Juniper Green Energy IPO opens today: Should you subscribe? Check price band, GMP & review

The initial public offering (IPO) of Juniper Green Energy opens for subscription on Thursday, July 30. The renewable energy solutions player is selling its shares in the range of Rs 214-225 apiece. Investors can apply for a minimum of 66 equity shares and its multiples thereafter. The issue will close for subscription on Monday, August 03.

The IPO of Juniper Green Energy is entirely a fresh share sale of 8 crore equity shares amounting to Rs 1,800 crore. The net proceeds shall be utilized towards repayment of debt; investment in a number of material subsidiaries and their debt reduction and general corporate purposes.

Incorporated in 2011, New Delhi-Juniper Green Energy is one of India's leading renewable energy independent power producers (IPPs), engaged in developing, building, operating, and maintaining utility-scale renewable energy projects. It focuses on expanding its renewable energy portfolio while maintaining operational excellence, supply chain resilience, and sustainable growth.

Juniper Green develops solar, wind, wind-solar hybrid (WSH), and firm & dispatchable renewable energy (FDRE) projects with Battery Energy Storage Systems (BESS), generating revenue through long-term power purchase agreements with central and state government-backed entities.

Ahead of its IPO, Juniper Green Energy raised Rs 539.4 crore from anchor investors as it allocated 2,39,73,333 equity shares at Rs 225 apiece. Its anchor book includes names like 3PIM India Equity, Whiteoak Capital MF, Nippon Line MF, ICICI Prudential MF, SBI MF, Mirae Asset MF, HBSC MF, DSP MF, Motilal Oswal MF, Tata AIG General Insurance, Bajaj Life Insurance, BNP Paribas Funds and more.

Juniper Green Energy reported a net profit at Rs 40.46 crore with a revenue of Rs 804.93 crore for the financial year ended on March 31, 2026. The company clocked a net profit of Rs 36.48 crore with a revenue of Rs 569.78 crore for fiscal year 2024-25. At the current valuation, it commands a total market capitalization of more than Rs 12,800 crore.

It has reserved 50 per cent of shares for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 15 per cent of allocation. Retail investors will get 35 per cent reservation in the IPO. Last heard, Juniper Green Energy was commanding a grey market premium (GMP) of Rs 17-20 per share, suggesting a 7-9 per cent listing pop for the investors.

ICICI Securities, HSBC Securities & Capital Markets, JM Financial and Kotak Mahindra Company are the book running lead managers of Juniper Green Energy IPO and Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on both BSE Ltd and NSE with August 06 as the listing date. Here's what a host of brokerage firms say about the IPO of Juniper Green:

SBI Securities
Rating: Subscribe
Juniper Green Energy operates as a leading renewable independent power producer in India with a strong presence in WSH and FDRE assets. It has delivered revenue, EBITDA and PAT CAGR of 35.5 per cent, 33.9 per cent and 0.5 per cent over FY24–26 period. Growth ahead will be driven by project commissioning, BESS expansion, and merchant power opportunities, said SBI Securities.

Its current operational capacity stands at 1,795 MW, while an additional 6,115 MW is under construction. The expanded operational portfolio is expected to drive an exponential increase in revenue, providing strong long-term growth visibility. Assuming average tariff of Rs 3.64/kWh, the total 7,910 MW capacity when operational is expected to deliver revenue potential of Rs 6,000 - 6,500 crore, SBI Securities said with a 'subscribe' rating.

SMIFS
Rating: Avoid
Juniper Green is well placed to capitalize on India's renewable energy transition, supported by favourable government policies, a strong project pipeline and increasing demand for hybrid and storage-backed renewable projects. The valuation appears stretched compared to listed renewable IPP peers on EV/EBITDA metrics, said SMIFS.

"While high capital requirements, execution delays and regulatory changes remain key risks, the company's scalable platform, stable contracted revenues and leadership in next-generation renewable technologies support a positive long-term valuation outlook. We recommend a cautious approach and advise investors to wait for better entry opportunities post-listing," it added.

