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Chandigarh, India – Juniper Green Energy Limited, one of India’s leading renewable energy players, has taken a significant step toward going public. The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹3,000 crore through an Initial Public Offering (IPO). The equity shares will have a face value of ₹10 each and are proposed to be listed on the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).
A Major Player in India’s Renewable Energy Sector
According to a report by CRISIL, Juniper Green Energy ranks among the top 10 Independent Power Producers (IPPs) in India as of December 31, 2024, based on total capacity. This total includes operational, under-construction, contracted, and awarded projects. The company’s rapid growth and aggressive project development strategy have cemented its position as a prominent player in India’s transition to clean energy.
Founded as a renewable-focused energy company, Juniper Green Energy develops, builds, owns, operates, and maintains large-scale utility solar and wind energy projects. It executes all engineering, procurement, and construction (EPC) activities through its in-house teams and also handles long-term operations and maintenance (O&M) internally. The company earns its revenues through long-term power purchase agreements (PPAs) with central and state government-backed utilities and private offtakers.
IPO Structure and Use of Proceeds
The entire IPO consists of a fresh issue of equity shares, aggregating up to ₹3,000 crore (₹30,000 million). There is no offer-for-sale (OFS) component, meaning that all the proceeds will go directly to the company for growth-related purposes rather than to existing shareholders.
As outlined in the DRHP, the net proceeds from the issue will be allocated for the following purposes:
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Repayment or prepayment, in full or part, of certain outstanding borrowings of the company, amounting to approximately ₹1,092.27 crore.
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Investment in key subsidiaries such as Juniper Green Gamma One Pvt. Ltd., Juniper Green Three Pvt. Ltd., Juniper Green Field Pvt. Ltd., Juniper Green Beam Pvt. Ltd., Juniper Green Kite Pvt. Ltd., and Juniper Green Ray Two Pvt. Ltd. These funds, amounting to around ₹1,157.72 crore, will be used to reduce their respective debt obligations.
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General corporate purposes, including working capital, expansion, and strategic initiatives.
This capital infusion is expected to significantly reduce the company’s debt burden, improve its leverage ratios, and support further expansion into high-value renewable energy projects.
Project Portfolio and Growth Trajectory
Juniper Green Energy’s first major solar power plant, with a capacity of 100 MW (144.97 MWp), was commissioned in March 2020. Since then, the company has rapidly scaled up operations. As of May 31, 2025, its portfolio includes projects totaling 7,898.45 MW (10,069.58 MWp). These projects span both solar and wind technologies, showcasing Juniper Green’s commitment to building a diverse and resilient renewable energy portfolio.
Notably, the company is actively involved in complex hybrid renewable energy projects, including Wind-Solar Hybrid (WSH) and Firm and Dispatchable Renewable Energy (FDRE) projects, often coupled with Battery Energy Storage Systems (BESS). These advanced project types are designed to meet the growing demand for round-the-clock renewable energy supply. Between April 1, 2021, and December 31, 2024, Juniper Green emerged as the second-largest bidder in terms of total capacity won under WSH and FDRE tenders and achieved an impressive 100% conversion rate on the bids it won during that period.
Strategic Vision and Market Positioning
The IPO is expected to accelerate Juniper Green’s expansion plans, as the company looks to capitalize on India’s ambitious renewable energy targets. The Government of India aims to reach 500 GW of non-fossil fuel capacity by 2030, and companies like Juniper Green will play a critical role in achieving that target. The firm’s robust project pipeline, experienced management, and financial backing position it well to grow further in the competitive renewable sector.
Listing and Lead Managers
The equity shares offered through this IPO will be listed on both BSE and NSE, subject to regulatory approvals. This dual listing is expected to provide improved market access and liquidity for investors.
The IPO is being managed by a strong consortium of investment banks. The Book Running Lead Managers (BRLMs) to the issue are:
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ICICI Securities Limited
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HSBC Securities and Capital Markets (India) Pvt. Ltd.
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JM Financial Limited
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Kotak Mahindra Capital Company Limited
These firms are responsible for managing the IPO process, advising on pricing, helping with regulatory compliance, and marketing the offering to institutional and retail investors.
