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05 Mar, 2026
Juniper Green Energy IPO
Juniper Green Energy Ltd.’s DRHP was filed with SEBI on June 27, 2025. The issue is a 100% book-built IPO, which is entirely a fresh issue of approx. ₹3,000 crore. The face value of the equity shares is ₹10.
The shares that are being offered are expected to be listed on the BSE and NSE trading platforms of the Indian stock exchanges. The price band, opening and closing dates, and the listing date are "to be decided" as per the preliminary DRHP filing. The Book Running Lead Managers (BRLMs) for this issue are ICICI Securities Ltd., HSBC Securities and Capital Markets (India) Private Ltd., JM Financial Ltd., and Kotak Mahindra Capital Company Ltd., with KFin Technologies Ltd. as the Registrar to the Offer.
Company Background
Juniper Green Energy Ltd. was incorporated as "AT Capital Advisory India Private Ltd." on December 5, 2011, in New Delhi, with the corporate office in Gurugram, Haryana. Over the years, the company has made some changes and its name was changed to "Juniper Green Energy Private Ltd." in 2018, which signifies its focused approach towards renewable energy.
In May 2025, the company was converted into a public Ltd. company and its name was changed to "Juniper Green Energy Ltd." The company has emerged as one of the leading independent power producers (IPPs) in the country, developing and operating utility-scale renewable energy projects in India.
Operations & Product Range
Juniper Green Energy Ltd. is involved in the development, construction, operation and maintenance of renewable energy projects using the company’s internal engineering, procurement and construction (EPC) and operation and maintenance (O&M) capabilities. The company generates revenue through the sale of electricity to off-takers. The company’s portfolio comprises a broad range of renewable energy products:
- • Wind and solar power projects.
- • Wind-solar hybrid projects.
- • Base load and dispatchable renewable energy.
- • Battery Energy Storage Systems (BESS).
The target market for these offerings is government-supported entities with which the firm enters into long-term Power Purchase Agreements (PPAs).
Facilities & Capacity
The company has a large number of renewable resources spread across different states in India, including Gujarat, Rajasthan and Maharashtra. As of December 31, 2024, Juniper Green Energy Ltd. is one of the top 10 largest renewable IPPs in India in terms of total capacity, including operational, under-construction, contracted and awarded capacities. The company conducts its business operations through a significant number of subsidiaries—44 direct subsidiaries, as of the date of the DRHP filing.
Brands & Market Presence
The company functions under the brand name "Juniper Green Energy" and has been able to create a strong market presence in the Indian renewable energy market. The company has a well-balanced tariff, with an average weighted tariff of ₹3.63/kWh as of May 31, 2025.
The market presence of the company is identified by its ability to perform the entire project life cycle, from development to maintenance, which provides it with a competitive advantage in government contracts.
Revenue Streams & Business Model
The primary source of revenue for the company is the sale of electricity generated from its renewable energy-based power plants. During the financial year ended March 31, 2024, the revenue from operations for the company was at ₹391.55 crore.
The business model of the company is based on signing long-term PPAs with government off-takers, thus ensuring a constant source of revenue for the entire life of the project (25 years). This business model also enables the company to raise long-term funds from various financial institutions at a competitive rate.
Management & Shareholding
The management of Juniper Green Energy Ltd. is headed by its promoters and a team of professionals, consisting of individual promoters Arvind Tiku, Hemant Tikoo and Niharika Tiku, along with corporate promoters AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd. Before the Juniper Green Energy IPO, the company was a subsidiary of Juniper Renewable Holdings Pte. Ltd., which owns 100% of the pre-issue equity share capital. This existing shareholding pattern is expected to be diluted after the completion of the fresh issue of shares to the public.
Board & Key Management
The board of directors of Juniper Green Energy Ltd. is responsible for providing strategic guidance and supervision for the company’s large project pipeline, headed by Ankit Nagori, who is the chairman and managing director. The company’s executive management team also consists of Ankush Malik (CEO) and Parag Agrawal (CFO), with Prashant Pandia acting as the company secretary. Additionally, the company’s board also has a robust governance structure in place through the appointment of independent directors, such as Prashant Parashar, who assist in the overall management and compliance of the company.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Juniper Green Energy IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Juniper Green Energy IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital |
| Total Issue Size | [.] shares (agg. up to ₹3,000 Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | [.] |
| Offer for Sale | [.] |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 48,89,89,292 shares |
| Share Holding Post Issue | - |
Juniper Green Energy IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | 5:00 PM on the Bid/Offer Closing Date |
Juniper Green Energy IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | - | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | - | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | - | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | - | Up to ₹10,00,000 |
| B-HNI (Min) | 71+ | - | Over ₹10,00,000 |
Juniper Green Energy IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 100% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Integrated In-house Capabilities: The company has in-house capabilities for development, EPC and O&M, which help in cost control and efficiency.
- • Scale and Market Ranking: The company is ranked in the top 10 largest renewable IPPs in India in terms of total capacity as of December 2024.
- • Predictable Revenue Profile: The company has a balanced portfolio with long-term PPAs and a weighted average tariff of ₹3.63/kWh.
Juniper Green Energy IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Dec 2024 | 9,090.93 | 386.40 | 7.82 | 112.85 | 2,835.54 | 5,254.88 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 4,986.44 | 424.45 | 40.06 | 108.21 | 1,555.14 | 2,671.70 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 3,212.01 | 362.49 | -12.06 | 97.65 | 769.10 | 2,133.38 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2022 | 3,070.84 | 189.17 | 27.23 | 86.70 | 781.30 | 1,700.59 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | - |
| Debt/Equity | 1.00x |
| RoNW | 2.31% |
| PAT Margin | - |
| EBITDA Margin | 87.37% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 1.90 (Basic/Diluted) | |
| P/E (x) |
IPO Objectives
The company intends to utilize the net proceeds from the fresh issue of the Juniper Green Energy IPO for the following purposes:
- • Repayment or prepayment of certain outstanding borrowings.
- • Funding capital expenditure requirements for setting up various renewable energy projects.
- • General corporate purposes.
Conclusion
The Juniper Green Energy IPO is a timely one as India is aggressively increasing its renewable energy capacity. As one of the top 10 renewable IPPs in the country, the company has created a strong ecosystem of in-house EPC and O&M capacities.
With a diversified business model that includes wind, solar and hybrid technologies and a revenue stream that is supported by long-term government contracts, the company is looking to increase its operational capacity. Although the new issue is aimed at improving the balance sheet by reducing debt and financing new projects, the company’s ability to deliver its large under-construction project pipeline will be an important focus area for management.
IPO DRHP Status
| # | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 27-06-2025 | - |
| 2 | SEBI/Exchange approval received | 28-08-2025 | - |
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Frequently Asked Questions (FAQs)
-
What is the total size of the Juniper Green Energy IPO?
The IPO consists of a fresh issue of equity shares aggregating up to ₹3,000 crore.
-
When was Juniper Green Energy Ltd. incorporated?
The company was originally incorporated on December 5, 2011, as AT Capital Advisory India Private Ltd.
-
What is the face value of the shares in the Juniper Green Energy IPO?
The equity shares have a face value of ₹10 each.
-
Who are the promoters of Juniper Green Energy Ltd.?
The promoters are Arvind Tiku, Hemant Tikoo, Niharika Tiku, AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd.
-
What is the primary business of Juniper Green Energy Ltd.?
The company is an independent power producer that develops, operates, and maintains renewable energy projects, including solar, wind, and hybrid systems.
-
Who is the registrar for the Juniper Green Energy IPO?
KFin Technologies Ltd. is the appointed registrar to the offer.
