The initial public offering of Juniper Green Energy Ltd has been launched for public subscription. We will open the Mainboard public issue to investors for three days and close August 3. We will have a price range between Rs 214 and Rs 225 for this major sale in the renewable energy industry. After the bidding period is completed, successful equity shares of the company will be listed on the Bombay Stock Exchange and the National Stock Exchange.
Prior to launching its public issue, Juniper Green Energy successfully drew Rs 539.4 crore from an anchor investor round. The anchor book attracted a large number of domestic mutual funds, insurance companies, foreign investors, and foreign institutional investors from diverse domestic mutual funds, insurance companies, sovereign wealth funds, and other institutions in the anchor round. A total of 2.4 crore equity shares were allocated to 31 funds at the best price range of Rs 225 each at the highest price. Some of the anchor round investors were the 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.
Price band, lot size, and grey market sentiment. The price band for retail participants is set between Rs 214 and Rs 225 for equity shares, with a market lot size of 66 shares. Retail investors are required to invest a minimum of Rs 14,850 on top of this, based on the price band. Furthermore, the issue has reserved 50 percent of the net offer for Qualified Institutional Buyers, 15 percent for Non-Institutional Investors, and 35 percent for retail investors, with a specific share discount given to eligible employees.
In the unofficial grey market, unlisted shares of the company are fetching a grey market premium of around Rs 17 per share. With the upper price ceiling of Rs 225, the current trend of the grey market suggests a listing price of Rs 242 per share, which implies a listing gain of about 7.56 percent. Market analysts often emphasize that the grey market is entirely unofficial and very fluid.
Brokerage Views and Long-term Outlook. Top market brokers are positive about Juniper Green Energy’s long-term prospects, its strong renewable energy pipeline, good project development capabilities, and strong financial prospects. SBI Securities has a 'Subscribe' rating for long-term investors, and the company has a high presence in wind-solar hybrid and firm and dispatchable renewable energy projects. Ventura Securities also recommended a 'Subscribe' rating and said that the company’s diverse portfolio in solar, wind, hybrid, and battery energy storage systems supports a solid growth trajectory and that the company is exposed to sector risks such as leverage and policy changes.
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