Juniper Green Energy IPO: Issue date, Lot Size, Price, Everything You Need to Know

Juniper Green Energy Ltd, a fast-growing renewable energy company based in Gurugram, has filed its Draft Red Herring Prospectus (DRHP) with SEBI, signalling its intent to list publicly and raise capital via an IPO. The firm is among India’s large independent power producers active in solar, wind and hybrid renewable energy projects. As of mid-2025, Juniper claims a portfolio capacity running into several gigawatts, combining operational, under-construction and planned projects across solar, wind and firm & dispatchable renewable energy (FDRE) formats. In this blog, you will get a full picture of the Juniper Green Energy’s IPO, from the structure and financials to business model, sector context and what to watch out for. 

Juniper Green Energy IPO Dates and Launch Details

Because Juniper Green Energy has just filed its DRHP, several key dates remain undecided and will be finalised only when the public offer document is released. Here’s what is known (or remains pending):

• IPO opening date: To be announced.
• IPO closing date: To be announced.
• Basis of allotment: To be announced.
• Refund initiation date: To be announced.
• Expected listing date: To be announced.

At present, the DRHP confirms a fresh issue of shares worth up to ₹3,000 crore, with no Offer-for-Sale component. A pre-IPO placement of up to ₹600 crore is also being considered; if that happens, the final amount raised through IPO may be revised downward. Because of this, the exact IPO subscription window, listing schedule and allotment timeline remain to be announced by the company.

Juniper Green Energy Price Band and Investment Details

At this stage, several critical price-related parameters are not yet disclosed. These include:

• Price band (floor price / cap price): To be announced. The DRHP does not set a band yet.
• Minimum lot size: To be announced.
• Minimum investment per retail investor: To be announced.
• Maximum retail subscription limit: To be announced.

As such, you will only be able to compute exact subscription cost once Juniper Green Energy declares the price band and lot size. For now, treat all these as pending.

Juniper Green Energy IPO Structure

About Juniper Green Energy

Juniper Green Energy Ltd is an Indian renewable power producer engaged in the development, construction, operation and maintenance of utility-scale solar, wind and hybrid renewable energy, including Firm & Dispatchable Renewable Energy (FDRE) projects. 

The company began operations with a 100 MW solar project in 2020. Since then, it has scaled up aggressively. As of May 2025, its project pipeline (operational, under-construction, awarded) reportedly totals several gigawatts across solar, wind and hybrids (solar-wind, solar + battery, etc.). 

Juniper Green is backed by global investors: key promoters include AT Capital (Singapore-based) and Vitol (energy & commodity trading firm). The firm has recently transitioned from private to public status (mid-2025), in preparation for the IPO. 

Beyond generation, Juniper is pursuing hybrid renewable energy models incorporating solar, wind, and battery storage, aligning with India’s push for stable, dispatchable green power through FDRE contracts. 

Key Business Segments and Offerings

Juniper Green Energy’s operations and offerings can be broadly classified as follows:

• Utility-scale Solar Projects: Large-scale solar farms supplying power under long-term power purchase agreements (PPAs).
• Wind Power Projects: Onshore wind farms in wind-rich states, contributing to the overall renewable capacity.
• Hybrid & FDRE Projects (Solar, Wind + Battery Storage): Projects combining renewables and battery energy storage to deliver firm and dispatchable power, meeting grid-stability needs. For example, JGE has recently signed a 70 MW FDRE PPA with Tata Power Ltd.
• Project Development & Engineering, Procurement & Construction (EPC): Through its subsidiaries, Juniper oversees project development, construction, installation and operations management, leveraging debt and equity financing. 

This diversified business model covering solar, wind, hybrid and FDRE positions Juniper to tap multiple growth avenues and policy-driven demand for clean energy in India.

Juniper Green Energy Financials

Full audited financials are not yet widely published for all years; however, data from the DRHP and media reports give a glimpse into recent performance.

