AHMEDABAD, THURSDAY, JULY 30, 2026 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XXI 52, 46 PAGES, `12.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY OUTSIDE INDIA. INITIAL PUBLIC OFFERING OF EQUITY SHARES ON THE MAIN BOARD OF THE BSE LIMITED (“BSE”) AND NATIONAL STOCK EXCHANGE OF INDIA LIMITED (“NSE”, AND TOGETHER WITH BSE, THE “STOCK EXCHANGES”) IN COMPLIANCE WITH CHAPTER II OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018, AS AMENDED (“SEBI ICDR REGULATIONS”) JUNIPERLISTED ON THE MAIN BOARD OF BSE AND NSE) GREEN ENERGY LIMITED (TO BE (Please scan this QR Code to view the Red Herring Prospectus and Abridged Prospectus) Our Company was originally incorporated as “AT Capital Advisory India Private Limited” as a private limited company under the provisions of the Companies Act, 1956, pursuant to a certificate of incorporation dated December 5, 2011, issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana at New Delhi. Subsequently, the name of our Company changed to “Juniper Green Energy Private Limited”, pursuant to a board resolution dated November 22, 2018 and a shareholders’ resolution dated November 28, 2018 to reflect a shift in our focus towards streamlining of our business and a fresh certificate of incorporation was issued by the Registrar of Companies, Delhi and Haryana at New Delhi on December 8, 2018. Upon the conversion of our Company from a private limited company to a public limited company, pursuant to a Board resolution dated May 13, 2025 and a special resolution passed by our Shareholders in the extra-ordinary general meeting dated May 22, 2025, the name of our Company was changed to “Juniper Green Energy Limited”, and a fresh certificate of incorporation dated May 26, 2025 was issued by the Registrar of Companies, Central Processing Centre. For details in relation to the changes in the registered office of our Company, see “History and Certain Corporate Matters - Changes in the registered office of our Company” on page 396 of the Red Herring Prospectus dated July 23, 2026 (“RHP”). Corporate Identity Number: U40100DL2011PLC228318 Registered Office: 1103A & 1103B, 11th Floor, Hemkunt Chamber, 89, Nehru Place, New Delhi 110 019, Delhi, India; Corporate Office: 3rd and 4th Floor, Building 4, Candor TechSpace, Sector 48, Gurugram 122 001, Haryana, India Contact Person: Prashant Pandia, Company Secretary and Compliance Officer; Tel: +91 124 473 9600; E-mail: investors@junipergreenenergy.com; Website: www.junipergreenenergy.com OUR PROMOTERS: ARVIND TIKU, HEMANT TIKOO, NIHARIKA TIKU, AT HOLDINGS PTE. LTD. AND JUNIPER RENEWABLE HOLDINGS PTE. LTD. INITIAL PUBLIC OFFER OF [●] EQUITY SHARES OF FACE VALUE OF `10 EACH (“EQUITY SHARES”) OF JUNIPER GREEN ENERGY LIMITED (“COMPANY”) FOR CASH AT A PRICE OF `[●] PER EQUITY SHARE OF FACE VALUE OF `10 EACH (INCLUDING A SECURITIES PREMIUM OF `[●] PER EQUITY SHARE) (“ISSUE PRICE”) AGGREGATING UP TO `18,000.00 MILLION (“FRESH ISSUE” OR THE “ISSUE”). THE ISSUE SHALL CONSTITUTE [●]% OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. THE ISSUE INCLUDES A RESERVATION OF [●] EQUITY SHARES OF FACE VALUE OF `10 EACH, AGGREGATING UP TO `20.00 MILLION (CONSTITUTING UP TO [●]% OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL), FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (“EMPLOYEE RESERVATION PORTION”). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION IS HEREINAFTER REFERRED TO AS THE “NET ISSUE”. THE ISSUE AND THE NET ISSUE SHALL CONSTITUTE [●]% AND [●]% OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY, RESPECTIVELY. PRICE BAND: `214 TO `225 PER EQUITY SHARE OF FACE VALUE OF `10 EACH. THE FLOOR PRICE IS 21.4 TIMES OF THE FACE VALUE OF THE EQUITY SHARES AND THE CAP PRICE IS 22.5 TIMES OF THE FACE VALUE OF THE EQUITY SHARES. BIDS CAN BE MADE FOR A MINIMUM OF 66 EQUITY SHARES OF FACE VALUE OF `10 EACH AND IN MULTIPLES OF 66 EQUITY SHARES OF FACE VALUE OF `10 EACH THEREAFTER. A DISCOUNT OF `21 PER EQUITY SHARE IS BEING OFFERED TO ELIGIBLE EMPLOYEES BIDDING IN THE EMPLOYEE RESERVATION PORTION. THE PRICE TO EARNINGS RATIO (P/E) BASED ON DILUTED EPS FOR FISCAL 2026 FOR THE COMPANY AT THE UPPER END OF THE PRICE BAND IS AS HIGH AS 271.08 TIMES AND AT THE LOWER END OF THE PRICE BAND IS 257.83 TIMES THE AVERAGE INDUSTRY PEER GROUP P/E RATIO IS 93.67 TIMES FOR FISCAL 2026. WEIGHTED AVERAGE RETURN ON NET WORTH FOR LAST THREE FINANCIAL YEARS IS 1.34%. The details of the fresh Issue and post issue market capitalization of our Company, each at the Floor Price and the Cap Price, are given below: At Floor Price of `214 per equity share At Cap Price of `225 per equity share Particulars Up to