Minerva Capital Research Solutions

Juniper Green Energy

RHP
ListedListed 6 Aug 2026MainboardNSE: JNPRCheck allotment
Current price₹ 241.25+7.22% since issue
Listing day+8.89%
Issue price
₹ 225
Issue size
₹ 1,800 Cr.
Min. investment
₹ 14,850
Listing price
₹ 245
Subscribed
7.97x
Lot size
66 shares
P/E
316.9
RoNW
1.18%
EBITDA margin
85.99%
EPS
₹ 0.71
NAV
₹ 70.02
Promoter stake
85.94%

About

Juniper Green Energy Limited was started in 2011. It is one of the leading independent renewable power producers in India. The company develops, builds, runs and maintains large renewable energy projects. It works on solar, wind, wind-solar hybrid, and Firm and Dispatchable Renewable Energy (FDRE) projects with battery storage. It earns money by selling this power under long-term power purchase agreements with central and state government backed buyers. As on 30 June 2026, the company had a total renewable energy portfolio of 7,910.20 MW (10,247.06 MWp). This includes projects that are running, under construction, contracted and awarded. On the basis of total capacity, it is among the top 10 renewable power producers in India. The company does its own engineering, procurement and construction (EPC) work and also its own operations and maintenance. It has a good record of finishing projects on time, buying land, getting grid connection and using new technology. As on 30 June 2026, it had 733 permanent employees across project development, engineering, operations and maintenance, finance, procurement, legal, safety, business development and technology.

Timeline

  1. Opens
    30 Jul
    done
  2. Closes
    3 Aug
    done
  3. Allotment
    4 Aug
    done
  4. Refunds
    5 Aug
    done
  5. Demat credit
    5 Aug
    done
  6. Listing
    6 Aug
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 22.5 on 5 Aug 2026
Lowest
₹ 0 on 24 Jul 2026
First quoted
₹ 0 on 24 Jul 2026

Subscription

How many times each investor group bid for its share, as of 08 Aug 2026, 04:05 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)166₹ 14,850
Retail (Max)13858₹ 1,93,050
S-HNI (Min)14924₹ 2,07,900
B-HNI (Min)684,488₹ 10,09,800

Company overview

Financials

Financials by year
Assets19,538.4510,356.814,986.44
Total Income804.93569.78424.45
Profit After Tax40.4636.4840.06
EBITDA692.18485.69370.84
NET Worth122.89116.29108.21
Reserves and Surplus2,934.892,870.911,555.14
Total Borrowing12,920.545,502.532,671.7

Strengths

  • It is among the top 10 renewable energy independent power producers in India by total capacity.
  • Its portfolio is spread across solar, wind, hybrid and FDRE projects with battery storage, so it is not dependent on one technology.
  • It does its own EPC and operations and maintenance work in-house, and has finished projects on time.
  • Power is sold under long-term power purchase agreements, which gives steady and predictable cash flow.
  • It is good at project development - buying land early, getting grid connection and managing the supply chain.

Risks

  • The issue is priced very high. At the upper band of Rs 225, the post-issue P/E works out to about 317 times FY2026 earnings of Rs 0.71 per share.
  • Profit is very small compared to the size of the company. PAT was only Rs 40.46 crore in FY2026 on total income of Rs 804.93 crore, and RoNW was just 1.18%.
  • Debt is very high. Total borrowings jumped from Rs 2,671.70 crore in FY2024 to Rs 12,920.54 crore in FY2026. Even after using Rs 1,411.92 crore of the issue money to repay loans, the debt will stay large.
  • Profit has not grown much. PAT was Rs 40.06 crore in FY2024, Rs 36.48 crore in FY2025 and Rs 40.46 crore in FY2026, even though assets grew almost four times.
  • A big part of the 7,910.20 MW portfolio is still under construction or only awarded. Building it will need more money and there is a risk of delay.
  • The company sells power mainly to government backed buyers like SECI, NHPC, NTPC and SJVN. If they delay payments, cash flow will get affected.
  • Solar and wind output depends on weather. A weak wind season or low sunlight can reduce power generation and income.
  • Projects need land and grid connection. Any delay in getting land, approvals or transmission connectivity can push back commissioning.

