Juniper Green Energy Limited

Here are the details for the Juniper Green Energy Limited IPO, including company fundamentals, issue schedule, live Grey Market Premium (GMP), and subscription details.

1. Company Overview & Business Profile

Incorporated in 2018 and backed by Singapore’s AT Capital Group, Juniper Green Energy Limited is an independent renewable energy power producer (IPP) based in Gurugram.

  • Core Business: Develops, builds, owns, and operates utility-scale grid-connected solar, wind, and wind-solar hybrid projects. It also operates Battery Energy Storage Systems (BESS) and Firm & Dispatchable Renewable Energy (FDRE) assets.

  • Portfolio Scale: Holds an aggregate renewable energy portfolio capacity of ~7,898 MW across key states including Gujarat, Rajasthan, Maharashtra, and Madhya Pradesh.

  • Revenue Model: Generates steady cash flows primarily through long-term Power Purchase Agreements (PPAs) spanning 20–25 years with central and state distribution companies (like GUVNL and MSEDCL).

  • Objects of the Issue: Proceeds from the fresh issue (₹1,800 Cr) are allocated toward:

    1. Repayment/prepayment of company borrowings (~₹683.2 Cr).

    2. Investment in subsidiaries for loan repayments (~₹728.7 Cr).

    3. General corporate purposes (~₹388.1 Cr).

2. Key Fundamentals & Financial Highlights

The company has recorded strong revenue expansion, though it operates with high leverage typical of utility-scale capital projects:

Metric / Indicator (Consolidated) FY2024 FY2025 FY2026
Total Income ₹65.5 Cr ₹298.1 Cr ₹546.7 Cr
Profit After Tax (PAT) ₹23.0 Cr ₹43.3 Cr ₹61.4 Cr
EBITDA Margin ~79.8% ~47.2% ~45.2%
PAT Margin 81.1% 24.8% 18.9%

Key Ratios & Valuation

  • Price Band: ₹214 to ₹225 per share

  • Post-Issue Market Cap: ~₹12,802 Crore (at upper price band)

  • Post-Issue P/E Ratio: ~316.9x (reflects long-term capital intensity and growth build-up)

  • Key Strengths: Long-term cash flow visibility (20–25 year PPAs), diverse geographical footprint, and experienced promoter backing.

  • Key Risks: Customer concentration (majority revenue from GUVNL and MSEDCL) and high reliance on third-party suppliers for solar/wind equipment.

3. IPO Key Details & Schedule

  • IPO Open Date: July 30, 2026

  • IPO Close Date: August 3, 2026

  • Anchor Allocation Date: July 29, 2026

  • Basis of Allotment: August 4, 2026

  • Credit of Shares / Refunds: August 5, 2026

  • Tentative Listing Date: August 6, 2026 (BSE & NSE Mainboard)

  • Total Issue Size: ₹1,800 Crore (100% Fresh Issue, no Offer For Sale)

  • Lot Size: 66 equity shares

  • Minimum Retail Investment: 1 lot (66 shares) = ₹14,850 (at upper price band)

  • Lead Managers: Kotak Mahindra Capital, among others

  • Registrar: KFin Technologies Limited

4. Live Subscription Status

  • Status: The IPO opens for bidding on July 30, 2026.

  • Cumulative bidding numbers across QIB (50%), NII/HNI (15%), and Retail (35%) categories will update live once the bidding window opens.

5. Grey Market Premium (GMP)

  • Current Live GMP: ₹20 per share

  • Estimated Indicative Listing Price: ₹245 per share (~8.89% premium over the upper price band of ₹225)

    ipoind.com

Note: Initial grey market activity indicates modest listing expectations, as institutional investors weigh the long-term expansion potential in renewables against the issue’s premium valuation multiples.

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