Juniper Green Energy IPO
Juniper Green Energy LtdMainboard
This IPO has listed.
- Open date
- 30 Jul 2026
- Close date
- 3 Aug 2026
- Min. Investment
- ₹14,850
- Lot Size
- -
- Fresh Issue
- ₹1800.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers24.94x
- Non-Institutional Investors1.82x
- Retail-Individual Investors0.93x
- Total7.97x
Schedule
- Completed: IPO open date30 Jul 2026
- Completed: IPO close date3 Aug 2026
- Completed: Allotment date4 Aug 2026
- Completed: Funds unblock or debit5 Aug 2026
- Completed: Tentative listing date6 Aug 2026
About
Promoter shareholding in Juniper Green Energy Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Juniper Renewable Holdings Pte | 48,89,89,292 | 99.43% | 48,89,89,292 | 85.52% |
Financials of Juniper Green Energy IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 394.19 | 512.36 | 723.70 |
| Total Expenses | 369.60 | 518.56 | 754.50 |
| Profit Before Tax | - | - | - |
| Total Profit | 40.06 | 36.48 | 40.46 |
Juniper Green Energy IPO Strengths & Risks
- 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: 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.
- Risks Relating to the Business: The company has in the past entered into a number of related party transactions and may continue to enter into related party transactions in the future that may involve conflicts of interest.
- Risks Relating to the Business: The reduction, modification or cancellation of government and economic incentives may reduce the economic benefits of the company's existing renewable energy projects and its opportunities to develop or acquire new renewable energy projects.
- Risks Relating to the Business: The company does not own a majority of the land on which its projects is located or will be located and the company's Registered Office and its Corporate Office is leased. If these leases or sub-leases are terminated or not renewed on terms acceptable to the company, it could adversely affect its business, results of operations and cash flows.
- Risks Relating to the Business: A portion of the Net Proceeds is proposed to be utilized for repayment or prepayment of certain loan facilities availed by the Company from The Hongkong and Shanghai Banking Corporation Limited which is an affiliate of HSBC Securities and Capital Markets (India) Private Limited, one of the Book Running Lead Managers.
- Risks Relating to the Business: The company has entered into power purchase agreements with several central government or state government entities and have limited ability to negotiate the terms of such power purchase agreements which may contain onerous terms and any breach of these terms could result in the termination, and in turn could have a material adverse effect on its business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: The company's participate in highly competitive renewable energy project auctions. Any change in the auction process, and factors that influence its decision to participate in the bidding process may adversely impact the company's ability to expand its portfolio and impact the company's business, results of operations and cash flows.
- Risks Relating to the Business: The company's past performance may not be indicative of its future growth. The company's future growth is significantly dependent on successfully executing its projects. In the event the company is not successful in executing these projects, its business, results of operations and cash flows may be adversely impacted.
- Risks Relating to the Business: Operational problems may reduce energy production below the company's expectations and repairing any failures could requires it to expend significant amounts of capital and other resources which could have a material adverse effect on the company's business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: The delay between making significant upfront investments in the company's renewable energy projects and receiving revenue could adversely affect its liquidity, business, cash flows and results of operations.
- Risks Relating to the Business: The company is required to provide bid bond guarantees at the time of bidding, connectivity bank guarantees in relation to its grid permits and performance bank guarantees under the company's power purchase agreements. Any default, contractual or regulatory, on its part may result in invocation of the company's guarantee claims and payment of liquidated damages which could have an adverse effect on its business, cash flows, financial condition and results of operations. the company has also provided corporate guarantees for certain debt of its Subsidiaries, which, if invoked, could lead to a material adverse effect on the company's business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: The company is a capital-intensive business with a debt to equity ratio (times) of 3.77, 1.64 and 1.54 and net debt to equity ratio (times) of 2.75, 0.81 and 1.00 as at March 31, 2026, 2025 and 2024, respectively, and the company is subject to restrictive covenants under its financing arrangements. Any inability to obtain financing could adversely affect the company's business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: The company has significant working capital requirements. Any failures in arranging adequate working capital for its operations may adversely affect the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's ability to access capital at attractive costs depends on its credit ratings. Non-availability of credit ratings or a poor rating may restrict the company's access to capital and thereby adversely affect its business, financial conditions, cash flows and results of operations.