No. of Equity Shares of face value of `10 each Up to Amount (` in million) Up to No. of Equity Shares of face value of `10 each Up to Amount (` in million) Fresh Issue 84,122,317 18,000.00* 80,009,150 18,000.00* Total Issue Size 84,122,317 18,000.00* 80,009,150 18,000.00* Post-Issue market capitalization of the Company 573,111,609 122,645.88 568,998,442 128,024.65 *The Issue includes the Employee Reservation Portion and a discount of `21 per Equity Share is being offered to Eligible Employees in the Employee Reservation Portion. BID/ISSUE OPENS TODAY BID/ISSUE PERIOD BID/ISSUE CLOSES ON: MONDAY, AUGUST 3, 2026* *UPI mandate end time and date shall be at 5:00 PM on Bid/Issue Closing Date. WE ARE AMONG THE TOP 10 LARGEST RENEWABLE INDEPENDENT POWER PRODUCER (“IPPS”) IN INDIA IN TERMS OF TOTAL CAPACITY AS AT MARCH 31, 2026, WHERE TOTAL CAPACITY INCLUDES OPERATIONAL, UNDER CONSTRUCTION CONTRACTED AND AWARDED PROJECTS. (SOURCE: CRISIL REPORT) THE ISSUE IS BEING MADE THROUGH THE BOOK BUILDING PROCESS IN ACCORDANCE WITH REGULATION 6(1) OF THE SEBI ICDR REGULATIONS. THE EQUITY SHARES OF OUR COMPANY WILL GET LISTED ON THE MAIN BOARD OF THE STOCK EXCHANGES. NSE SHALL BE THE DESIGNATED STOCK EXCHANGE. QIB PORTION: NOT MORE THAN 50% OF THE NET ISSUE | NON-INSTITUTIONAL PORTION: NOT LESS THAN 15% OF THE NET ISSUE | RETAIL PORTION: NOT LESS THAN 35% OF THE NET ISSUE. EMPLOYEE RESERVATION PORTION: [●] EQUITY SHARES OF FACE VALUE OF `10 EACH, AGGREGATING UP TO `20.00 MILLION. IN MAKING AN INVESTMENT DECISION, POTENTIAL INVESTORS MUST ONLY RELY ON THE INFORMATION INCLUDED IN THE RED HERRING PROSPECTUS AND THE TERMS OF THE ISSUE, INCLUDING THE RISKS INVOLVED AND NOT RELY ON ANY OTHER EXTERNAL SOURCES OF INFORMATION ABOUT THE ISSUE AVAILABLE IN ANY MANNER. IN RELATION TO PRICE BAND, POTENTIAL INVESTORS SHOULD ONLY REFER TO THIS PRICE BAND ADVERTISEMENT FOR THE ISSUE AND SHOULD NOT RELY ON ANY MEDIA ARTICLES/REPORTS IN RELATION TO THE VALUATION OF OUR COMPANY AS THESE ARE NOT ENDORSED, PUBLISHED OR CONFIRMED EITHER BY THE COMPANY OR THE BOOK RUNNING LEAD MANAGERS (“BRLMs”). In accordance with the recommendation of committee of Independent Directors of our Company, pursuant to the resolution dated July 24, 2026, the above provided price band is justified based on quantitative factors/KPIs disclosed in the “Basis for Issue Price” section on page 185 of the RHP vis-a-vis the weighted average cost of acquisition (“WACA”) of primary and secondary transaction(s) as applicable, disclosed in the “Basis for Issue Price” on page 185 of the RHP. RISK TO INVESTORS (For details, refer to the “Risk Factors” section on page 25 of the RHP.) 1. Reliance on certain off-takers risk: A significant portion of our revenue from operations is derived from the sale of electricity generated at our projects and our top two off-takers collectively contributed 86.06%, 91.11% and 97.00% of our revenue from operations for Fiscals 2026, 2025 and 2024, respectively. The loss of any such key commercial relationships could adversely affect our business, results of operations, financial condition and cash flows. Particulars Fiscal 2026 2025 2024 Percentage of Percentage of Percentage of Amount Amount Amount revenue from revenue from revenue from (` million) (` million) (` million) operations (%) operations (%) operations (%) Revenue generated from our off-taker 2,865.17 39.85 2,426.91 47.71 2,009.51 51.32 - GUVNL Revenue generated from our off-taker 3,321.85 46.21 2,207.73 43.40 1,788.70 45.68 – MSEDCL Total 6,187.02 86.06 4,634.64 91.11 3,798.21 97.00 2. High dependence on suppliers risk: Our business is dependent on suppliers for the procurement of critical components, equipment, material and other goods for the operation of our projects as well as for other business operations. Our top 10 suppliers collectively contributed to 84.42%, 79.99% and 87.52% of our total purchases for Fiscals 2026, 2025 and 2024, respectively. Interruptions in the supply of our critical components and other goods could adversely affect our business operations, financial position and cash flow. 3. Encumbrance of Equity Shares risk: Juniper Renewable Holdings Pte. Ltd. (“Juniper Renewable”), one of our Corporate Promoters, had pledged 7,194,462 Equity Shares (1.46% of total pre-Issue share capital on a fully diluted basis) in favour of IREDA as security for a loan availed by our Company. Additionally, post-listing, we are required to create a further pledge over certain Equity Shares in favour of IREDA as security in relation to one of our project financing arrangements. Any default under these pledge arrangements will entitle IREDA to enforce the pledge, which could dilute the shareholding of our Corporate Promoter and may adversely affect our business, results of operations, cash flows and prospects. 