Revenue & Profit Table

Cash Flow Table

Key Highlights

• Revenue from operations has more than doubled from ₹170.50 crore in FY22 to ₹391.60 crore in FY24, with 9MFY25 already at ₹351.60 crore, indicating a strong growth trajectory as more projects come onstream.
• Profitability has generally been robust, with exceptionally high margins in the 82.30%–87.40% range; after a loss of ₹9.00 crore in FY23, net profit rebounded to ₹40.80 crore in FY24, while 9MFY25 stands at ₹7.10 crore, reflecting the impact of scaling and financing costs.
• Operating cash flows are consistently positive and rising (from ₹141.70 crore in FY22 to ₹322.20 crore in FY24), showing that the core business generates strong cash.
• However, free cash flow remains negative (e.g., - ₹1,404.10 crore in 9MFY25), signalling heavy capital expenditure on new renewable assets and growth projects.

Sector & Market Context

India’s renewable energy sector is undergoing rapid expansion. The push for net-zero emissions, increasing solar and wind auctions, state and central government incentives, and rising corporate & industrial demand for green power are fueling growth. Utility-scale renewable energy, especially hybrid solar/wind and firm renewable energy backed by battery storage, is becoming increasingly important for ensuring grid reliability and meeting fluctuating demand.

In this context, companies like Juniper Green Energy that combine solar, wind, hybrid and FDRE technologies are well-positioned to capitalise on policy support and growing demand. Signing of PPAs, such as the 70 MW FDRE project with Tata Power, highlights the firm’s readiness to participate in next-generation clean energy supply.

Given the government’s push for clean energy, decarbonisation targets, and rising corporate commitments to sustainability, the long-term demand outlook for renewable energy producers in India remains strong, which could benefit post-IPO growth for Juniper Green Energy.

Key Considerations for Investors

If you are evaluating the Juniper Green Energy IPO (or planning to apply once it opens), here are critical strengths, risks, and opportunities to weigh carefully.

Strengths

• Clear funding purpose & debt reduction: The IPO proceeds are earmarked largely for debt repayment and subsidiary investments, which could strengthen the company’s balance sheet and lower interest burden.
• Diverse renewable portfolio: Operational, under-construction and pipeline projects across solar, wind, hybrid and FDRE, offering diversified exposure across renewable energy formats.
• Strong backing & experienced promoters: Juniper is promoted by AT Capital (Singapore) and Vitol, global investors with resources and experience in energy markets.
• Growing sector tailwinds: Rising demand for renewables, policy support for green energy, and increasing PPAs from utilities and corporates make the environment favourable.
• Recent project wins and FDRE capabilities: Signing of PPAs for hybrid + battery storage projects (for example with Tata Power) demonstrates ability to deliver complex clean-energy projects.

Risks

• High existing debt load: As of May 2025, consolidated borrowings were ₹ 5,894.3 crore, a substantial debt burden. Success depends on effective debt reduction and financial discipline.
• Large capital required for growth: Renewable projects, especially hybrid and FDRE ones, need substantial capital and face execution and regulatory risks.
• Uncertain IPO valuation: Price band not yet declared; valuation will depend heavily on the band, may affect listing performance.
• Sector fluctuations & policy/regulatory risk: Changes in renewable energy tariffs, policy shifts, or delays in clearances may affect project timelines and returns.
• Competition and execution risk: Many players are entering renewables; competition for land, PPAs and project financing may be stiff.

Final Word

The Juniper Green Energy IPO represents a significant opportunity for investors seeking exposure to India’s renewable-energy growth story. The company’s large project portfolio, diversified clean-energy focus (solar, wind, hybrid, FDRE), and clear intention to reduce debt make it a high-potential but also high-risk bet.Because the IPO is a fresh issue, not an OFS, subscribing will inject new capital into the business, which the company plans to deploy into debt repayment and expansion. For long-term investors with risk appetite and a sustainability outlook, Juniper Green Energy can be an interesting addition, but only if fiscal prudence and execution match ambition.