Juniper Green Energy sets Rs 214-225 band for Rs 1,800 crore IPO

The Development

Juniper Green Energy Limited, a New Delhi headquartered renewable power producer, has opened its initial public offering with the price band set at Rs 214 to Rs 225 per equity share of face value Rs 10 each. The issue is a fresh issue of equity aggregating up to Rs 1,800 crore (₹18,000.00 million), with no offer-for-sale component, per the red herring prospectus filed with SEBI. The document is dated 23 July 2026 and sits on the regulator's public-issues record.

Per the RHP bid schedule, anchor investor bidding was held on Wednesday, 29 July 2026, the issue opened on Thursday, 30 July 2026, and it closes on Monday, 3 August 2026, with the UPI mandate cut-off at 5:00 PM on the closing date. The shares are proposed to be listed on both BSE Limited and the National Stock Exchange of India, with the NSE as the designated stock exchange. The development was surfaced via IPO-desk coverage in The Economic Times.

At the upper end of the band, a retail applicant bids for a minimum of one lot of 66 shares, an application of Rs 14,850. This is a mainboard issue rather than an SME offering.

The Company

Juniper Green Energy develops, builds, operates and maintains utility-scale renewable energy projects. The abridged prospectus describes the company as "among the top 10 largest renewable independent power producers" in India by total capacity as at 31 March 2026, citing a CRISIL report. Its portfolio spans solar, wind, wind-solar hybrid and firm and dispatchable renewable energy projects paired with battery energy storage systems. The company discloses that it fully commissioned its first solar project of 100.00 MW in Fiscal 2020 and has since broadened the portfolio.

Per the RHP, 97.68% of the company's total capacity in terms of MWp is backed by long-term power purchase agreements, typically running 25 years with counterparties rated "A" or above, as at 30 June 2026. The offer document lists off-takers including central government entities such as the Solar Energy Corporation of India, SJVN, NHPC and NTPC, alongside state entities such as Gujarat Urja Vikas Nigam. The company's projects are located in Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.

On the restated consolidated financials, the company discloses revenue from operations of Rs 718.93 crore for Fiscal 2026, up from Rs 508.68 crore in Fiscal 2025 and Rs 391.55 crore in Fiscal 2024. Profit after tax was Rs 40.46 crore in Fiscal 2026, against Rs 36.48 crore and Rs 40.06 crore in the two preceding years. Total borrowings stood at Rs 12,920.54 crore as at 31 March 2026, per the RHP, up from Rs 5,502.53 crore a year earlier. The promoters are Arvind Tiku, Hemant Tikoo, Niharika Tiku, AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd.

The Offer Structure

The offer is structured entirely as a fresh issue, so the full Rs 1,800 crore of gross proceeds accrues to the company; there are no named selling shareholders and no offer-for-sale tranche. Per the objects of the issue, the net proceeds are proposed to be used for repayment or pre-payment, in full or in part, of certain borrowings of the company; for investment in two subsidiaries, Juniper Green Kite Private Limited and Juniper Green Power Five Private Limited, towards repayment or pre-payment of their borrowings; and for general corporate purposes.

The band is Rs 214 to Rs 225 per share, with a lot of 66 shares. The book running lead managers are ICICI Securities, HSBC Securities and Capital Markets (India), JM Financial and Kotak Mahindra Capital Company, with KFin Technologies as registrar to the issue. Readers working through the arithmetic of a possible allotment or a holding period can use Oquilia's lumpsum calculator and CAGR calculator, and can find prior coverage on the Oquilia news desk.

Risk Factors

The RHP sets out the top 10 internal risk factors, and several centre on concentration. Among the risks the company discloses, its top two off-takers collectively contributed 86.06%, 91.11% and 97.00% of revenue from operations in Fiscals 2026, 2025 and 2024, so the loss of a key commercial relationship could affect the business. Supply is similarly concentrated: the RHP lists that the top 10 suppliers contributed 84.42%, 79.99% and 87.52% of total purchases across the same three years.

The offer document also discloses that the corporate promoter, Juniper Renewable Holdings Pte. Ltd., has encumbered some of its equity shares in favour of the Indian Renewable Energy Development Agency, and that enforcement of any encumbrance could dilute the promoter's shareholding. Among the further risk factors the company discloses are its dependence on identifying and acquiring suitable land, that it does not own a majority of the land on which its projects are located, and exposure to environmental conditions, seasonal fluctuations and natural calamities. The RHP also notes that a portion of the net proceeds will repay a loan facility from an affiliate of one of the lead managers.

What Happens Next

The mechanics from here follow the standard book-built process. With anchor allocation completed ahead of the opening and the three-day subscription window running from 30 July to 3 August 2026, the exchanges publish category-wise bid data live during the window. After the close, the basis of allotment is finalised with the registrar, KFin Technologies, followed by refunds and the unblocking of application amounts for unsuccessful or partially successful bids, and the crediting of shares to successful applicants' demat accounts.

Listing on BSE and NSE is slated for 6 August 2026, per the offer timetable. On listing day the shares will begin trading at a price discovered by the market, which the exchanges record against the issue price. Each step is a process defined by the offer document and exchange notices, stated here as procedure rather than any prediction 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?

The price band is Rs 214 to Rs 225 per share and the lot size is 66 shares. At the upper end that is an application of Rs 14,850 for one lot. The shares have a face value of Rs 10 each.

When does the issue open and close?

Per the RHP bid schedule, bidding opened on Thursday, 30 July 2026 and closes on Monday, 3 August 2026, with anchor bidding on 29 July 2026. Listing on BSE and NSE is slated for 6 August 2026.

Is this a fresh issue or an offer for sale?

It is entirely a fresh issue of equity aggregating up to Rs 1,800 crore, with no offer-for-sale component, per the RHP. That means the proceeds accrue to the company for the stated objects rather than to any selling shareholder.

Where can I read the RHP?

The red herring prospectus is on SEBI's public-issues record and on the BSE and NSE websites. It carries the full risk-factors section, the objects of the issue and the restated financial statements.

This report is based on the red herring prospectus filed with SEBI and the offer document's abridged prospectus. It was surfaced via IPO-desk coverage in The Economic Times.