Juniper Green Energy Ltd, the AT Capital-backed renewable energy producer, has fixed the price band for its initial public offering at Rs 214–225 per share, valuing the Gurugram-based company at up to Rs 12,802 crore ($1.33 billion) at the top end, as it prepares to list on the exchanges next week.
The IPO, comprising entirely a fresh issue of shares with no offer-for-sale component, will raise Rs 1,800 crore — a 40% cut from the Rs 3,000 crore the company had originally planned when it filed draft papers with the Securities and Exchange Board of India (SEBI) in June 2025.
The issue will open for subscription on July 30 and will close on August 3, with anchor investor bidding a day earlier on July 29. The minimum application size will be 66 shares, or Rs 14,850 at the upper end of the band.
Shares are expected to list on the BSE and NSE around August 6, with allotment expected to be finalised on August 4.
ICICI Securities, HSBC Securities and Capital Markets (India), JM Financial and Kotak Mahindra Capital Company are the book-running lead managers, with KFin Technologies as registrar.
Why the issue shrank
At the draft-paper stage, Juniper had earmarked Rs 2,250 crore of the proposed Rs 3,000 crore raise for debt repayment, against consolidated borrowings of about Rs 5,893 crore disclosed at the time, and had also flagged a possible Rs 600 crore pre-IPO placement that would have reduced the eventual issue size further.
The company has since refinanced roughly Rs 1,200 crore of subsidiary-level debt at more favourable interest rates, chief financial officer Parag Agrawal has said, which cut the amount it needs to draw from IPO proceeds for that purpose.
Under the current structure, Rs 683.24 crore of the Rs 1,800 crore raise will go toward repaying the company's own borrowings, and Rs 728.69 crore will be invested in subsidiaries Juniper Green Gamma One, Juniper Green Kite and Juniper Green Power Five to help them repay their outstanding loans, with the remainder earmarked for general corporate purposes.
Juniper's total borrowings stood at Rs 12,920.54 crore as of March 31, 2026, on a consolidated basis, reflecting the scale of capital the company has deployed to build out its project pipeline.
Betting on hybrid and FDRE
Juniper builds and operates utility-scale solar, wind and hybrid renewable projects, alongside what it calls firm and dispatchable
renewable energy (FDRE) projects that pair solar and wind generation with battery storage to supply power even after sunset.
The company says roughly 83% of its portfolio now sits in these more complex hybrid and FDRE categories, which it argues let it command better tariffs than the broader solar-only market.
It commissioned India's first merchant 100 MWh battery energy storage system (BESS) project in Rajasthan and has begun phased commissioning of an integrated FDRE project combining solar, wind and battery storage.
Operational capacity has more than doubled over the past 15 months, rising to about 2,400 MWp from 1,174 MWp in FY25. As of June 30, 2026, its total renewable portfolio — spanning operational, under-construction, contracted and awarded projects — stood at about 7,910 MW (roughly 10,247 MWp), placing it among India's top 10 renewable independent power producers by capacity. The company is targeting 6 GW of operational capacity by FY28 and 10 GW by FY30.
Financially, total income rose 41% in FY26 to Rs 804.93 crore, while profit after tax grew 11% to Rs 40.46 crore; profit growth lagged revenue growth because of high finance costs tied to the company's large borrowings.
At the upper end of the price band, the IPO values Juniper at a post-issue price-to-earnings multiple of around 317 times trailing earnings, which some analysts have flagged as rich.
Corporate history
Juniper Green Energy Ltd was incorporated on December 5, 2011 in New Delhi as AT Capital Advisory India Private Limited; it was renamed Juniper Green Energy Private Limited in 2018 as the business refocused on renewable power, and was converted into a public limited company in May 2025.
It is backed by Singapore-based AT Capital Group, the family office of Arvind Tiku, which holds the bulk of the company alongside global energy trader Vitol; the promoter group — Tiku, Hemant Tikoo, Niharika Tiku, AT Holdings Pte Ltd and Juniper Renewable Holdings Pte Ltd — held 100% of the company pre-issue, a stake expected to fall to roughly 86% after the IPO.
AT Capital has a prior track record in the sector: it previously built Orange Renewables, a roughly 1 GW renewable energy platform, which it sold to the Greenko Group in 2018.