- Risks Relating to the Business: While the company has experience in commissioning solar and wind power projects, the company has limited experience in commissioning WSH and FDRE projects. With limited experience in commissioning such projects, its could encounter delays and unexpected costs, undermining project viability and profitability.
- Risks Relating to the Business: The company has estimated capital expenditure for its projects based on current market conditions, however, with rising input/commodity cost and potentially higher costs for, or delay in, obtaining rights of way for the company's transmission lines and roads, actual capital expenditure may exceed expected capital expenditure and may impact the financial closure and commissioning timelines.
- Risks Relating to the Business: The current planned capacity configurations and locations of the company's Under Construction Contracted Projects and Under Construction Awarded Projects are preliminary and estimates and may be subject to change. Such changes may lead to increased costs, delays or a less optimal project design and may impact its estimated revenue from operations, future cash flows and financial position.
- Risks Relating to the Business: If the company off-takers with whom its has entered into power purchase agreements is unable to enter into subsequent power sale agreements with distribution companies and/or are unable to obtain the requisite approvals from their respective electricity regulatory commissions, there may be delays in commissioning our projects, or the company's projects may be postponed, and its revenue from operations, financial conditions and cash flows may be impacted consequently.
- Risks Relating to the Business: Potential delays in the tariff adoption by regulatory authorities for the company's renewable energy projects post receiving the letter of awards could have an adverse effect on its business, results of operations and cash flows.
- Risks Relating to the Business: There is a limited pool of buyers of utility-scale electricity. If the company's power purchase agreement counterparties fails to meet their obligations, it could adversely affect its business, results of operations and cash flows.
- Risks Relating to the Business: Undertaking acquisitions or divestments may subject it to additional risks that may adversely affect the company's business, financial condition, cash flows, results of operations and prospects.
- Risks Relating to the Business: The company's financing agreements provide for payment of interest at variable rates and any increases in interest rates may adversely affect its results of operations and cash flows.
- Risks Relating to the Business: The company may suffer significant construction delays and any increase in finance or construction costs in excess of its expectations, leading to time and cost overruns, could have a material adverse effect on the company's business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: Adverse public response to renewable energy projects in general can negatively affect the operation of the company's projects.
- Risks Relating to the Business: Any constraints in the availability of the electricity grid, including the company's inability to obtain access to transmission lines in a timely and cost-efficient manner, could adversely affect its business, results of operations and cash flows.
- Risks Relating to the Business: As at March 31, 2026, the company's contingent liabilities were 64.56% of its net worth. If they materialize, it may affect the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: There are outstanding litigation proceedings involving the Company, Subsidiaries, Promoters, Directors and Key Managerial Personnel. Any adverse outcome in such proceedings may have an adverse impact on the company's reputation, business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: The Company is a party to an arbitration proceeding involving its former chief executive officer and a complaint has also been filed by him with Securities and Exchange Board of India alleging coercion, bribery and unethical practices. Any adverse outcome to such proceeding could have an adverse impact on the company's reputation, results of operations, cash flows, and the market price of its Equity Shares.
- Risks Relating to the Business: The company generated 1.34%, 1.82% and 3.00% of its revenue from operations for Fiscals 2026, 2025 and 2024, respectively, from the sale of voluntary emission reductions and sale of renewable energy certificates presented under other operating revenue under revenue from operations. However, the company has not entered into any definitive long-term contracts for the sale of these voluntary emission reductions and its may not be able to renew the company's agreement for the sale of renewable energy certificates or secure future offtake arrangements.
