Juniper Green Energy Files DRHP for INR 3,000 Crore IPO

Renewable energy player Juniper Green Energy has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise INR 3,000 crore through an initial public offering (IPO).

The public issue will be a fresh issuance of equity shares, with no offer-for-sale component. The company is also considering a pre-IPO placement of around INR 600 crore. If this happens, the IPO size will be reduced accordingly.

As per the DRHP, proceeds of INR 1,157.7 crore will be used to invest in key subsidiaries, Juniper Green Gamma One, Juniper Green Three, Juniper Green Field, and Juniper Green Beam, and others like Juniper Green Kite and Juniper Green Ray Two, primarily for debt repayment. An additional INR 1,092.3 crore will go towards clearing debt and for general corporate purposes.

Juniper Green Energy, founded in 2018, develops, builds, operates, and maintains utility-scale renewable energy projects. It earns revenue by supplying electricity to central and state-backed entities. The company is among India’s top 10 independent renewable power producers based on total capacity, according to a CRISIL report.

The firm’s portfolio stands at 7,898.45 MW as of May 31, 2025, across 48 projects. This includes 17 operational projects with 954.30 MW, 18 under-construction contracted projects totaling 3,153.35 MW, and 13 awarded projects under construction with a planned capacity of 3,790.80 MW. Its projects are spread across Gujarat, Maharashtra, Rajasthan, and Madhya Pradesh, key hubs for renewable energy.

Juniper has strategic partnerships with industry leaders such as Suzlon Energy, First Solar, Waaree, Goldi, Sungrow, and TBEA Xi'an Electric Technology. For the nine months ending December 31, 2024, the company reported revenue of INR 351.59 crore and a profit after tax of INR 7.82 crore.

The company plans to list its shares on the BSE and NSE. ICICI Securities, HSBC Securities and Capital Markets (India), JM Financial, and Kotak Mahindra Capital Company are the book-running lead managers for the IPO, while KFin Technologies serves as the registrar.