The Rs 1,800 crore initial public offering (IPO) of Juniper Green Energy has entered its second day of bidding. 

While the overall subscription on the opening day remained below the halfway mark, strong participation from Qualified Institutional Buyers (QIBs) has kept the issue in focus.

But is the IPO worth subscribing to? Here’s a look at the latest subscription figures, GMP trends and what analysts are recommending.

Juniper Green Energy IPO GMP trend

In the unofficial market, Juniper Green Energy shares are commanding at Rs 7. 

Based on the upper end of the IPO price band at Rs 225 per share, the current GMP indicates an estimated listing price of around Rs 232.

However, it is important for investors to remember that the grey market is unofficial. Moreover, GMP should not be considered a guarantee of listing gains.

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Juniper Green Energy IPO: Day 1 subscription – Institutions lead 

Juniper Green Energy’s IPO, which opened for subscription on July 30 and will close on August 3, was subscribed 36% on the first day against the 5.89 crore shares on offer.

The biggest support came from Qualified Institutional Buyers, whose reserved portion was fully subscribed on Day 1. 

Looking on the other side, the retail category saw a slower response, with subscriptions reaching 12% of the shares reserved for individual investors.

Where will the IPO money be used?

Juniper Green Energy is raising Rs 1,800 crore through a fresh issue of equity shares, meaning the entire proceeds will go to the company.

A major portion of the funds will be used to repay or prepay outstanding borrowings of the company as well as certain subsidiaries. 

The remaining proceeds will be used for general corporate purposes. These include working capital requirements and other business needs.

What do analysts say?

Brokerages have largely maintained a positive long-term view on the renewable energy company, although they have also highlighted valuation concerns.

Anand Rathi said in its IPO note, “On the valuation front, based on annualized FY26 earnings, the company is seeking a P/E of 316x, EV/EBITDA 35.6x and a post-issue market capitalization of approximately Rs 1,28,023 million, making the issue appears to be aggressively priced. Therefore, we assign a Subscribe for Long Term rating for the issue.”

SBI Securities also recommended subscribing to the issue for investors with a longer investment horizon. The brokerage said, “The company’s current operational capacity stands at 1,795 MW, while an additional 6,115 MW (3.4x current operational capacity) is under construction. As these projects get commissioned progressively over the coming years, the expanded operational portfolio is expected to drive an exponential increase in revenue, providing strong long-term growth visibility.”

It further added, “Hence, considering JGEL’s robust growth prospects, we recommend investors to ‘Subscribe’ to the issue for Long Term investment horizon.”

Deven Choksey Research, however, took a more balanced view. It said, “Overall, the IPO appears fairly to slightly expensively priced, with meaningful upside contingent on timely project commissioning and earnings delivery.”

The brokerage also cautioned that execution risks and project conversion remain key factors to monitor after listing.

Juniper Green Energy: Financial performance 

For the financial year 2025-26, Juniper Green Energy reported revenue from operations of Rs 718.9 crore, while total income stood at Rs 804.93 crore. The company posted earnings before interest and taxes (EBIT) of Rs 455.32 crore, profit before tax (PBT) of Rs 55.19 crore, and profit after tax (PAT) of Rs 40.5 crore.

Disclaimer: Investments in initial public offerings (IPOs) and equity securities carry inherently high market risks. The details, valuations, and brokerage views referenced above are provided strictly for informational and educational purposes and do not constitute a buy/sell recommendation, offer, or solicitation. Unofficial market indicators like Grey Market Premium (GMP) are speculative and should not be relied upon as a guarantee of future listing gains or stock performance. Investors should independently evaluate the Red Herring Prospectus (RHP) and consult a qualified SEBI-registered investment advisor before making any financial commitments. This disclaimer has been generated using AI to support user well-being and responsible content consumption.