- Risks Relating to the Business: Certain of the company's Subsidiaries has incurred losses within Fiscals 2026, 2025 and 2024, and any similar losses in the future may adversely affect its business, financial condition and cash flows.
- Risks Relating to the Business: Changes in the price of solar modules, wind turbines, inverters and other materials due to changes in demand and other factors or underperformance by the company's suppliers may cause cost overrun of its under construction projects.
- Risks Relating to the Business: There were certain instances of delays in payment of statutory dues by it. Future delays in payment of statutory dues could attract financial penalties or other regulatory actions from the respective government authorities and in turn adversely affect the company's financial condition and cash flows.
- Risks Relating to the Business: There is an outstanding regulatory actions in relation to certain projects undertaken by one of the company's Subsidiaries. Any adverse outcome in such regulatory or statutory actions may adversely affect its business, reputation, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Restrictions on renewable energy equipment imports may increase the company costs of procurement of such equipment. Furthermore, enforcement of warranties in different jurisdictions may be challenging.
- Risks Relating to the Business: The company is required to schedule and forecast the power generated by its renewable energy projects for which the company is dependent upon third party forecasting service providers. Any errors or inaccuracies could lead to penalties and have an adverse impact on its business operations, financial position and cash flows.
- Risks Relating to the Business: The company may not be able to identify or correct defects or irregularities in title to the properties which its own, lease or intend to acquires in connection with the development of the company's renewable energy projects as land title in India can be uncertain. Additionally, certain land on which its renewable energy projects are located or will be located may be subject to third party rights or onerous conditions which may adversely affect its use.
- Risks Relating to the Business: The company has limited experience with merchant power plants where power is primarily sold through energy exchanges and carries inherent risk due to the variability and unpredictability of market prices. While there is a flexibility to sign short term bilateral power purchase agreements based on the opportunities available in the market, its inability to sell power at such exchanges or to renew the company's existing power purchase agreements for its merchant plants due to any disruptions, breakdowns or termination of the company's agreements could have a material adverse impact on its financial conditions, reputation and future projects.
- Risks Relating to the Business: The uses of battery energy storage system technology is prone to certain risks, which may adversely affect the company's business and operations.
- Risks Relating to the Business: Exchange rate fluctuations may adversely affect the company's business, results of operations and cash flows.
- Risks Relating to the Business: Changes in technology may render the company's current technologies obsolete or requires it to make substantial capital investments. Failures to respond to current and future technological changes in an effective and timely manner may adversely affect the company's business, cash flows and results of operations.
- Risks Relating to the Business: In relation to the company's business operations, certain approvals, licenses, registrations and permissions have to be obtained and any delay or failures to obtain, renew or maintain them could adversely affect the company's business, cash flows and results of operations of its projects and financial condition.
- Risks Relating to the Business: The company's operations in the renewable energy industry is subject to numerous environmental, health and safety laws and regulations. Violations of those laws and regulations may result in fines, ceasing of project operations or even criminal sanctions and injunctions.
- Risks Relating to the Business: The company's success depends on its key management, including its Directors, Key Managerial Personnel and Senior Management and any failures to attract and retain the company's management team could harm its ability to maintain and grow the company's business.
- Risks Relating to the Business: Some of the company's Directors does not has prior experience with listed entities which may requires additional time for them to fully understand their roles and responsibilities. This could potentially affect its corporate governance standards, investor confidence and operational performance.
- Risks Relating to the Business: Any disruption in the steady and regular supply of workforce for the company's operations, including due to strikes, work stoppages or increased wages demands by its workforce or any other kind of disputes with the company's workforce or its inability to control the composition and cost of the company's workforce could adversely affect its business, cash flows and results of operations.
- Risks Relating to the Business: Inability to maintain adequate insurance cover in connection with the company's business may adversely affect its operations and profitability.
- Risks Relating to the Business: The company faces significant competition in the renewable energy market and its may lack sufficient financial or other resources to maintain or improve the company's competitive position.