4. Geographical concentration risk: Our renewable energy projects are located in the states of Gujarat, Maharashtra, Rajasthan and Madhya Pradesh. Our operations are susceptible to local and regional factors including adverse changes in government policies, political factors, economic conditions, weather conditions, natural disasters, the outbreak of infectious diseases and other unforeseen events and circumstances affecting these states. Any such events may disrupt our projects, adversely impact our ability to meet contractual obligations, and materially affect our operations, cash flows, financial condition and results of operations. 5. Land acquisition risk: Our development of renewable energy projects may be restrained by our inability to identify or acquire suitable land sites. If we are unable to identify suitable land on commercially acceptable terms, our ability to develop new renewable energy projects on a timely basis or at all might be affected, which could result in the imposition of liquidated damages and/or reductions in tariffs which could adversely affect our business, financial condition, cash flows and results of operations. 6. Dependence on environmental conditions risk: Our revenue is a direct function of the electricity we generate, which is significantly influenced by environmental conditions, irradiation and wind speed. Electricity output may decrease under adverse conditions including cloudy weather, sandstorms, heavy rainfall, solar eclipses and environmental pollution. The seasonal nature of our energy production can place additional demands on our working capital reserves, particularly during periods of reduced cash flow from operations. Any adverse change in environmental conditions may materially impact our business, financial condition, cash flows and results of operations. 7. Related party transactions risk: In the ordinary course of our business, we have in the past entered into, and may continue to enter into, related party transactions. While all such transactions have been conducted on an arm’s length basis in accordance with the Companies Act, relevant Accounting Standards and applicable regulations, we cannot assure you that we might not have achieved more favourable terms had such transactions not been entered into with related parties. The arithmetic aggregated absolute total of all related party transactions (excluding capital related transactions) amounted to `89.26 million (1.24% of revenue from operations) for Fiscal 2026, `56.99 million (1.13% of revenue from operations) for Fiscal 2025 and `60.59 million (1.54% of revenue from operations) for Fiscal 2024. There can be no assurance that such transactions, individually or in the aggregate, may not involve potential conflicts of interest which could have an adverse effect on our business, results of operations, cash flows and financial condition. 8. Change of regulatory policies and economic incentives risk: Our business depends on a supportive policy and regulatory framework, including government incentives, renewable purchase obligations and favourable auction structures. Any reduction, modification or cancellation of such incentives or policy support could adversely impact the viability and profitability of our projects. We are also required to maintain numerous approvals, licences, registrations and permits, and any failure to obtain, renew or maintain these could interrupt our operations. Non-compliance with applicable environmental, health and safety laws could result in fines, curtailment of operations or criminal sanctions, and any changes in laws or regulations may require significant additional compliance expenditure, any of which could adversely affect our business, cash flows, financial condition and results of operations. 9. Lease termination and non-renewal risk: We do not own a majority of the land on which our projects are located or will be located, and our Registered Office and Corporate Office are held on lease from third parties. If these leases or sub-leases are terminated or not renewed on terms acceptable to us, it could adversely affect our business, results of operations and cash flows. 