Mumbai, July 1, 2025 – In a major boost to India’s sustainable infrastructure push, three environmentally focused companies – German Green Steel & Power, Silverton Industries, and Juniper Green Energy – filed draft papers with SEBI for IPOs collectively worth ₹3,750 crore. The moves signal rising investor appetite for green industrial assets amid India’s net-zero 2070 ambitions.
1. German Green Steel & Power: ₹450 Crore IPO
Structure:
Fresh Issue: ₹450 croreOFS: 20 lakh shares (Promoters: Inamulhaq & Abdulhaq Iraki)
Book Runners: Systematix Capital, Emkay Global
Key Objectives:
₹325 crore for Gujarat facility expansion (1.2 MTPA green steel capacity)
₹55 crore for debt repayment
Hybrid wind-solar plant to cut carbon emissions by 40%
Market Context:
India’s steel sector contributes 12% of CO₂ emissions. German Green’s patented hydrogen-based direct reduction technology positions it to capture 15% of the ₹15,000 crore low-carbon steel market by 2030 (TERI estimates).
2. Silverton Industries: ₹300 Crore + OFS
Structure:
Fresh Issue: ₹300 croreOFS: 3.22 crore shares (Jain Family Promoters)
Book Runner: Pantomath Capital
Green Investments:
₹129 crore for 14 MW waste-to-energy plant (processing 500 TPD municipal waste)
Supplies sustainable packaging to Amazon, Flipkart, and Reliance Retail. 34% revenue growth in FY24 driven by e-commerce boom.
3. Juniper Green Energy: ₹3,000 Crore Pure Fresh Issue
Structure:
Fresh Issue: ₹3,000 crore (No OFS)
Book Runners: ICICI Sec, HSBC, Kotak, JM Financial
Capital Allocation:
₹1,092 crore debt repayment
₹1,157 crore infusion into 6 SPVs for:
1.2 GW solar-wind hybrid projects (Rajasthan, Gujarat)
Battery storage pilot (50 MWh capacity)
Pipeline: 2.5 GW under development
Aims 4x capacity expansion by 2027
The Green IPO Surge: Sectoral Analysis
Policy Tailwinds:
National Green Hydrogen Mission (₹19,744 crore outlay)
PLI for solar modules (₹24,000 crore)
SEBI’s BRSR Core mandating ESG disclosures
Investor Shift:
ESG funds’ AUM surged to ₹1.5 lakh crore in India (up 78% YoY).
Valuation Premium:
| Company | EV/Sales (Pre-IPO) | Industry Avg. |
|---|---|---|
| German Green Steel | 9.2x | 6.8x |
| Juniper Green | 12.5x | 9.1x |
| Source: Prime Database |
Use of Proceeds: Comparative Impact
| Sector | Capex Focus | Emission Reduction Target |
|---|---|---|
| Green Steel (GGSP) | Hydrogen-DRI plants | 2.1 million tons CO₂/yr |
| Waste Energy (SI) | Circular economy tech | 280,000 tons landfill waste/yr |
| Renewables (JGE) | Hybrid projects + storage | 3.8 million tons CO₂/yr |
Risks & Challenges
Execution Risk:
German Green’s tech untested at scale
Green steel certification delays
Tata Steel’s ₹6,000 crore green R&D
Broker Views & Market Outlook
Nuvama Research:
*“Juniper’s ₹3,000 crore IPO could value it at ₹18,000 crore post-listing (12x EV/EBITDA). Attractive vs Adani Green’s 28x.”*
Motilal Oswal:
*“German Green’s IPO pricing at ₹220-230/share offers 25% upside given carbon credit monetization potential.”*
Macquarie Caution:
*“Silverton’s 34x P/E demands perfect execution. Packaging margins face squeeze from input costs.”*
IPO Calendar & Investor Action
| Event | Timeline |
|---|---|
| SEBI Approval | August-September 2025 |
| Anchor Book Opening | October 2025 |
| Retail Subscription | November 2025 |
| Listing | December 2025 |
Key Investor Groups:
Anchor Interest: Sovereign funds (Norway’s NBIM, Singapore’s GIC)Macro Impact & Industry Ripple Effects
Employment: 38,000+ green jobs created across the three companies
Import Reduction:
German Green to cut coking coal imports by ₹800 crore/year
Juniper’s projects offset 1.2 million tons LNG imports
“These IPOs represent Phase 2 of India’s energy transition – moving beyond power generation to decarbonize industry and waste.”
- Dr. Ajay Mathur, Director, International Solar Alliance
Disclaimer: IPOs are subject to market risks. SEBI approval pending. This is not an investment recommendation. Consult SEBI-registered advisors before investing.