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Juniper Green Energy has raised INR 539.4 crore from 31 anchor investors ahead of the launch of its INR 1,800 crore initial public offering (IPO), which is scheduled to open for public subscription on Thursday. The anchor book saw strong participation from domestic mutual funds, insurance companies, sovereign wealth funds and foreign investors, with domestic mutual funds accounting for nearly 75% of the allocation. The company plans to use the IPO proceeds mainly for debt repayment, funding its subsidiaries and meeting general corporate requirements as it continues to expand its renewable energy portfolio across India.
Juniper Green Energy has raised INR 539.4 crore from anchor investors ahead of its INR 1,800 crore initial public offering (IPO), which is set to open for public subscription on Thursday. The fundraising reflects strong interest from institutional investors as the renewable energy developer prepares to enter the capital market.
According to a circular issued by BSE, the company allotted 2.4 crore equity shares to 31 anchor investors at INR 225 per share, which is the upper end of the IPO price band.
The anchor investor portion witnessed participation from a diverse set of investors, including domestic mutual funds, insurance companies, sovereign wealth funds and foreign institutional investors. Some of the prominent investors include Abu Dhabi Investment Authority, Nippon India Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, WhiteOak Capital, Bajaj Life Insurance, Tata AIG General Insurance Company and HDFC Life Insurance Company.
Domestic mutual funds accounted for the largest share of the anchor allocation, receiving 1.79 crore equity shares, representing 74.79% of the anchor portion. The allocation was made across 24 schemes managed by nine mutual fund houses.
The IPO has been priced in the range of INR 214 to INR 225 per equity share and will remain open for subscription until August 3. The public issue consists entirely of a fresh issue of equity shares, with no offer-for-sale component.
The company plans to utilise INR 683.24 crore from the issue proceeds to repay or prepay a part of its existing borrowings. Another INR 728.69 crore will be invested in its subsidiaries Juniper Green Gamma One, Juniper Green Kite and Juniper Green Power Five to enable them to repay or prepay their outstanding debt. The remaining funds will be used for general corporate purposes.
Headquartered in Gurugram, Juniper Green Energy develops, constructs and operates utility-scale solar, wind, hybrid and battery energy storage projects across India. The company has built an integrated business model covering project development, engineering, procurement, construction and operations, allowing it to manage renewable energy projects across their lifecycle.
Backed by Singapore-based AT Capital Group, Juniper Green Energy has steadily expanded its renewable energy portfolio over the past few years. The company has commissioned India's first merchant 100 MWh Battery Energy Storage System (BESS) project in Rajasthan and has also begun phased commissioning of an integrated Firm and Dispatchable Renewable Energy (FDRE) project that combines solar, wind and battery energy storage to provide reliable renewable power.
India's renewable energy sector has continued to attract strong investor interest amid the country's push to expand clean energy capacity and achieve its long-term energy transition goals. Companies operating in solar, wind and energy storage have increasingly tapped the capital markets to fund capacity expansion and strengthen their balance sheets.
The equity shares of Juniper Green Energy are proposed to be listed on BSE and NSE on August 6, subject to the successful completion of the IPO process.
Source PTI
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