The IPO of Fujiyama Power Systems Ltd, a rooftop solar products manufacturer based in Noida, commenced its subscription on November 13, 2025. Seeking to raise Rs 828 crore through a combination of fresh shares and an offer for sale (OFS), the offering will be available for subscription until November 17, with shares expected to be listed on the NSE and BSE on November 20.
Fujiyama Power has established a price range of Rs 216 to Rs 228 per share, with a lot size of 65 shares. At the upper end of this range, the IPO size totals Rs 828 crore, consisting of a fresh issue worth Rs 600 crore (equivalent to 2.63 crore shares) and an OFS of Rs 228 crore (equivalent to 1 crore shares). Additionally, the company’s promoters divested a minor pre-IPO stake to ValueQuest Investment Advisors.
Prior to the main offering, Fujiyama secured Rs 246.9 crore from 15 anchor investors on November 12, assigning 1.08 crore shares at Rs 228 each. Notable participants in the anchor book included Nippon India Mutual Fund, Tata Mutual Fund, BNP Paribas, Societe Generale, ValueQuest, LC Pharos Multi Strategy Fund, Astorne Capital, and Citigroup Global Markets Mauritius.
Initial subscription indicators reveal a cautious yet active start. By 10:30 am on the first day, the IPO had garnered a 2% subscription rate, with the retail segment at 4% and non-institutional investors at 1%. Qualified institutional buyers are yet to submit their bids.
Although the sentiment in the grey market remains subdued, with the Fujiyama Power IPO GMP currently at Rs 0, denoting no premium or discount to the issue price, the company’s financial performance has been robust in recent years. Revenue surged from Rs 6,641 million in FY23 to Rs 15,407 million in FY25, more than doubling over two years. EBITDA experienced a significant increase from Rs 516 million to Rs 2,485 million, with margins improving from 7.8% to 16.1%. Profit after tax also surged nearly sixfold during the same period, rising from Rs 244 million in FY23 to Rs 1,563 million in FY25, with PAT margins expanding to 10.2%.
The company plans to utilize Rs 180 crore from the fresh issue proceeds to establish a manufacturing facility in Ratlam, Madhya Pradesh, allocate another Rs 275 crore for repayment or prepayment of borrowings, and allocate the remaining funds for general corporate purposes.
Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers, with MUFG Intime India serving as the registrar to the issue. Despite the flat GMP and strong financial performance, the IPO is expected to attract increased investor interest as subscription figures rise in the upcoming days.