Juniper Green Energy Limited IPO
Registrar: KFin Technologies Limited · Lead: ICICI Securities Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited, Kotak Mahindra Capital Company Limited · Listing on NSE, BSE
IPO Lot Size
66 shares / lot · ₹225 upper bandInvestors can bid for a minimum of 66 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 66 | ₹14,850 |
| Retail (Max) | 13 | 858 | ₹1,93,050 |
| S-HNI (Min) | 14 | 924 | ₹2,07,900 |
| S-HNI (Max) | 67 | 4,422 | ₹9,94,950 |
| B-HNI (Min) | 68 | 4,488 | ₹10,09,800 |
About the company
Juniper Green Energy Ltd. is a renewable energy independent power producer in India, experienced in building and developing solar, wind, WSH (Wind-Solar Hybrid), and FDRE (Firm and Dispatchable Renewable Energy) projects with BESS (Battery Energy Storage Systems). As of March 31, 2026, the company's total operational portfolio reached 1,794.80 MW (2,408.91 MWp), with a total capacity across operational, under-construction contracted, and awarded projects of 7,910.20 MW (10,247.06 MWp), including 4,563.88 MWh of BESS capacity.
The company develops, builds, operates, and maintains utility-scale renewable energy projects through an in-house EPC and O&M team, generating revenue primarily from electricity sales to central and state government-backed entities.
Objectives of the issue
- Repayment/pre-payment, in full or part, of certain borrowings availed by the Company.
- Investment in material subsidiaries (Juniper Green Gamma One Private Limited, Juniper Green Kite Private Limited, and Juniper Green Power Five Private Limited) for repayment/pre-payment of their outstanding borrowings.
- General corporate purposes.
Key strengths
- Amongst the top 10 renewable IPPs in India with a focus on complex renewable energy projects.
- Proven ability to secure land and establish robust grid connectivity well in advance.
- Long-term power purchase agreements with central and state government off-takers and fixed tariff structures, enabling long-term and stable cash flows.
- Track record of delivering projects ahead of schedule, backed by end-to-end in-house capabilities in developing and operating renewable energy projects.
- Established supply chain de-risking strategy, ensuring timely procurement and quality of critical components.
- Experienced and committed Promoters, credible financial partners and a dynamic team guided by experienced leadership.
Key risks
- Significant portion of revenue derived from a few key off-takers; loss of these relationships could adversely affect business.
- High dependence on suppliers for critical components; interruptions in supply could adversely affect operations and cash flows.
- Encumbrance on Equity Shares pledged by a Corporate Promoter; enforcement could dilute shareholding and affect business.
- Renewable energy projects are concentrated in specific states, making operations susceptible to adverse changes in governmental policies or natural disasters.
- Inability to identify or acquire suitable land sites on commercially acceptable terms may restrain new project development.
- Capital-intensive business with a high debt-to-equity ratio, and subject to restrictive financing covenants; inability to obtain financing could adversely affect business.
- Changes in the price of solar modules, wind turbines, inverters, and other materials or underperformance by suppliers may cause cost overruns.
- Participation in highly competitive renewable energy project auctions and changes in auction processes may adversely impact expansion and profitability.
- Limited experience with merchant power plants, creating risk due to market price variability and unpredictability.
- Outstanding litigation proceedings involving the Company, Subsidiaries, Promoters, Directors, and Key Managerial Personnel, with potential adverse impact.