Summary: Juniper Green Energy IPO opens July 30, 2026, and closes August 3. The price band is ₹214 to ₹225 per share, the lot size is 66 shares, and the minimum retail investment at the upper band is ₹14,850. The issue is ₹1,800 crore, entirely fresh capital with no OFS. The listing is tentatively August 6 on BSE and NSE.
Juniper Green Energy IPO details at a glance
| Detail | Information |
| IPO open date | July 30, 2026 |
| IPO close date | August 3, 2026 |
| Price band | ₹214 to ₹225 per share |
| Lot size | 66 shares |
| Minimum retail investment | ₹14,850 at upper band |
| Issue size | ₹1,800 crore |
| Issue type | 100% fresh issue |
| Total shares offered | 8 crore shares |
| Face value | ₹10 per share |
| Listing exchanges | BSE and NSE |
| Allotment date | August 4, 2026 |
| Listing date | August 6, 2026 |
| Registrar | KFin Technologies Ltd. |
| Lead manager | ICICI Securities Ltd. |
| QIB quota | Not more than 50% |
| Retail quota | Not less than 35% |
| HNI quota | Not less than 15% |
About Juniper Green Energy Limited
Juniper Green Energy builds and operates solar, wind, and hybrid power projects in India. It handles everything in-house from bidding and land acquisition through construction, commissioning, and operations. No third-party handoffs on the project lifecycle.
As of May 31, 2025, the company had a portfolio capacity of 7,898.45 MW across Gujarat, Rajasthan, Maharashtra, and Madhya Pradesh. Long-term PPAs are in place with SECI, SJVN, NHPC, NTPC, and Tata Power. Promoters are Arvind Tiku, Hemant Tikoo, Niharika Tiku, AT Holdings Pte. Ltd., and Juniper Renewable Holdings Pte. Ltd. Pre-issue promoter holding is 100%.
Juniper Green Energy IPO: Key dates and issue structure
SEBI approved this IPO on August 28, 2025. The window opens July 30 and closes August 3. Allotment on August 4, shares in demat by August 5, and listing on August 6.
| Event | Date |
| SEBI approval | August 28, 2025 |
| IPO open | July 30, 2026 |
| IPO close | August 3, 2026 |
| Allotment finalisation | August 4, 2026 |
| Share credit to demat | August 5, 2026 |
| Listing on BSE and NSE | August 6, 2026 |
No selling shareholders. Pre-issue shares outstanding are 48,89,89,292. Every rupee raised goes into the business.
Juniper Green Energy financials: Revenue, profit and growth
| Metric | FY22 | FY23 | FY24 | 9M FY25 |
| Total income (₹ Cr) | 189.17 | 362.49 | 424.45 | 386.40 |
| PAT (₹ Cr) | 27.23 | -12.06 | 40.06 | 7.82 |
| EBITDA (₹ Cr) | 164.99 | 298.29 | 370.84 | 329.17 |
| Total borrowings (₹ Cr) | 1,700.59 | 2,133.38 | 2,671.70 | 5,254.88 |
| Net worth (₹ Cr) | 86.70 | 97.65 | 108.21 | 112.85 |
EBITDA margin was 87.37% in FY24. That number is high but not unusual for a power generation business with long-term fixed-price PPAs and low variable costs. The gap between EBITDA and PAT is the story here, because high depreciation and interest costs on a debt-heavy infrastructure portfolio eat into net income. PAT went from a loss in FY23 to a profit in FY24, then back to a thin ₹7.82 crore in nine months through December 2024. Not a clean trajectory. Borrowings nearly doubled through FY25. Debt-to-equity was 1.00 as of March 2024, and RoNW was 2.31%.
Objectives of the IPO
Two specific uses for the ₹1,800 crore:
- ₹1,092.27 crore to repay borrowings at the company level
- ₹1,157.73 crore into material subsidiaries for debt repayment at that level
- Balance toward general corporate purposes
Debt reduction across the holding company and subsidiary structure. If it works, interest costs fall and PAT improves. That is the investment thesis in one line.
Should you invest in Juniper Green Energy IPO?
At ₹225 per share and 66 shares per lot, the minimum retail investment is ₹14,850. The price band implies a significant premium to book. Renewable energy businesses are typically valued on capacity and PPA duration, not current earnings, which is how a company with 2.31% RoNW gets priced at ₹225.
Key strengths
- Among India's top 10 renewable energy IPPs by installed capacity
- 7,898.45 MW portfolio covering solar, wind, and hybrid across four states
- Long-term PPAs with central government bodies and Tata Power
- EBITDA margin above 87% in FY24 reflects how a well-contracted power portfolio actually performs
- 100% fresh issue. Promoters are not exiting. The money goes into paying down debt
- In-house project lifecycle capabilities from bidding through operations
Key risks to watch
- Borrowings jumped from ₹2,671.70 crore in FY24 to ₹5,254.88 crore by December 2024. Even with ₹1,800 crore applied to debt, leverage stays significant
- PAT is inconsistent, with a loss in FY23 and thin profits in nine months to December 2024. The net income story does not hold up cleanly across periods
- RoNW of 2.31% as of FY24 is very low. The business is still in capital deployment mode
- The only recent sector comparable, Clean Max Enviro Energy Solutions, listed at a 17.62% loss before recovering. That precedent matters
- Renewable energy businesses depend on regulatory frameworks, grid connectivity, and government policy. Any of these can shift faster than a PPA allows
How to apply for Juniper Green Energy IPO
Lot size is 66 shares. Minimum at upper band: ₹14,850. Apply via UPI or ASBA.
Via UPI: Log in to your broker, go to the IPO section, search Juniper Green Energy, enter lots, and bid at ₹225; submit your UPI ID and approve the mandate. Amount blocked, not debited.
Via ASBA: Log in to your bank's net banking. Find the IPO section, search Juniper Green Energy, enter lot size and bid price, and submit. Amount blocked until allotment.
For allotment queries: KFin Technologies at junipergreen.ipo@kotak.com or 04067162222. Check allotment from August 4 at ipostatus.kfintech.com using your PAN or application number.
Conclusion
Juniper Green Energy is a real business with a large capacity portfolio, government-backed PPAs, and strong EBITDA margins. The fresh issue with proceeds going toward debt is the right call. The borrowing trajectory, patchy PAT history, and the Clean Max listing loss are the things that deserve scrutiny before applying. At ₹214 to ₹225, you are paying for a recovery in earnings that has not fully shown up yet. Check the RHP before deciding.
