MV Electrosystems, Juniper Green Energy shares to list tomorrow. Here's what GMP signals ahead of debut

Two mainboard IPOs, MV Electrosystems and Juniper Green Energy shares are set to make their stock market debut on the BSE and NSE on August 6. While both issues attracted investor interest during the subscription period, grey market trends indicate contrasting listing expectations.

MV Electrosystems continues to command a strong Grey Market Premium (GMP), reflecting expectations of a robust listing, whereas Juniper Green Energy is trading at a modest premium, pointing to limited upside on debut.

MV Electrosystems IPO: GMP hints at nearly 24% listing gain


MV Electrosystems shares are scheduled to debut on the stock exchanges on August 6. Ahead of the listing, the IPO is commanding a Grey Market Premium (GMP) of around Rs 102 per share, indicating a potential listing gain of nearly 24% over its issue price of Rs 425. However, investors should note that GMP is an unofficial market indicator and can change before listing.

The IPO, which was open for subscription between July 30 and August 3, received an overwhelming response from investors, with the issue being subscribed 188.85 times overall. The Non-Institutional Investor (NII) category led the demand with a subscription of 374.58 times, followed by the Retail Individual Investor (RII) portion at 205.42 times. The Qualified Institutional Buyer (QIB) segment was subscribed 90.47 times.

The Rs 290 crore IPO consisted entirely of a fresh issue of 0.68 crore equity shares priced at Rs 425 per share. Sundae Capital Advisors acted as the book-running lead manager, while KFin Technologies served as the registrar.

The company plans to utilise Rs 180 crore from the IPO proceeds to meet long-term working capital requirements and Rs 21 crore towards research and development of new power electronic equipment. The remaining funds will be used for general corporate purposes.

About the company

Founded in 2009, MV Electrosystems designs, develops, assembles and manufactures electrical and power electronic equipment primarily for railway rolling stock applications. Its product portfolio includes IGBT-based three-phase drive propulsion systems for electric locomotives, switchgear panels for railway coaches and EMUs, cable protection and management solutions, and a range of electrical systems and sub-systems.

What analysts say

According to Swastika Research, the company's FY26 financial performance weakened, with revenue declining nearly 21% year-on-year. MV Electrosystems also reported a net loss of Rs 12.6 crore, raising concerns over profitability.

The brokerage has advised investors to monitor related-party transactions and promoter loans closely. Given the company's loss-making status, conventional valuation metrics such as the price-to-earnings (P/E) ratio may not offer meaningful insights. Risk-averse investors may prefer to wait for greater operational consistency over the coming quarters before taking exposure.

Juniper Green Energy IPO: Modest GMP points to limited listing upside

Juniper Green Energy shares will also make their stock market debut on August 6. Ahead of the listing, the IPO is trading at a Grey Market Premium (GMP) of around Rs 15 per share, implying a potential listing gain of nearly 7% over the upper price band of Rs 225.

The IPO witnessed healthy demand during the subscription period, primarily driven by institutional investors. Overall, the issue was subscribed 7.97 times. The QIB portion was subscribed 24.94 times, while the NII category was subscribed 1.82 times. The Retail Individual Investor (RII) segment was subscribed 93%.

The Rs 1,800 crore IPO comprised an entirely fresh issue of 8 crore equity shares, with a price band of Rs 214-225 per share. ICICI Securities was the book-running lead manager, while KFin Technologies acted as the registrar.

Juniper Green Energy plans to use the bulk of the IPO proceeds to reduce debt and strengthen its balance sheet. The company will utilise Rs 683.24 crore to repay or prepay certain borrowings, while Rs 728.69 crore will be infused into its material subsidiaries to help them repay outstanding loans. The remaining proceeds will be used for general corporate purposes.

In total, nearly Rs 1,411.92 crore will be directed towards debt reduction, which is expected to lower financing costs, improve leverage and strengthen the company's financial position.

About the company

Established in 2011, Juniper Green Energy is among India's leading renewable energy independent power producers (IPPs). The company develops, builds, owns, operates and maintains utility-scale renewable energy projects across solar, wind, hybrid and Firm & Dispatchable Renewable Energy (FDRE) segments, supported by Battery Energy Storage Systems (BESS).

Its revenues are backed by long-term power purchase agreements (PPAs) with central and state government-backed entities, providing stable and predictable cash flows. As of June 30, 2026, the company had a diversified renewable energy portfolio of 7,910.20 MW (10,247.06 MWp) across operational, under-construction, contracted and awarded projects, making it one of India's top 10 renewable energy IPPs by installed and pipeline capacity.

What analysts say

Swastika Research noted that the IPO is valued at over 270 times FY26 trailing earnings, despite relatively modest profitability, suggesting that expensive valuations could limit listing gains.

The brokerage also highlighted execution risks, regulatory uncertainties and leverage-related challenges inherent in the renewable energy sector. While the issue may not offer significant short-term listing gains, it believes the company is better suited for long-term investors seeking exposure to India's renewable energy growth story.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)