Arihant Capital Markets
Rating: Neutral
Juniper Green operates in one of the fastest-growing segments of India's infrastructure sector. It combines a diversified renewable asset portfolio, a robust development pipeline, integrated execution capabilities and long-term contracted revenues, providing strong earnings visibility over the medium term, said Arihant Capital Markets.

"The proposed IPO is entirely a fresh issue, with proceeds primarily earmarked for debt reduction and strengthening the company's capital structure. Considering the favorable industry outlook, India's accelerating renewable energy transition, healthy project pipeline and expected improvement in financial leverage post-IPO," it added with a 'neutral' rating.

BP Equities
Rating: Subscribe
While the valuation remains at a premium, Juniper Green's diversified renewable energy portfolio, strong project pipeline, healthy operating margins, and favourable long-term industry outlook provide healthy growth visibility, said BP Equities. "We recommend a 'subscribe' rating for the issue with a long-term investment horizon," it adds.

Swastika Investmart
Rating: Neutral
Juniper Green has shown a strong growth visibility backed by a 7.9 GW capacity pipeline and 25-year PPAs with sovereign/central counterparties. Debt reduction should lower interest costs, translating strong 86 per cent EBITDA margins into better PAT growth, said Swastika Investmart.

"Valuation is expensive with the IPO priced at over 270 times FY26 trailing earnings, despite modest current profitability. Not ideal for listing gains due to stretched valuations. Suitable only for long-term investors betting on India's renewable energy growth and willing to accept execution, regulatory, and leverage risks," it added.

Master Capital Services
Rating: Subscribe for long-term
Juniper Green Energy is well positioned to benefit from the sector’s long-term growth. It is among the top 10 renewable independent power producers in India by total capacity, with a diversified portfolio across solar, wind, WSH and FDRE projects, said Master Capital Services.

"Its integrated inhouse EPC and O&M capabilities, long-term power purchase agreements with leading government and private off takers, and strategic partnerships with key equipment suppliers support execution, operational efficiency, and future capacity expansion. Investors may consider the IPO as a potential long-term investment opportunity," it said.

Ventura Securities
Rating: Subscribe
Juniper Green Energy is an integrated renewable energy producer developing and operating solar, wind, hybrid and battery energy storage (BESS) projects across India. It generates stable long-term revenue through power purchase agreements (PPAs) with government agencies and DISCOMs, said Ventura.

It plans to use proceeds largely earmarked for debt repayment and general corporate purposes. Its strengths include a diversified renewable portfolio and integrated execution capabilities, while key risks stem from high leverage, execution challenges, regulatory changes and dependence on government utilities, Ventura added with a 'subscribe' rating.

Sushil Finance
Rating: Subscribe
The earnings base should expand materially as these projects commission over FY27–FY29. The debt reduction should ease the finance-cost drag and support margin/RoNW recovery. There's reasonable valuation headroom even after pricing in execution risk. Juniper Green Energy warrants a 'subscribe' recommendation, said Sushil Finance.

Equivision
Rating: Subscribe
Juniper Green has delivered robust financial growth, with revenue from operations and EBITDA growing at CAGRs of 35.50 per cent and 36.62 per cent, respectively, between FY24 and FY26. It maintained strong profitability, reporting an EBITDA margin of 85.99 per cent and an operating EBITDA margin of 84.32 per cent in FY26, said Equivision.

It ranked as the second-largest bidder by capacity awarded between April 2021-March 2026, while achieving a 96.8 per cent project conversion rate, highlighting its strong execution capabilities. It ranks among the top 10 renewable IPPs in India, with a diversified portfolio of 7,910.20 MW across 50 projects, providing strong visibility for long-term capacity and earnings growth," it added with 'subscribe' rating.

Kunvarji Financial Services
Rating: Subscribe for long-term
"We recommend subscribing to subscribe this with long term view only. The company is one of the leading renewable independent power producers, backed by a strong order book and long-term 25-year PPAs provide strong visibility on future revenues. India’s renewable energy sector is on a growth path, driven by supportive government policies and the ongoing clean energy transition," said Kunvarji Financial.