The company has fixed the price band at ₹214-225 per share, with investors required to bid for a minimum of 66 equity shares and in multiples thereafter. At the upper end of the price band, Juniper Green Energy is expected to command a market capitalisation of ₹12,802 crore.
The issue has received a positive response from brokerages. Here’s what they recommend:
SBI Securities believes Juniper Green Energy is well positioned to benefit from India’s renewable energy transition. The brokerage pointed to the company’s diversified portfolio across solar, wind, wind-solar hybrid (WSH) and firm and dispatchable renewable energy (FDRE) assets. It expects future growth to be driven by project commissioning, battery energy storage system (BESS) expansion and merchant power opportunities.
The brokerage said that Juniper currently has 1,795 MW of operational capacity, while another 6,115 MW is under construction – more than three times its existing operational portfolio.
Assuming an average tariff of ₹3.64 per unit, SBI estimates the company’s total operational capacity of 7,910 MW could generate annual revenue of ₹6,000-6,500 crore, providing strong long-term earnings visibility.
Sushil Finance also maintained a ‘Subscribe’ rating, citing the company’s robust financial profile. Total income grew at a 38% CAGR between FY24 and FY26, while EBITDA margins remained in the 85-87% range, supported by long-term contracted renewable power agreements.
The brokerage also highlighted that nearly 78% of the IPO proceeds will be used to reduce debt at the parent company and key subsidiaries, which could lower finance costs and improve profitability going forward.
Master Capital Services said Juniper Green Energy is well placed to capitalise on the long-term growth in India’s renewable energy sector. It highlighted the company’s diversified portfolio of 50 renewable energy projects with a total capacity of 7,910 MW, integrated EPC and operations capabilities, long-term power purchase agreements (PPAs), and strategic supplier partnerships as key strengths supporting future expansion.
However, the brokerage also flagged risks including high dependence on its top two customers, supply-chain concentration, challenges in land acquisition, restrictive PPAs and intense competition in renewable energy auctions.
Juniper Green Energy plans to use ₹683.24 crore from the issue proceeds to repay borrowings, while ₹728.69 crore will be infused into subsidiaries to reduce their debt. The remaining funds will be used for general corporate purposes.
Backed by Singapore-based AT Capital Group, Juniper Green Energy develops, builds and operates utility-scale solar, wind, hybrid and battery energy storage projects across India. The company has also commissioned India’s first merchant 100 MWh Battery Energy Storage System (BESS) project in Rajasthan and is progressing with an integrated FDRE project combining solar, wind and battery storage.
ICICI Securities, HSBC Securities and Capital Markets (India), JM Financial, and Kotak Mahindra Capital Company are the book-running lead managers to the issue, while KFin Technologies is the registrar.
The company’s equity shares are proposed to be listed on both the BSE and the NSE.
