Upcoming IPOs: Continuing with the IPO wave, Juniper Green Energy is expected to launch its IPO in a few weeks from now. and the upcoming Rs 3,000 crore public issue has already drawn attention from anyone who tracks India’s renewable power race. Here are the six factors that could play a significant role for retail investors from its DRHP:
1. Juniper Green IPO: Issue details
The company plans a fresh issue of equity shares worth up to Rs 3,000 crore. There may be a Pre-IPO placement of up to Rs 600 crore. If that happens, the size of the public issue will be reduced by the same amount.
There is also no offer-for-sale component in this issue.
2. Juniper Green IPO: Most of the proceeds will be used to cut debt
Debt repayment may look dull, yet it is at the heart of how large renewable companies survive. Juniper Green has set aside Rs 1,092.27 crore for repayment or prepayment of its own borrowings. Another Rs 1,157.73 crore is reserved for debt reduction in key subsidiaries such as Juniper Green Gamma One, Three, Field and Beam. These entities carry significant project-level debt, and clearing a portion of it reduces interest pressure across the group.
Only a fourth of the total proceeds can be used for general corporate purposes. The rest is clearly tied to lowering financial risk. This is the behaviour of a company trying to strengthen its base before attempting larger jumps in capacity.
3. Juniper Green IPO: The big renewable push
Juniper Green describes itself as one of the top 10 renewable independent power producers in India by total capacity. As of 31 May 2025, its total portfolio had reached 7,898.45 MW across 48 projects. The company began with a single 100 MW solar project in 2020. That jump in five years says something about its execution appetite.
Additionally, between April 2021 and December 2024, the company ranked second in the country for capacity won in Wind-Solar Hybrid and Firm and Dispatchable Renewable Energy tenders. More importantly, it converted every single tender won into an actual project. Many developers fail at the conversion stage, even though the public sees only the headline bidding numbers.
Another point the company stresses is its low receivable cycle. It has reported the shortest receivable days among listed peers for FY22, FY23, FY24 and the nine months ended 31 December 2024. In the power sector, slow payments can choke even the strongest balance sheet. Faster collection gives it breathing room.
4. Juniper Green IPO: Financials in focus
The consolidated net profit was Rs 7.82 crore for the nine months ending December 2024 and Rs 40.06 crore for FY24. FY23 had shown a net loss of Rs 12.05 crore, driven mainly by heavy depreciation and finance costs. Without depreciation, the underlying operations were still profitable.
Revenue stood at Rs 424.4 crore in FY24, up from Rs 362.5 crore in FY23. The company’s debt burden remained large at Rs 2,671.70 crore in FY24, which explains why the IPO proceeds are aimed squarely at repayment.
One figure that stands out is the EBITDA margin. It was above 85% in FY24 and in the nine-month period ending December 2024. Renewable plants typically operate at high margins once built, but these numbers suggest efficient cost handling.
5. Juniper Green IPO: Dependent on a few customers remains the biggest risk
The prospectus does not hide the fact that two off-takers account for almost all its revenue. They contributed 94.69% of revenue in the nine months ending December 2024 and 97% in FY24. That level of dependence is severe. If either counterparty delays payments or fails to meet obligations, the company may face direct strain on cash flow, results and overall stability.
6. Juniper Green IPO: Strong promoter backing and a manageable leverage profile
The corporate promoter, Juniper Renewable Holdings, owns 100% of the pre-issue equity and has provided a standby letter of credit worth $40 million, which was roughly Rs 341.91 crore as of 31 May 2025.
The net-debt-to-equity ratio stood at 0.78 as of 31 December 2024. Additional promoters include AT Holdings and members of the Tiku family, forming a structure focused on long-term control rather than short-term monetisation.