the issue?

Per the RHP, the offer is a fresh issue of equity shares of face value Rs 10 each aggregating up to Rs 1,800 crore, with no offer-for-sale component. All proceeds accrue to the company, which proposes to use them mainly to repay borrowings at the company and subsidiary level and for general corporate purposes.

When did the issue open and close?

Per the RHP, anchor investor bidding was held on 29 July 2026, the bid/issue period opened on 30 July 2026 and closed on 3 August 2026. The issue now proceeds to the basis-of-allotment stage before a proposed listing on the BSE and the NSE.

How is the basis of allotment decided?

The registrar finalises the basis of allotment in accordance with SEBI rules and in consultation with the designated stock exchange, the NSE. Where a category is oversubscribed, shares are allotted to retail and non-institutional applicants through a computerised lottery.

Where can I read the RHP?

The red herring prospectus is available on SEBI's website under Filings, Public Issues, and on the websites of the NSE and the BSE. The abridged prospectus carries a summary of the offer terms, financials and the risk-factors section.

This report is based on the red herring prospectus filed with SEBI and the accompanying abridged prospectus lodged with the exchanges. It was surfaced via coverage on the IPO desk of The Economic Times.