In a major move towards India’s clean energy shift Juniper Green Energy, one of the fastest growing renewable independent power producers (IPPs) in the country, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a INR 3,000 crore IPO.
Backed by AT Holdings Pte. and Juniper Renewable Holdings, Juniper Green Energy will raise capital through a 100% fresh issue of equity shares with no offer for sale component, meaning the promoters are retaining their stake and betting on the company’s future growth.
Juniper Green Energy IPO Details
- Issue Size: Fresh issue of equity shares up to INR 3,000 crore
- Object: To utilise the proceeds for partial or full repayment of debt (both at parent and subsidiary levels) and general corporate purposes
- Lead Managers: ICICI Securities, HSBC Securities, JM Financial, Kotak Mahindra Capital
- Registrar: KFin Technologies
Use of Proceeds
Out of the net proceeds:
- INR 1,092.27 crore will go towards debt repayment at the company level
- INR 1,157.73 crore will be invested in key subsidiaries to manage their borrowings
- The remainder will fund general corporate purposes, supporting future expansion and operations
Financial Performance Snapshot
Juniper Green Energy has demonstrated robust financial momentum:
| Financial Metric | FY2022 | FY2023 | FY2024 | 9M FY2025 |
|---|---|---|---|---|
| Revenue | 170.53 | 331.31 | 391.55 | 351.59 |
| EBITDA | 164.99 | 298.29 | 370.84 | 329.17 |
| Net Profit | 27.23 | (12.06) | 40.06 | 7.82 |
| Debt/Equity (X) | 1.72 | 2.47 | 1.00 | 0.78 |
- The company’s EBITDA margins consistently exceed 85%, reflecting strong operational efficiency
- Receivable days stood at just 16.7 days as of December 2024, the lowest among industry peers
- Interest coverage ratio improved to 1.72x in 9M FY2025 from 1.5x in FY2023
A Renewable Powerhouse in the Making
Juniper Green Energy has evolved rapidly since pivoting to renewables in 2018. As of 31 May 2025, it boasts a total renewable energy portfolio of 7,898.45 MW (10,069.58 MWp) across solar, wind, and advanced hybrid projects with storage (WSH and FDRE). The portfolio comprises:
- 17 Operational Projects: 954.30 MW
- 18 Under Construction Contracted Projects: 3,153.35 MW
- 13 Under Construction Awarded Projects: 3,790.80 MW
- Battery Energy Storage: 2,685 MWh in development
This makes Juniper Green one of India’s top 10 IPPs by total renewable capacity.
Notably, 97.64% of its total capacity is backed by long-term Power Purchase Agreements (PPAs) with high-credit central and state entities such as SECI, NTPC, NHPC, SJVN, GUVNL, and MSEDCL, offering predictable cash flows over 20–25 years.
Execution Excellence and In-House Integration
Juniper Green has built a reputation for ahead-of-schedule project delivery, with a weighted average of 136 days early commissioning across projects. It manages the entire project lifecycle in-house—from EPC and procurement to O&M—allowing it to retain construction margins and improve project economics.
The company also reports:
- High grid availability: ~99.3%
- CUF (Capacity Utilisation Factor): 24.4% (9M FY2025)
- Plant Availability: 98.6%
Supply Chain Resilience and Technological Focus
In a volatile supply chain, Juniper Green has locked in long term contracts with tier one suppliers:
- Envision and Suzlon for wind turbines
- First Solar, Waaree, and Goldi for solar modules
- Sungrow and TBEA for inverters and SVGs
- Envision for BESS (battery energy storage systems)
Juniper Green’s projects are also exempt from the upcoming ALMM List-II solar cell restrictions as they bid early and can use competitively priced imported modules.
Strong Promoter Backing and Financial Stability
The company is promoted by Arvind Tiku, Hemant Tikoo, Niharika Tiku, AT Holdings Pte, and Juniper Renewable Holdings Pte. Promoters have invested INR 3,282.5 crore in equity and corporate guarantees and standby credit lines of over INR 1,700 crore.
Key shareholder support agreements are with Yes Bank, DBS, IndusInd Bank, RBL, and SBM Bank which adds to Juniper Green’s balance sheet and creditworthiness.
Conclusion
With a strong order book, vertically integrated operations, consistent execution and strategic thinking Juniper Green Energy IPO is a big deal in India’s renewable journey. At the intersection of policy, rising power demand and sustainability, the company offers investors a play in one of India’s most resilient sectors. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.