Independent renewable energy producer Juniper Green Energy has filed its draft red herring prospectus (DRHP) to raise over ₹30 billion (~$349 million) through an initial public offering (IPO) with market regulator Securities and Exchange Board of India (SEBI).

The IPO will consist of a fresh issue of equity shares with a face value of ₹10 (~$0.12) each with no offer-for-sale component.

The company plans to utilize the funds towards the repayment of its debt, amounting to ₹ 10.92 billion (~$127 million), and ₹11.57 billion (~$135 million) for its subsidiaries.

The subsidiaries for repayment include Juniper Green Gamma One and Three, Juniper Green Field, Juniper Green Beam, Juniper Green Kite, and Juniper Green Ray Two.

The book-running lead managers will be ICICI Securities, HSBC Securities and Capital Markets (India), JM Financial, and Kotak Mahindra Capital Company.

As of May 31, 2025, Juniper’s wind portfolio comprises five wind projects with a total capacity of 382.15 MW spread across Gujarat. It has an operational wind capacity of 69.30 MW.

The company’s solar portfolio includes 16 solar projects with a total capacity of 1,350.38 MW across three states in India.

In April, Juniper Green, along with KPI Green, JGRJ Four Renewable (Jakson Green), and Inox Neo Energies (Inox Clean Energy) won Gujarat Urja Vikas Nigam’s auction (Phase IX) to set up 250 MW grid-connected wind power projects with a greenshoe option of 250 MW in Gujarat.

Juniper Green won 50 MW at a tariff of ₹3.65 (~$0.0427)/kWh.

This year, at least two other renewable energy companies have sought to raise public funds through IPOs.

In April, Prozeal Green Energy filed its DRHP for its ₹7 billion (~$81.81 million) IPO. Rayzon Solar filed draft IPO papers to raise ₹15 billion (~$175 million). The company will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat.

Electric two-wheeler company Ather Energy’s ₹31 billion (~$363.92 million) IPO was oversubscribed 1.43 times at the end of the bidding window on April 30, 2025.