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₹225 - 225
Juniper Green Energy Ltd
Infrastructure Developers & OperatorsIPO
₹225 - 225
We are an independent power producer ("IPP") in India which develops, builds, operates and maintains utility scale renewable energy projects through our in-house engineering, procurement and construction and operations and maintenance teams, and generate revenue through the sale of electricity to various off-takers, including central and state government-backed entities. Our portfolio of projects include wind, solar, wind-solar hybrid, firm and dispatchable renewable energy and battery energy storage systems. We are among the top 10 largest renewable IPPs in India in terms of total capacity as at December 31, 2024, where total capacity includes operational, under construction contracted and awarded projects.
Lot66Min Invest₹14,850Face Value₹10Issue Size₹1,800 CrFresh Issue₹1,800 CrListing Price₹242CMP₹265
Timeline
30 Jul
Bidding opens
3 Aug
Bidding closes
4 Aug
Allotment
5 Aug
Refund & demat credit
6 Aug
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹1,800 Cr8.00 Cr shares
Fresh Issue₹1,800 Cr
Face Value₹10
Lot Size66 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8501-13 lots
sNII₹2,07,900from 14 lots
bNII₹10,09,800from 68 lots
Managers & Registrar
Lead ManagerICICI Securities Limited
Co-ManagerHSBC Securities & Capital Markets (I) Pvt Ltd, JM Financial Limited, Kotak Mahindra Capital Company Limited
RegistrarKFin Technologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group99.43%85.52%Public0.57%14.48%
Objects of the Issue
- Repayment/pre-payment, in full or part of certain borrowings availed by the Company
- Repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings
- General corporate purposes*
Anchor Book
Bid Date29-Jul-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 171 | 331 | 392 | 509 | 719 |
| Operating ProfitCr | 146 | 267 | 338 | 425 | 606 |
| OPM% | 85.8 | 80.6 | 86.3 | 83.5 | 84.3 |
| PBTCr | 37 | -10 | 58 | 55 | 55 |
| PATCr | 27 | -12 | 40 | 36 | 40 |
| EPS | 2 | -1 | 2 | 1 | 1 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 14 | 14 | 26 | 489 | 489 |
| ReservesCr | 778 | 769 | 1,556 | 2,871 | 2,935 |
| BorrowingsCr | 1,780 | 2,294 | 2,894 | 5,971 | 13,761 |
| Fixed AssetsCr | - | - | - | 4,599 | - |
| Total AssetsCr | 3,071 | 3,212 | 4,986 | 10,357 | 19,538 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 142 | 255 | 322 | 365 | 470 |
| Investing Cash FlowCr | -1,448 | -453 | -1,580 | -4,183 | -6,510 |
| Financing Cash FlowCr | 1,319 | 212 | 1,231 | 4,071 | 6,866 |
| Net Cash FlowCr | 13 | 13 | -26 | 253 | 826 |
Strengths & Risks
Strengths · as stated in the DRHP
- We are amongst the top 10 renewable energy independent power producers in India in terms of our Total Capacity as at December 31, 2024 with a focus on complex renewable energy projects.
- Proven ability to secure land and establish robust connectivity well in advance.
- We have long-term power purchase agreements with central and state government off-takers and fixed tariff structures, enabling long-term and stable cash flows.
- We have a track record of delivering projects ahead of schedule which is backed by our end-to-end inhouse capabilities in developing and operating renewable energy projects.
- Established supply chain de-risking strategy, ensuring timely procurement and quality of the critical components.
- Experienced and committed Promoters, credible financial partners and a dynamic team guided by experienced leadership.
Strategies · as stated in the DRHP
- Capitalize on the growing renewable energy sector in India.
- Expand and diversify our portfolio of projects and gain market share.
- Continue to invest in our supply-chain and procure critical components on time and in a cost-effective manner.
- Integrating advanced digital technologies into our renewable energy operations.
- Continue to diversify our funding sources, optimize our cost of capital and identify partners/investors for future growth.
Risks · as stated in the DRHP
- A significant portion of the company's revenue from operations is derived from the sale of electricity generated at its projects and the company's top two off-takers collectively contributed 86.06%, 91.11% and 97.00% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively. The loss of any such key commercial relationships could adversely affect the company's business, results of operations, financial condition and cash flows.
- The company's business is dependent on suppliers for the procurement of critical components, equipment, material and other goods for the operation of its projects as well as for other business operations. The company's top 10 suppliers collectively contributed to 84.42%, 79.99% and 87.52% of its total purchases for Fiscals 2026, 2025 and 2024, respectively. Interruptions in the supply of the company's critical components and other goods could adversely affect its business operations, financial position and cash flows.
- The company's Corporate Promoter, Juniper Renewable Holdings Pte. Ltd. has encumbered some of its Equity Shares in favor of the Indian Renewable Energy Development Agency Limited. In the event that any encumbrance is enforced, it may dilute the shareholding of its Corporate Promoter, which could adversely affect the company's business and reputation.
- The company's renewable energy projects is located in the states of Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. Any change in governmental policies or occurrence of natural disasters in any of these states may impact its business, cash flows, financial condition and results of operations.
- The company's development of renewable energy projects may be restrained by its inability to identify or acquires suitable land sites. If the company is unable to identify suitable land on commercially acceptable terms, its ability to develop new renewable energy projects on a timely basis or at all might be affected, which could result in the imposition of liquidated damages and/or reductions in tariffs which could adversely affect the company's business, financial condition, cash flows and results of operations.
- The company's business is subject to environmental conditions, seasonal fluctuations and natural calamities that may have an adverse impact on its business, financial condition, cash flows and results of operations.