Ahead of IPO, Juniper Green Energy Collects Over Rs 539 Cr From Anchor Investors

New Delhi: Juniper Green Energy has mobilised Rs 539.4 crore from anchor investors, including Abu Dhabi Investment Authority and Nippon India Mutual Fund, ahead of its Rs 1,800-crore initial public offering, which will open for subscription on Thursday.

According to a circular uploaded on the BSE website on Wednesday, the company allotted 2.4 crore equity shares to 31 funds at Rs 225 apiece, the upper end of the price band.

The anchor book saw participation from a mix of domestic mutual funds, insurance companies, sovereign wealth funds and foreign investors.

Among the key anchor investors were 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 bulk of the anchor allocation, receiving 1.79 crore equity shares, or 74.79 per cent of the anchor portion, through 24 schemes across nine fund houses.

The IPO, with a price band of 214-225 per equity share, will conclude on August 3.

The Rs 1,800-crore IPO comprises an entirely fresh issue of equity shares.

Of the IPO proceeds, the company will use Rs 683.24 crore to repay or prepay some of its borrowings. It will also invest Rs 728.69 crore in its subsidiaries, Juniper Green Gamma One, Juniper Green Kite, and Juniper Green Power Five, to help them repay or prepay their outstanding loans.

The remaining funds will be used for general corporate purposes.

Juniper Green Energy develops, builds and operates utility-scale solar, wind, hybrid and battery energy storage projects across India.

Backed by Singapore-based AT Capital Group, the company has been expanding its renewable energy portfolio, including commissioning India’s first merchant 100 MWh Battery Energy Storage System (BESS) project in Rajasthan and beginning phased commissioning of an integrated Firm and Dispatchable Renewable Energy (FDRE) project combining solar, wind and battery storage.

The Gurugram-based company has an integrated platform spanning project development, engineering, procurement, construction and operations, and is focused on expanding its presence in renewable energy and energy storage solutions.

The company’s shares are proposed to be listed on the BSE and NSE on August 6.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)