Trio of IPOs Worth Watching: Juniper Green, Sillverton, and Foodlink F&B File DRHP

The Indian equities market will likely welcome a trio of entrants, each representing a distinct facet of the nation's growth story. From renewable energy to food service, the initial public offering pipeline showcases the breadth of sectors seeking public capital. Juniper Green Energy, Sillverton Industries, and Foodlink F&B Holdings have all filed their draft red herring prospectus with the Securities and Exchange Board of India (SEBI).

While like-for-like comparisons may not be possible for these IPOs given their distinct business models, a closer look at their future outlook, financial health, market positioning, and risk factors might give investors a framework to plan for their respective bets.

Juniper Green Energy: Powering Up with Renewable Ambitions

Leading the charge is Juniper Green Energy, which has filed for the largest IPO among these three potential issues. The IPO is entirely a fresh issuance of equity shares worth up to ₹3,000 crore with no offer-for-sale component. The company also is looking to raise about ₹600 crore in a pre-IPO round, which could potentially reduce the final IPO size.

Of the total funds raised, the company intends to use ₹1,092.3 crore to repay some of its borrowings, while ₹1,157.7 crore to repay some of the borrowings of its subsidiaries.

Juniper Green Energy is among India's top 10 renewable independent power producers in terms of total capacity, as per a CRISIL report cited in the draft papers. The company expanded its portfolio of projects to a total capacity of 7.90 gigawatts as of May 2025. Apart from solar projects, Juniper’s portfolio also includes wind energy projects and complex renewable energy projects. Its portfolio has 48 projects, which includes both operation and under construction projects.

Most of the company’s projects are in the western region of India such as Gujarat, Rajasthan, Maharashtra and Madhya Pradesh, which accounted for over 41%, 31%, 21% and 6% of its total capacity, respectively.

Juniper’s consolidated net profit for the financial year ended March 2024 was ₹40 crore as compared to loss of ₹12 crore in FY23. However, in FY22, the company booked a profit of ₹27 crore. Its consolidated revenue for the three years came in at ₹391.5 crore, ₹331.3 crore, and ₹170.5 crore, respectively.

Sillverton Industries: Riding the Packaging Boom

Sillverton Industries, which has manufactured and supplied over 265 active varieties of paper and related products during April 2021-December 2024, grew at a compound annual growth rate of nearly 16% from ₹1,567bn in FY21 to ₹2,421bn in FY24.

According to a CRISIL report cited by the company, the packaging industry is expected to witness a strong CAGR of 8-10% from FY25 to FY29 to reach ₹3,600- 3,800bn in FY29. The company’s manufacturing facility is spread across 58.92 acres is located at Muzaffarnagar, Uttar Pradesh.

The company has filed for an IPO, comprising ₹300 crore worth of fresh issue of shares and 32.20mn shares as offer-for-sale. It intends to use ₹129.39 crore to fund capital expenditure requirements to install 14-megawatt waste-to-energy captive power plant and a compressed bio gas plant, ₹25.25 crore to enhance of rewinder and sheeter capacity and construct in-house warehouses, and ₹72 crore to repay some of its borrowings.

The company has managed to steadily increase its consolidated net profit from ₹30 crore for FY22 to ₹89 crore in FY24. Its consolidated revenue during the period has increased to ₹879 crore from ₹619 crore.

Although it has a diversified product portfolio of paper-based products, a major portion of the company’s revenue is derived from the sale of writing and printing paper products. This segment accounted for 58% of total revenue for FY24. Any variations in demand and changes in consumer preference of writing and printing papers, could have an adverse effect on its business, Sillverton said in its draft papers.

Foodlink F&B: Banking on India’s Appetite for Premium Dining

Foodlink F&B Holdings (India) has filed draft papers with the SEBI for IPO consisting of ₹160 crore worth of fresh issue of shares and 11.95mn of shares as offer-for-sale. From hosting grand banquets to catering exclusive events, Foodlink is a direct beneficiary of rising incomes and a renewed zest for social gatherings. This issue is a direct bet on consumers’ wallet and their willingness to spend on lifestyle and experiences.

The company also is looking to raise about ₹32 crore in a pre-IPO round, which could potentially reduce the final IPO size. Proceeds will fund new kitchens and dining facilities. It intends to use ₹41 crore for setting up two proposed centralised kitchens, ₹45 crore to invest in one of its subsidiaries for funding its capital expenditure requirements, and ₹28 crore to repay some of its borrowings.

The company booked a loss of ₹15 crore in FY24, compared to a profit of ₹2 crore in FY23 and a loss of ₹23 crore in FY22. It amassed revenues of ₹377 crore in FY24 and ₹273 crore in FY23 and ₹130 crore in FY22.

Market Implications and Investor Appetite

The diversity of these offerings presents unique opportunities for different investor categories. Each company faces distinct challenges in their journey to public markets. Juniper must navigate the complexities of renewable energy regulations and policy changes while demonstrating sustainable cash flow generation from its project portfolio. Foodlink, on the other hand, needs to convince investors that its food service model can scale efficiently in India's competitive F&B landscape.

These three IPO filings, arriving within days of each other, represent sectors that are not just growing but transforming. As the SEBI reviews these applications, the market will likely watch with interest to see how India's public markets will embrace them.