The Rs 1,800-crore initial public offering (IPO) of Juniper Green Energy -- which opened on Thursday -- carries key risks such as high debt, expensive valuation and customer concentration that could weigh on investor returns despite the company’s rapid growth in the renewable energy sector. Many research analysts and brokerage firms have flagged the company’s leverage as one of its biggest concerns. Juniper Green’s borrowings stood at Rs 12,920.54 crore in FY26, reflecting the capital-intensive nature of the renewable energy business. At the upper price band of Rs 225, the IPO is valued at a price-to-earnings (P/E) multiple of 316.39 times, significantly higher than most listed renewable energy peers and leaving limited room for execution setbacks. In comparison, ACME Solar Holdings trades at 51.5x, NTPC Green Energy at 150.9x and KPI Green Energy at 16.3x, according to analysts.