Juniper Green Energy IPO subscribed 8x; QIB portion booked 25x, retail undersubscribed
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Renewable energy producer Juniper Green Energy's ₹1,800-crore initial public offering (IPO) was subscribed 7.88 times on the final day of bidding today, driven by robust demand from qualified institutional buyers (QIBs), even as the retail investors' portion remained undersubscribed.
According to BSE data, the IPO received bids for 46.63 crore equity shares against 5.89 crore shares on offer, attracting 1,86,963 applications worth ₹10,423 crore.
The QIB portion was subscribed 24.94 times, with bids for 41.90 crore shares against the 1.68 crore shares reserved for the category. Within the institutional bucket, foreign institutional investors bid for 15.60 crore shares, domestic financial institutions for 4.21 crore shares, mutual funds for 15.63 crore shares, and other institutional investors for 6.44 crore shares.
The non-institutional investors (NII) category was subscribed 1.79 times. Retail investor demand, however, remained muted, with the category receiving bids for 2.22 crore shares against 2.94 crore shares reserved, translating into a subscription of 0.76 times. The employee quota was subscribed 3.48 times.
As per the DRHP filed with Sebi, the company had reserved up to 50% of the issue for QIBs, 35% for retail investors, and 15% for NIIs. The issue price was ₹225 per share, and the minimum application amount for retail investors was ₹14,850 for one lot of 66 shares.
Ahead of the IPO, the Gurugram-based company raised ₹539.4 crore from 31 anchor investors by allotting 2.40 crore shares at ₹225 per share, the upper end of the price band. The anchor book saw participation from marquee investors, including ICICI Prudential Mutual Fund, SBI Mutual Fund, WhiteOak Capital, Bajaj Life Insurance, Tata AIG General Insurance, and HDFC Life Insurance. Domestic mutual funds accounted for nearly 75% of the anchor allocation through 24 schemes across nine asset management companies.
GMP drops to 1.4%
The grey market premium (GMP), however, remained subdued. The latest GMP stood at ₹3.25 per share on Monday afternoon, indicating an estimated listing price of around ₹228.25, compared with the upper issue price of ₹225, implying a modest listing gain of about 1.4%. The GMP had fallen sharply from around ₹17 before the issue opened, reflecting cooling sentiment.
The IPO comprises a fresh issue of 8 crore equity shares, with no offer for sale (OFS), meaning the entire proceeds will be used by the company. The basis of allotment is expected to be finalised on August 4, while the shares are scheduled to list on the BSE and NSE on August 6.
The company plans to utilise the IPO proceeds primarily to repay borrowings at the parent and subsidiary levels, thereby strengthening its balance sheet.
Juniper Green Energy is among India's leading renewable energy independent power producers (IPPs), focused on utility-scale solar, wind, wind-solar hybrid (WSH), and firm and dispatchable renewable energy (FDRE) projects supported by battery energy storage systems (BESS). As of June 30, 2026, the company had a renewable energy portfolio of 7,910.2 MW (10,247.06 MWp) across operational, under-construction, contracted, and awarded projects.
For FY26, the company reported a 41% year-on-year rise in total income to ₹804.93 crore, while net profit increased 11% to ₹40.46 crore. As of March 31, 2026, its total borrowings stood at ₹12,920.54 crore.
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