We are five months away from wrapping up the year, and the IPO market is buzzing with mega-action now. Now, one of the most anticipated and next major listings on the calendar this month (July) is that of National Securities Depository (NSDL) – India’s oldest and largest depository whose public issue is set to open on July 30. But the list doesn’t end there. The pipeline is filling up fast. Among them is a renewable energy player, ‘Juniper Green Energy IPO.’
This renewable energy company has started to quietly gather attention slowly but steadily. The company has recently filed its draft papers with market regulator SEBI. So, what does Juniper Green Energy bring to the table? And why is this issue being tracked so closely? Here’s a closer look of this upcoming IPO and what its DRHP indicates –
Juniper Green Energy IPO: Files draft paper for IPO with SEBI
Juniper Green Energy, a renewable power producer and a Gurugram based company, has taken the first step towards going public. The company has filed its draft red herring prospectus (DRHP) with market regulator SEBI. The company is planning to raise up to Rs 3,000 crore through a fresh issue of shares.
Ahead of the IPO, the company may consider raising up to Rs 600 crore through a pre-IPO placement. If completed, the IPO size will be reduced by that amount.
The primary goal of the issue is to pare down debt – Rs 2,250 crore from the proceeds is planned to be used for repayment of borrowings, while the rest will go towards general corporate purposes.
Juniper Green Energy IPO: Objective of the issue
As per the DRHP filing, Juniper Green Energy plans to use the funds raised from the IPO mainly to reduce its debt and also to support its business growth. Furthermore, a large portion of the money will go toward repaying loans that the company has taken from banks and financial institutions.
Apart from this, some of the proceeds will also be used to support its key subsidiaries such as Juniper Green Gamma One, Juniper Green Three, Juniper Green Field, and Juniper Green Beam by helping them pay off their own borrowings. This financial help may be in the form of equity, debt, or other instruments. A few other group companies, like Juniper Green Kite and Juniper Green Ray Two, are also expected to benefit from this funding.
Thereafter, the remaining portion of the IPO proceeds will be used for general corporate needs. This could include spending on future growth plans, bidding for new projects, expanding operations, or meeting day-to-day business expenses. As per regulations, this part of the funding will not exceed 25% of the total amount raised.
Juniper Green Energy IPO: Business dynamics
Coming to the company’s business dynamics, it is backed by Juniper Renewable Holdings which operates as a renewable energy producer in India. The company is involved in solar, wind, wind-solar hybrid, and firm and dispatchable renewable energy projects.
The company handles the entire lifecycle of its energy projects in-house from identifying project sites and getting approvals to construction, financing, and long-term operations. This gives it better control over costs and timelines, while also helping retain profits usually paid out to third-party contractors.
Nearly all of its capacity (about 97.6% as of May 31, 2025) is tied up in long-term Power Purchase Agreements (PPAs), typically lasting 25 years, with government agencies or private players like Tata Power. These contracts come with fixed tariffs and help ensure stable, predictable revenue. The rest of the energy is sold on the open market or through short-term deals.
The company also stands out for its quick payment cycle – it receives payments in just over 16 days on average, which is among the fastest in the sector. A key focus area is on hybrid and advanced renewable energy projects like wind-solar hybrid and firm and dispatchable renewable energy projects, which use land and transmission more efficiently and offer more stable power supply. Juniper is also installing battery storage systems (BESS) for projects under construction.
Juniper Green Energy IPO: Key services provided
The company develops and manages solar, wind, wind-solar hybrid, and firm and dispatchable renewable energy projects. However, the key difference is that it does not just build these projects but also handles almost every part of the process in-house, that is, from start to finish – all under one roof.
The company handles every stage of a project, from identifying potential sites and securing land to designing, financing, building, and maintaining the plants.
It generates most of its revenue through long-term Power Purchase Agreements (PPAs), typically lasting 25 years, with central and state government agencies or large private players. These kind of contracts ensure a steady income to the company through fixed tariffs. A smaller portion of energy is sold in the open market or through short-term deals, allowing it to benefit from higher prices during peak demand.
Furthermore, it also earns from selling Voluntary Emission Reductions.
Apart from this, the company is also focusing on advanced renewable segments like wind-solar hybrid, and firm and dispatchable renewable energy projects, which offer better land use and more stable power output.
It is also installing battery energy storage systems to improve energy management and is expanding into new areas like power trading and energy storage.
Juniper Green Energy IPO: Financial performance
In the financial year 2024, the company’s revenue from operations rose by over 18% to Rs 391.5 crore, up from Rs 331.3 crore in FY23. Its total income for the year reached Rs 424.4 crore. On the profit front, Juniper Green Energy posted a net profit of Rs 40 crore, marking a turnaround from the Rs 12 crore loss reported in FY23.
Its EBITDA for FY24 stood at Rs 370.8 crore, with an EBITDA margin of 87.4%. Operating EBITDA, which excludes some one-time items, was Rs 337.9 crore. Moreover, its net debt to equity ratio improved to 1 in FY24, down from 2.47 in FY23.
Juniper Green Energy IPO: Main promoters
Juniper Green Energy is backed by a mix of individual and corporate promoters. The key individual promoters include Arvind Tiku, Hemant Tikoo, and Niharika Tiku, while the corporate entities include AT Holdings and Juniper Renewable Holdings, which also serves as the company’s holding firm.
As of the Draft Red Herring Prospectus filing, the entire pre-IPO equity which is nearly 48.9 crore shares is held by Juniper Renewable Holdings and its nominee shareholders, giving the promoters full ownership of the company.
Juniper Green Energy IPO: Market position
According to the DRHP filing, Juniper Green Energy is one of the top 10 renewable energy producers in India. The company builds and runs solar, wind, and hybrid power projects. Its power capacity has grown fast from 804 MW in December 2024 to over 1,047 MW in mid 2025. It is also working on more than 1,700 MW of new projects.
Around 98% of its power is sold through long-term contracts, mostly 25 years with reliable customers like SECI, NTPC, NHPC, and Tata Power.
Its operations span across renewable energy hotspots like Gujarat, Rajasthan, Maharashtra, and Madhya Pradesh. The company’s competing with big players include ACME Solar Holdings, NTPC Green Energy, ReNew Energy Global PLC, JSW Neo Energy, Tata Power Renewable Energy, Torrent Power, Avaada Energy, Hero Future Energies, and Continuum Green Energy.
Juniper Green Energy IPO: Key players of the issue
Juniper Green Energy has appointed four key advisors to manage its IPO process. These are ICICI Securities, HSBC Securities, JM Financial, and Kotak Mahindra Capital. They will act as the Book Running Lead Managers of the issue. The Registrar to the Issue is KFin Technologies.
Juniper Green Energy IPO: Risk involved
Some of key risks mentioned by the company in the DRHP filing include-
“A significant portion of our revenue from operations is derived from the sale of electricity generated at our projects and our top two off-takers collectively contributed 94.69%, 97.00%, 96.76% and 87.92% of our revenue from operations for the nine months period ended December 31, 2024 and Fiscals 2024, 2023 and 2022, respectively. The loss of any such key commercial relationships could adversely affect our business, results of operations, financial condition and cash flows.”
“We participate in highly competitive renewable energy project auctions. Any change in the auction process, and factors that influence our decision to participate in the bidding process may adversely impact our ability to expand our portfolio and impact our business, results of operations and cash flows.”
“Our past performance may not be indicative of our future growth. Our future growth is significantly dependent on successfully executing our projects. In the event we are not successful in executing these projects, our business, results of operations and cash flows may be adversely impacted.”
