Juniper Green Energy IPO Gets Muted Day 1 Response Despite 8% GMP

The ₹1,800-crore initial public offering (IPO) of Juniper Green Energy witnessed a muted response on the first day of bidding, with the issue subscribed over 4% as of 2:30 pm on Wednesday, according to data available on the National Stock Exchange (NSE).

The IPO received bids for 27.84 lakh shares against 5.89 crore shares on offer.

The Retail Individual Investor (RII) portion was subscribed 0.09 times, while the Non-Institutional Investor (NII) category was booked 0.03 times. The issue will remain open for subscription until August 3.

GMP Signals Positive Listing Expectations

Despite the slow start, the company's shares continued to command a grey market premium (GMP) of around 8% over the upper end of the price band, according to market tracking platforms InvestorGain and IPO Watch.

The IPO is priced at ₹214-225 per share and comprises only a fresh issue of 8 crore equity shares, with no offer-for-sale (OFS) component.

Retail investors can bid for a minimum of one lot comprising 66 shares, requiring an investment of ₹14,850.

The IPO reserves up to 50% of the issue for Qualified Institutional Buyers (QIBs), at least 35% for retail investors and a minimum of 15% for Non-Institutional Investors (NIIs).

Ahead of the public issue, the renewable energy company raised ₹539.4 crore from 16 anchor investors by allotting 2.39 crore shares at the upper price band of ₹225 per share.

Domestic mutual funds accounted for nearly 75% of the anchor allocation. Investors included WhiteOak Capital Mutual Fund, Nippon India Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, HSBC Mutual Fund and Edelweiss Mutual Fund.

Insurance companies, including Bajaj Life, HDFC Life and Edelweiss Life, also participated, while the Abu Dhabi Investment Authority invested nearly ₹80 crore in the anchor round.

Funds To Be Used For Debt Repayment

The company plans to utilise the IPO proceeds for debt repayment, investments in its material subsidiaries and general corporate purposes.

For FY26, Juniper Green Energy reported a 10.91% year-on-year increase in profit after tax to ₹40.46 crore, while revenue from operations rose 41.33% to ₹718.93 crore.

According to Master Capital Services, India's renewable energy sector continues to benefit from supportive government policies, rising electricity demand and rapid expansion of solar, wind and energy storage projects.

The brokerage said Juniper Green Energy, with its diversified renewable energy portfolio, integrated engineering, procurement and construction (EPC) capabilities, long-term power purchase agreements and presence among India's top renewable independent power producers, is well placed to benefit from the sector's long-term growth. It recommended the IPO as a long-term investment opportunity.

ICICI Securities is the book-running lead manager to the issue, while KFin Technologies is the registrar. The basis of allotment is expected to be finalised on August 4, with the shares likely to be listed on the BSE and NSE on August 6.