Juniper Green Energy raises ₹539 crore from anchor investors; GMP up 7.6% as IPO opens today
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Renewable energy producer Juniper Green Energy has raised ₹539.4 crore from anchor investors ahead of opening of its ₹1,800-crore initial public offering (IPO) today.
According to a BSE filing, the Gurugram-based company allotted 2.40 crore equity shares to 31 anchor investors at ₹225 apiece, the upper end of the IPO price band. The anchor book saw participation from marquee institutional investors, including ICICI Prudential Mutual Fund, SBI Mutual Fund, WhiteOak Capital, Bajaj Life Insurance, Tata AIG General Insurance Company and HDFC Life Insurance Company.
Domestic mutual funds accounted for the lion's share of the anchor allocation, receiving 1.79 crore shares, or nearly 75% of the anchor portion, through 24 schemes across nine asset management companies.
Ahead of the issue opening, the Juniper Green IPO was commanding a grey market premium (GMP) of ₹17 per share today. Based on the upper price band of ₹225, the shares are estimated to list around ₹242, implying a potential listing gain of about 7.6%, if the current premium sustains.
The IPO comprises an entirely fresh issue of 8 crore equity shares, with no offer for sale (OFS), meaning the entire proceeds will flow to the company. The public issue closes on August 3, while the basis of allotment is likely to be finalised on August 4. Shares are expected to debut on the BSE and NSE on August 6.
The company has reserved up to 50% of the issue for qualified institutional buyers (QIBs), 35% for retail investors and 15% for non-institutional investors (NIIs). Investors can bid in lots of 66 shares, requiring a minimum investment of ₹14,850 at the upper end of the price band.
IPO size cut after debt refinancing
Juniper Green Energy has reduced the size of its IPO by 40% from the ₹3,000 crore proposed in its draft red herring prospectus (DRHP).
Explaining the reduction, Ankush Malik, CEO of Juniper Green Energy, said the company had initially planned to use around ₹1,200 crore from the IPO proceeds to refinance loans at its subsidiaries. However, those borrowings have since been refinanced at lower interest rates.
"The DRHP is a provisional document. At the time of filing, we had identified around ₹1,200 crore of subsidiary loans to be refinanced through the IPO proceeds. Since then, we have refinanced these borrowings at lower interest rates. Accordingly, they have been removed from the RHP, reducing the issue size to ₹1,800 crore from ₹3,000 crore," Malik told Fortune India.
He said the fresh issue proceeds will primarily be used to repay borrowings at both the parent and subsidiary levels, strengthening the company's balance sheet.
Juniper Green Energy is positioning itself as a renewable energy independent power producer (IPP) with a focus on utility-scale solar, wind, wind-solar hybrid (WSH) and firm and dispatchable renewable energy (FDRE) projects supported by battery energy storage systems (BESS).
According to Malik, nearly 83% of the company's portfolio comprises WSH and FDRE projects, enabling it to command an average tariff of ₹3.64 per unit, higher than the broader market.
"Our execution capabilities in these complex projects help protect margins and strengthen our competitive position," he said.
The company has expanded rapidly over the past 15 months, with operational capacity increasing to 2,400 MWp from 1,174 MWp in FY25.
As of June 30, 2026, Juniper Green Energy had a renewable energy portfolio of 7,910.2 MW (10,247.06 MWp) across operational, under-construction, contracted and awarded projects, making it one of India's top 10 renewable energy IPPs by total capacity.
Parag Agrawal, CFO of Juniper Green Energy, said the company commissioned over 600 MW of capacity during the first quarter of FY27 alone, matching the capacity added in the entire previous financial year. He added that Juniper has a development pipeline of over 10 GW alongside an operational portfolio of 2.4 GW, providing strong visibility for future growth.
For FY26, Juniper Green Energy reported a 41% year-on-year increase in total income to ₹804.93 crore from ₹569.78 crore in FY25. Profit after tax rose 11% to ₹40.46 crore, while EBITDA increased to ₹692.18 crore from ₹485.69 crore a year earlier.
As of March 31, 2026, the company's total borrowings stood at ₹12,920.54 crore, reflecting the capital-intensive nature of its renewable energy expansion strategy.
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