10. Utilization of a portion of Net Proceeds for repayment of loan facilities from an affiliate of a Book Running Lead Manager: A portion of our Net Proceeds may be used to repay or pre-pay certain loan facilities availed from The Hongkong and Shanghai Banking Corporation Limited. While HSBC Securities and Capital Markets (India) Private Limited is one of our Book Running Lead Managers and The Hongkong and Shanghai Banking Corporation Limited is an affiliate of our Book Running Lead Managers, these loans were sanctioned in the ordinary course of business and are not considered a conflict under applicable SEBI Regulations. The Board has chosen the loans and facilities to be repaid/prepaid based on commercial considerations. However, the use of Net Proceeds for repayment of such loans may still be perceived as a potential conflict of interest. 11. The price to earnings ratio based on diluted EPS for Financial Year 2026 is 257.83 and 271.08 times at the lower and upper end of the Price Band respectively. 12. The weighted average return on net-worth for Fiscals 2026, 2025 and 2024 is 1.34%. 13. Set forth below are details of the price at which specified securities were acquired in the last three years preceding the date of the Red Herring Prospectus by each of our Promoters, Promoter Group and shareholders entitled with the right to nominate directors or any other rights: Acquisition price per specified shares (in `)* Number of specified securities Nature of the transaction Name of acquirer/shareholder Promoter(3) Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Juniper Renewable Holdings Pte. Ltd. Nature of specified securities Face value (in `) Date of acquisition Rights issue Rights issue Rights issue Rights issue Rights issue Rights issue Rights issue Preferential allotment Preferential allotment Rights issue Conversion of CCDs(2) Rights issue Bonus issue in the ratio of 10 Equity Shares for every 1 Equity Share held Equity shares Equity shares Equity shares Equity shares Equity shares Equity shares Equity shares 10 10 10 10 10 10 10 August 22, 2023 September 22, 2023 December 20, 2023 January 15, 2024 January 25, 2024 April 9, 2024 April 26, 2024 3,703,267 1,396,200 2,621,094 898,660 2,246,652 2,225,816 2,723,924 594.07 594.07 667.66 667.66 667.66 673.91 844.37 CCDs 1 100 July 30, 2024 40,000,000 100 CCDs 2 100 September 10, 2024 16,350,000 100 Equity shares 10 December 20, 2024 3,907,359 974.52 Equity shares 10 December 20, 2024 5,782,333 974.52(1) Equity shares 10 March 13, 2025 3,910,500 1,163.84 Equity Shares 10 March 26, 2025 444,535,720 NA *As certified by ARAJ & Associates LLP, Chartered Accountants, bearing firm registration number 023981N/N500116, by way of their certificate dated July 24, 2026. (1) Consideration for such Equity Shares (issued pursuant to conversion of CCDs) was paid at the time of issuance of such CCDs, which were acquired at a price of `100 per CCD in two tranches (the date of allotment of CCDs 1 and CCDs 2 was July 30, 2024 and September 10, 2024, respectively). (2) Pursuant to a resolution dated July 24, 2024 and July 30, 2024 approved by our Shareholders and Board, respectively, 40,000,000 compulsorily convertible debentures (“CCDs 1”) were allotted to Juniper Renewable Holdings Pte. Ltd. Thereafter, pursuant to a resolution dated July 24, 2024 and September 10, 2024 approved by our Shareholders and Board, respectively, 16,350,000 compulsorily convertible debentures (“CCDs 2”, together with CCDs 1, “CCDs”) were allotted to Juniper Renewable Holdings Pte. Ltd. Subsequently, pursuant to a resolution dated December 20, 2024 approved by our Board, all 56,350,000 CCDs were converted into 5,782,333 equity shares and allotted to Juniper Renewable Holdings Pte. Ltd. on December 20, 2024. Accordingly, as on the date of the Red Herring Prospectus, there are no outstanding CCDs. (3) Also a shareholder with nomination right. For further details, see section titled “History and Certain Corporate Matters – Details of the Shareholders’ Agreement and other material agreements” on page 409 of the RHP. 14. Weighted average cost of acquisition of all Equity Shares transacted during the last one year, 18 months and three years from the date of the Red Herring Prospectus: Period One year preceding the date of the Red Herring Prospectus 18 months preceding the date of the Red Herring Prospectus Three years preceding the date of the Red Herring Prospectus Number of Equity Weighted Cap Price is ‘x’ times Range of acquisition Shares transacted of average cost of the weighted average price: lowest price – face value of `10 each acquisition (in `)# cost of acquisition highest price (in `)# N.A. N.A. N.A. N.A. 448,446,220 10.15 22.17 Nil – 1,163.84 473,951,525 52.06 4.32 Nil – 1,163.84 As certified by ARAJ & Associates LLP, Chartered Accountants, bearing firm registration number 023981N/N500116, by way of their certificate dated July 24, 2026. # ....continued on next page... Ahmedabad