Juniper Green Energy IPO opened for subscription on Thursday, July 30, and will close on Monday, August 3. The Juniper Green Energy IPO price band has been set at ₹214 to ₹225 per equity share with a face value of ₹10.
Ahead of the public issue, the company raised ₹539.4 crore from anchor investors, with participation from Abu Dhabi Investment Authority (ADIA) and Nippon India Mutual Fund. Other marquee anchor investors included ICICI Prudential Mutual Fund, SBI Mutual Fund, WhiteOak Capital, Bajaj Life Insurance, Tata AIG General Insurance Company, and HDFC Life Insurance Company.
Domestic mutual funds accounted for the bulk of the anchor allocation, receiving 1.79 crore equity shares, or 74.79% of the anchor book, through 24 schemes across nine fund houses.
The Juniper Green Energy IPO lot size has been fixed at 66 equity shares, with investors allowed to bid in multiples of 66 shares thereafter.
Under the issue structure, up to 50% of the net offer has been reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and not less than 35% for Retail Individual Investors (RIIs).
Juniper Green Energy IPO GMP today
Juniper Green Energy IPO GMP today is +1.75. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of the Juniper Green Energy share was ₹226.75 apiece, which is 0.78% higher than the IPO price of ₹225.
Considering the grey market trends observed over the past 11 sessions, the present GMP of ₹1.75 suggests a negative outlook. Throughout this timeframe, the GMP fluctuated between ₹0.00 and ₹17, according to expert analysis.
Juniper Green Energy IPO review
Brokerages have expressed mixed views on the Juniper Green Energy IPO: SBI Securities recommends the issue for long-term investors, while Swastika Investmart and Arihant Capital Markets flag valuation concerns despite the company’s strong growth prospects. BP Equities, meanwhile, remains positive on the company’s long-term outlook, citing its execution capabilities and robust project pipeline.
SBI Securities has recommended investors subscribe to the issue for the long term, noting that Juniper Green Energy is a leading renewable independent power producer with a strong presence in wind-solar hybrid (WSH) and Firm and Dispatchable Renewable Energy (FDRE) assets. The brokerage highlighted that the company delivered a Revenue/EBITDA/PAT CAGR of 35.5%/33.9%/0.5% during FY24-FY26 and expects future growth to be driven by project commissioning, battery energy storage system (BESS) expansion, and merchant power opportunities. It also pointed to the company’s 1,795 MW operational capacity and an additional 6,115 MW under construction, which is expected to significantly boost revenue visibility. Based on an average tariff of ₹3.64/kWh, SBI Securities estimates the company’s 7,910 MW portfolio could generate ₹6,000-6,500 crore in annual revenue once fully operational.
Swastika Investmart acknowledged the company’s strong long-term growth potential, supported by a ~7.9 GW capacity pipeline and 25-year power purchase agreements (PPAs) with sovereign and central counterparties. The brokerage also said the proposed ₹1,411 crore debt reduction could lower interest costs and improve profitability. However, it cautioned that the IPO is expensively valued at over 270x FY26 trailing earnings, making it less attractive for listing gains. It believes the issue is suitable only for investors with a long-term investment horizon who are comfortable with execution, regulatory, and leverage risks.
BP Equities maintained a positive long-term view, highlighting the company’s strong in-house project development and execution capabilities. The brokerage noted that Juniper Green Energy achieved a 96.8% conversion rate for WSH and FDRE tenders won between April 2021 and March 2026, reflecting its execution strength. It added that the company’s presence across resource-rich states such as Gujarat, Maharashtra, Rajasthan, and Madhya Pradesh enhances project economics and operational efficiency, positioning it well to benefit from India’s growing focus on hybrid renewable energy, energy storage, and firm renewable power.
Arihant Capital Markets has assigned a ‘Neutral’ rating to the IPO. The brokerage said the fresh issue proceeds, which will primarily be used for debt reduction, are expected to strengthen the company’s balance sheet. While it remains positive on India’s renewable energy outlook, the company’s healthy project pipeline, and improving financial leverage, Arihant noted that the IPO is priced at 316.39x annualised FY26 earnings at the upper price band of ₹225, limiting valuation comfort despite favourable industry prospects.
Juniper Green Energy IPO details
The ₹1,800-crore Juniper Green Energy IPO comprises entirely a fresh issue of equity shares, with no offer-for-sale (OFS) component.
The company intends to utilise ₹683.24 crore from the net proceeds to repay or prepay certain outstanding borrowings. It will also invest ₹728.69 crore in its subsidiaries—Juniper Green Gamma One, Juniper Green Kite, and Juniper Green Power Five—to help them repay or prepay their existing debt. The remaining funds will be deployed towards general corporate purposes.
ICICI Securities, HSBC Securities, JM Financial, and Kotak Mahindra Capital Company are the book-running lead managers to the issue, while KFin Technologies is the registrar for the Juniper Green Energy IPO.
Juniper Green Energy IPO subscription status
Juniper Green Energy IPO subscription status was 47% on day 3, so far. The retail portion is subscribed 23%, and NII portion has been booked 10%, QIBs portion received 1.19x bids. The employee portion was booked 1.73x.
The company has received bids for 2,79,62,946 shares against 5,89,16,709 shares on offer at 10:24 IST, according to BSE data.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