What the money is for

Objects of the issue
Repayment/pre-payment, in full or part of certain borrowings availed by Company683.24
Investment in Material Subsidiaries namely Juniper Green Gamma One Pvt.Ltd., Juniper Green Three Pvt.Ltd., Juniper Green Field Pvt.Ltd., Juniper Green Beam Pvt.Ltd., and Subsidiaries namely Juniper Green Kite Pvt.Ltd. and Juniper Green Ray Two Pvt.Ltd. for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings728.69
General Corporate Purposes—

Promoters

  • Arvind Tiku
  • Hemant Tikoo
  • Niharika Tiku
  • AT Holdings Pte. Ltd
  • Juniper Renewable Holdings Pte. Ltd
Promoter holding100%→85.94%before → after the issue · down 14.06 points

Anchor investors

31 anchors put in ₹ 539.39 Cr., including 24 mutual funds.

Anchor investors
WHITEOAK CAPITAL FLEXI CAP FUND7,11,084162.97%
WHITEOAK CAPITAL MID CAP FUND8,88,888203.71%
WHITEOAK CAPITAL ELSS TAX SAVER FUND44,41810.19%
WHITEOAK CAPITAL MULTI CAP FUND3,33,3667.51.39%
WHITEOAK CAPITAL BALANCED HYBRID FUND62,2381.40.26%
WHITEOAK CAPITAL AGGRESSIVE HYBRID FUND1,37,8083.10.57%
WHITEOAK CAPITAL BALANCED ADVANTAGE FUND9,33,306213.89%
WHITEOAK CAPITAL MULTI ASSET ALLOCATION FUND4,44,444101.85%
NIPPON INDIA SMALL CAP FUND23,11,056529.64%
NIPPON INDIA POWER & INFRA FUND12,44,496285.19%
ICICI PRUDENTIAL ENERGY OPPORTUNITIES FUND15,55,554356.49%
ISIF EQUITY LONG-SHORT FUND2,22,22250.93%
ICICI PRUDENTIAL INFRASTRUCTURE FUND17,77,776407.42%
SBI INFRASTRUCTURE FUND22,22,286509.27%
SBI ENERGY OPPORTUNITIES FUND13,33,266305.56%
ABU DHABI INVESTMENT AUTHORITY-STABLE35,55,5528014.83%
MIRAE ASSET LARGE CAP FUND13,27,06229.865.54%
HSBC FLEXI CAP FUND4,00,11391.67%
HSBC ELSS TAX SAVER FUND2,80,1046.31.17%
HSBC AGGRESSIVE HYBRID FUND80,0581.80.33%
HSBC INFRASTRUCTURE FUND1,00,0562.250.42%
HDFC LIFE INSURANCE CO.LTD.6,87,98415.482.87%
BAJAJ LIFE INSURANCE LTD.6,87,98415.482.87%
DSP NATURAL RESOURCES & NEW ENERGY FUND6,49,30814.612.71%
MOTILAL OSWAL LARGE CAP FUND6,49,24214.612.71%
TATA AIG GENERAL INSURANCE CO.LTD.4,44,510101.85%
BNP PARIBAS FUNDS EMERGING MARKETS CLIMATE SOLUTIONS2,22,28850.93%
3PIM INDIA EQUITY (IFSC) FUND2,22,28850.93%
EDELWEISS EQUITY SAVINGS FUND1,11,1442.50.46%
EDELWEISS RECENTLY LISTED IPO FUND1,11,1442.50.46%
EDELWEISS LIFE INSURANCE CO.LTD.2,22,28850.93%

Registrar, lead managers and documents

Listing on
BSE, NSE
Face value
₹ 10 a share
Registrar
KFin Technologies Limited
Lead managers
JM Financial Ltd., ICICI Securities, Kotak Mahindra Capital Company Limited, Hsbc Securities & Capital Markets Pvt Ltd
Red herring prospectus (RHP)
Open
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.