Juniper Green Energy has fixed the price band for its ₹1,800-crore IPO at ₹214-225 per equity share, with the issue opening for subscription on July 30.
The IPO is entirely a fresh issue, and the company plans to use the proceeds to repay borrowings, fund subsidiaries and meet general corporate expenses.
At the upper end of the price band, the Gurugram-based renewable energy company's post-issue market capitalisation is estimated at around ₹12,802 crore.
Juniper Green Energy Sets IPO Price Band at ₹214-225 per Share; Issue Opens on July 30
The renewable energy company's ₹1,800-crore public issue will open on July 30, with the price band fixed at ₹214-225 per share
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Juniper Green Energy Ltd on Monday fixed the price band for its Initial Public Offering (IPO) at ₹214-225 per equity share, with the public issue scheduled to open for subscription on July 30, according to a public announcement.
At the upper price band, the company's market capitalisation is estimated at around ₹12,802 crore post issue. The ₹1,800 crore IPO comprises an entirely fresh issue of equity shares.
The public will conclude on August 3, while anchor investor bidding will open on July 29.
At the time of filing its draft papers with Sebi, the company had proposed to raise up to ₹3,000 crore through the public issue.
Of the IPO proceeds, the company will use ₹683.24 crore to repay or prepay some of its borrowings. It will also invest ₹728.69 crore in its subsidiaries-- Juniper Green Gamma One, Juniper Green Kite, and Juniper Green Power Five-- to help them repay or prepay their outstanding loans. The remaining funds will be used for general corporate purposes.
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Juniper Green Energy develops, builds and operates utility-scale solar, wind, hybrid and battery energy storage projects across India.
Backed by Singapore-based AT Capital Group, the company has been expanding its renewable energy portfolio, including commissioning India's first merchant 100 MWh Battery Energy Storage System (BESS) project in Rajasthan and beginning phased commissioning of an integrated Firm and Dispatchable Renewable Energy (FDRE) project combining solar, wind and battery storage.
The Gurugram-based company has an integrated platform spanning project development, engineering, procurement, construction and operations, and is focused on expanding its presence in renewable energy and energy storage solutions.
The issue has reserved 50% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for retail investors. Equity shares aggregating up to ₹2 crore have been reserved for eligible employees, who will receive a discount of ₹21 per share.
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The company's shares are proposed to be listed on the BSE and NSE on August 6.
ICICI Securities, HSBC Securities, JM Financial and Kotak Mahindra Capital are the book-running lead managers to the issue, while KFin Technologies is the registrar.