- Risks Relating to the Business: The company has pledged or have agreed to pledge and will continue to pledge a significant portion of its cash and cash equivalents in favor of lenders, who may exercise their rights under the respective pledge agreements in the event of a default.
- Risks Relating to the Business: The company's business and operations significantly depend on its Promoters. Furthermore, the company's Promoters, AT Holdings Pte. Ltd. and Juniper Renewable Holdings Pte. Ltd. have provided certain corporate guarantees and undertakings in relation to loans obtained by it and the company's Subsidiaries and any default by it or its Subsidiaries may impact the company's financial structure, cash flows, and debt-to-equity ratios.
- Risks Relating to the Business: The company may not be able to realize revenue from power generated in excess of the contracted capacity under its power purchase agreements, which could adversely affect the company's business and results of operations.
- Risks Relating to the Business: The company may incur penalties for the prepayment of its borrowings, which could reduce the Net Proceeds available from the Issue.
- Risks Relating to the Business: Certain of the company's Directors, Key Managerial Personnel and Senior Management Personnel has interests in the Company in addition to their remuneration and reimbursement of expenses.
- Risks Relating to the Business: The company's inability in the future to comply with or any delay in compliance with the strict regulatory requirements with respect to its non-convertible debentures may have an adverse effect on the company's business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has included certain Non-GAAP Measures and industry measures related to its operations and financial performance in this Red Herring Prospectus that are subject to inherent measurement challenges. These Non-GAAP Measures and industry measures may not be comparable with financial or industry-related statistical information of similar nomenclature computed and presented by other companies.
- Risks Relating to the Business: The company's Statutory Auditors, and the auditors for its Subsidiaries have included certain remarks in their audit reports and examination reports. There can be no assurance that the company's audit reports for any future periods or financial years will not contain qualifications, matters of emphasis or other observations, including any observations that may have an effect on its financial statements and which could adversely affect the company's financial condition, cash flows and results of operations.
- Risks Relating to the Business: A certain portion of the land on which the company's renewable energy projects are or will be located may require certain approvals and permits in order for it to use such land for developing such renewable energy projects. In the event the company is unable to obtain such approvals and permits, its business, results of operations, cash flows and financial condition could be adversely affected.
- Risks Relating to the Business: Certain of the company's Subsidiaries and members of its Promoter Group are engaged or are authorized by their constitutional documents to engage in business activities which are similar to those undertaken by the Company which may result in conflicts of interest.
- Risks Relating to the Business: If the company is unable to maintain an effective system of internal controls and compliances, its business and reputation could be adversely affected.
- Risks Relating to the Business: The company's funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which are beyond its control.
- Risks Relating to the Business: Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Risks Relating to the Business: The Company cannot assure payment of dividends on the Equity Shares in the future.
- Risks Relating to the Business: The company may faces claims of infringement of intellectual property rights of others that may be costly to defend and/or limit its ability to use such technology in the future, which may have a material adverse effect on the company's business, financial condition, cash flows and results of operations.
- Risks Relating to the Business: Industry information included in this Red Herring Prospectus has been derived from an industry report exclusively commissioned by it and paid for by it for such purpose.
- Risks Relating to the Business: Certain information included in this Red Herring Prospectus has been derived from technical reports by RE Force Management Services Private Limited appointed by the Company.
- Risks Relating to the Business: The company's Promoters and members of the Promoter Group has significant control over the Company and have the ability to direct its business and affairs; their interests may conflict with your interests as a shareholder.
- Risks Relating to the Business: The Equity Shares has never been publicly traded and after the Issue, the Equity Shares may experience price and volume fluctuations and an active trading market for the Equity Shares may not develop. Furthermore, the Issue Price, market capitalization to revenue from operations multiple, price to revenue from operations ratio and price to earnings ratio based on the Issue Price of the Company, may not be indicative of the market price of the Equity Shares of face value of Rs. 10 each on listing.
