Juniper IPO: Retail Lags as QIBs Drive Subscription

The Juniper Green Energy IPO, aiming to raise Rs 1,800 crore, is concluding its three-day bidding period today, August 3. As of the final day, the IPO has seen a 0.49x subscription rate, with bids for 2,75,91,432 shares against the 5,60,35,817 shares on offer.

Qualified Institutional Buyers (QIBs) have demonstrated significant interest, subscribing 1.25 times their allocated portion. In contrast, the retail and Non-Institutional Investor (NII) categories have recorded lower subscription rates of 0.23x and 0.09x, respectively.

Prior to the public offering, Juniper Green Energy successfully garnered Rs 539.4 crore from anchor investors, including prominent names like Abu Dhabi Investment Authority and Nippon India Mutual Fund. These anchor investors subscribed to 2.4 crore equity shares at Rs 225 per share, the upper limit of the price band.

Brokerage firms have largely issued 'Subscribe' recommendations, citing the company's robust renewable energy pipeline and improving financials. SBI Securities highlighted Juniper Green Energy's strong presence in hybrid and dispatchable renewable energy projects, anticipating future growth driven by project commissioning and expansion in energy storage. Ventura also recommended a 'Subscribe' rating, noting the company's diversified portfolio and long-term power purchase agreements, while also cautioning about risks like high leverage and dependence on timely project execution.