Fujiyama Power Systems Ltd, a provider of rooftop solar solutions, opened its ₹828-crore initial public offering (IPO) for subscription on Thursday, November 13, which will close on November 17.

Contents

IPO Structure and Price Band Utilisation of Funds Company Overview Financial Performance Brokerage Review Listing and Lead Managers

Ahead of the IPO, the company raised ₹247 crore from anchor investors, with participation from 15 entities including Nippon India MF, Tata MF, BNP Paribas, ValueQuest Investment Advisors, Societe Generale, LC Pharos Multi Strategy Fund, Astorne Capital, and Citigroup Global Markets Mauritius.

In a pre-IPO funding round, Fujiyama Power Systems raised ₹75 crore from VQ FasterCap Fund II and ValueQuest India G.I.F.T. Fund, where the promoters sold around 1.2% stake.

IPO Structure and Price Band

The IPO comprises a fresh issue of shares worth ₹600 crore and an offer for sale (OFS) of 10 lakh shares, valued at ₹228 crore at the upper end of the price band.

The price band has been set at ₹216–₹228 per share, and investors can bid for a minimum of 65 shares and in multiples thereof.

Also Read: Adani Enterprises Shares Jump Over 6% on Mega ₹24,930-Crore Rights Issue

Utilisation of Funds

Proceeds from the fresh issue will be used as follows:

₹180 crore for establishing a new manufacturing facility in Ratlam, Madhya Pradesh.
₹275 crore for debt repayment.
The remaining funds will be used for general corporate purposes.

Company Overview

Based in Greater Noida, Fujiyama Power Systems manufactures and provides on-grid, off-grid, and hybrid solar systems. The company operates under the brands ‘UTL Solar’, with a 28-year legacy, and ‘Fujiyama Solar’.

It has three manufacturing facilities in India and dedicated R&D capabilities, focusing on technology development and innovation.

Financial Performance

Fiscal Year	Revenue (₹ Cr)	EBITDA Margin	PAT (₹ Cr)
FY23	664	7.8%	24.37
FY24	924.7	10.7%	45.31
FY25	1,541	16.2%	156.41

The company’s revenue surged 132% in two years, from ₹664 crore in FY23 to ₹1,540.67 crore in FY25. Net profit also rose sixfold, from ₹24.36 crore to ₹156.33 crore during the same period.

Brokerage Review

Brokerage firm SMIFS recommended a ‘Subscribe’ rating for long-term investors, citing the upcoming Ratlam facility, Dadri expansion, and improved capacity utilisation as major growth drivers. The firm expects revenues to double within 3–4 years.