AT Capital-backed Juniper Green Energy, a Gurugram-based renewable energy company, is set to raise Rs 3,000 crore ($350 million) through an initial public offering (IPO).
The public offering will comprise solely of a fresh issue. The company may also look to raise Rs 600 crore before going public through a pre-IPO round.
Of the Rs 3,000 crore to be raised, the company plans to use Rs 2,250 crore to pare debt, while the remaining will be used for general corporate purposes.
In its draft papers filed with the market regulator, the company said it had outstanding borrowings of Rs 5,893 crore on a consolidated basis. As of May-end, it had a total capacity of 7,898 MW across 48 solar and wind projects. Founded in 2018, Juniper claims to be among the top 10 independent power producers in the country.
The company is majority-owned by Singapore-based AT Capital Group, the family office of Arvind Tiku. In September 2023, it raised $150 million (Rs 1,244 crore then) in fresh funding from AT Capital and Dutch multinational energy and commodity trading company Vitol. Notably, AT Capital had started another green energy venture called Orange Renewables, which it sold to Greenko Group in 2018.
With the latest development, Juniper has joined several renewable energy companies entering the public markets.
Its IPO filing comes days after solar panels manufacturer Rayzon Solar submitted papers for a Rs 1,500-crore public offering. Rayzon competes with recently listed manufactures like Waaree Energies and Premier Energies. Other companies that have recently gone public include NTPC Green Energy and ACME Solar.
Tata Power is also considering listing its green energy arm Tata Power Renewable Energy Ltd, backed by marquee global investors like Mubadala and BlackRock, VCCircle recently reported. Additionally, Canada Pension Plan Investment Board-promoted ReNew Power, Blueleaf-backed Jakson Green, Goldi Solar, and Jupiter International are also actively looking to list.
