Juniper Green Energy IPO: dates, price band and key numbers

Juniper Green Energy Limited opens its initial public offering on 30 July 2026 at a price band of Rs 214 to Rs 225 per share. The Rs 1,800 crore issue is entirely a fresh equity issue with no offer for sale. Bidding closes on 3 August 2026, with allotment scheduled for 4 August 2026 and equity shares expected to list on NSE and BSE on 6 August 2026 under the trading symbol JNPR.

Here are the key issue parameters, dates, financials, corporate structure and operational risks for the mainboard offering.

What Juniper Green Energy does

Incorporated in 2011, Juniper Green Energy Limited operates as an independent renewable power producer in India. The company develops, owns and manages utility-scale solar, wind and wind-solar hybrid power generation projects. It also delivers firm and dispatchable renewable energy solutions integrated with Battery Energy Storage Systems.

Headquartered in New Delhi with corporate offices in Gurugram, the organization handles end-to-end project execution. Its internal teams oversee site identification, land acquisition, grid interconnection approvals, engineering procurement, project construction and long-term asset maintenance across operational cycles.

As of mid-2026, the firm maintains an aggregate portfolio capacity exceeding 7.9 GW across operational assets, under-construction facilities and contracted projects. Its power projects are concentrated in high-resource solar and wind states including Gujarat, Rajasthan, Maharashtra and Madhya Pradesh. Power generated is supplied under long-term Power Purchase Agreements, typically spanning 25 years, to central government counterparty agencies such as SECI, SJVN, NHPC and NTPC, alongside private commercial power utilities including Tata Power Company Limited.

The promoter group is led by AT Capital Group, alongside individual promoters Arvind Tiku, Hemant Tikoo and Niharika Tiku, and corporate entities AT Holdings Pte. Ltd and Juniper Renewable Holdings Pte. Ltd. Prior to the public offer, the promoter group holds 100 percent of equity capital, which will adjust to 85.94 percent post-issue.

The issue structure and objectives

The public offering comprises 8,00,00,000 equity shares of face value Rs 10 each, raising Rs 1,800 crore exclusively through fresh issuance of equity. The issue allocates 50 percent of total shares to Qualified Institutional Buyers, 15 percent to Non-Institutional Investors and 35 percent to Retail Individual Investors.

Net proceeds from the fresh issue are earmarked primarily for debt servicing. The company plans to allocate Rs 683.24 crore toward full or partial repayment of outstanding borrowings of the parent entity. In addition, Rs 728.69 crore will be invested across operational subsidiaries including Juniper Green Gamma One, Juniper Green Three, Juniper Green Field, Juniper Green Beam, Juniper Green Kite and Juniper Green Ray Two to reduce subsidiary debt burdens. The remaining Rs 388.07 crore is designated for general corporate purposes.

Ahead of the public bidding window, Juniper Green Energy raised Rs 539.40 crore from 31 institutional anchor investors on 29 July 2026. The company allotted 2,39,73,333 equity shares to anchor participants at the upper price band of Rs 225 per share, featuring allocations to domestic mutual funds, insurance companies and foreign portfolio investors.

Financials and valuation

Juniper Green Energy has expanded its operational asset base significantly over the past five fiscal years, accompanied by rising revenue and growing total borrowings. Figures below trace financial statements reported under Indian Accounting Standards.

Figures are in Rs crore, by fiscal year ended 31 March.

Revenue from operations grew from Rs 189.17 crore in FY22 to Rs 804.93 crore in FY26. Profit after tax recorded Rs 40.46 crore in FY26, recovering from a loss of Rs 12.06 crore in FY23. Total asset scale expanded from Rs 3,070.84 crore in FY22 to Rs 19,538.45 crore in FY26 as power projects were commissioned and added to the balance sheet. Outstanding borrowings increased from Rs 1,700.59 crore in FY22 to Rs 12,920.54 crore in FY26, reflecting capital-intensive project development funded largely through project-level debt.

For FY26, the firm reported a Return on Net Worth of 1.18 percent and a PAT margin of 5.03 percent. Pre-IPO earnings per share stood at Rs 0.83, while post-IPO diluted EPS is calculated at Rs 0.71. At the upper price band of Rs 225, the stock is valued at a pre-IPO price-to-earnings ratio of 271.08x and a post-IPO P/E ratio of 316.90x, with an implied market capitalization of Rs 12,802.26 crore.

The Red Herring Prospectus compares the company against four listed renewable power peers in India and international markets.

Strengths

• Scalable project pipeline totaling 7.9 GW across solar, wind, hybrid and storage systems in prime resource states.
• Long-term cash flow predictability supported by 25-year Power Purchase Agreements with central agencies and utilities.
• In-house execution team managing site acquisition, transmission permits, procurement and project commissioning.
• Structured trade receivable collection framework maintaining faster cash realization compared to regional utility averages.

Risks

• Substantial debt leverage, with total borrowings reaching Rs 12,920.54 crore in FY26, exposing performance to interest rate movements and refinancing terms.
• Operational dependence on natural weather conditions, as solar irradiance and wind speeds vary across seasonal cycles.
• Revenue concentration among a select group of public sector power distribution companies and central procurement agencies.
• Potential execution delays in land procurement, right-of-way clearances or grid transmission infrastructure integration.

Subscription status and grey market update

As bidding entered its second operational day, overall subscription for the offering stood at 0.47 times total shares offered. Institutional bidding via the QIB category logged 1.19 times subscription, while retail portion participation stood at 0.22 times and non-institutional bidding reached 0.08 times.

In the grey market, unofficial premium indications for Juniper Green Energy were reported at Rs 1.50 per share on 2 August 2026, down from Rs 17 per share recorded earlier during the pre-opening period. Grey market rates represent unorganized street sentiment, fluctuate rapidly based on broad equity market movement and do not provide a reliable forecast of listing performance.

How to apply

1. Access your online stock broker application or bank ASBA internet portal between 30 July and 3 August 2026.
2. Navigate to the IPO bidding screen and choose Juniper Green Energy Limited.
3. Select the retail category and place a bid for at least 1 lot of 66 shares at the upper price band of Rs 225, requiring Rs 14,850.
4. Enter your valid Virtual Payment Address for UPI mandate processing.
5. Approve the UPI mandate notification in your mobile banking or UPI payment app prior to 5 PM on 3 August 2026.
6. Blocked application funds remain in your bank account until allotment processing completes on 4 August 2026. Allotment status can be checked on the KFin Technologies registrar portal.

This article is for information only, not investment advice. It does not tell you whether to apply to the IPO. Any grey market premium quoted here is unofficial, unregulated news and is not a forecast of the listing price. IPO investments carry market risk. Read the red herring prospectus filed on SEBI and make your own decision before bidding.