Several listings are scheduled this week, leaving the Fujiyama Power IPO and Capillary Technologies IPO currently open, while other issues are also expected to catch up shortly. Regarding the IPOs available for subscription, both Fujiyama Power IPO, and Capillary Technologies IPO have decent interest from institutional and retail investors, but market analysts indicate that Capillary Technologies has a greater valuation premium due to demand in the tech sector and its export focus.
Experts believe that Fujiyama Power IPO is moderately priced and aims at industrial growth, which is attractive to long-term infrastructure funds and investors focused on ESG considerations.
Bhavik Joshi, Business Head, INVasset PMS explained that Fujiyama Power Systems Ltd enters the market at a time when rooftop solar adoption is accelerating across Tier II, Tier III and rural India, and its positioning as a complete solutions provider gives it a meaningful presence across the value chain.
Talking about the financials of the company, Joshi said that the financial trajectory over FY23–FY25 reflects both scale expansion and margin improvement, with revenues rising from ₹665 crore to ₹1,550 crore and profitability strengthening meaningfully due to operating leverage. Early FY26 numbers suggest this momentum has continued.
“However, the proposed valuation leaves limited room for near-term mispricing; on FY25 earnings, the issue prices the company at a premium to several established solar peers, and even after annualising FY26 Q1 performance, the implied multiples remain demanding,” said Bhavik Joshi.
According to Joshi, the offer appears fully valued, making it more suited for investors with a medium- to long-term perspective rather than those seeking immediate listing gains.
While, speaking about Capillary Technologies IPO, Bhavik Joshi believes that at the upper end of the price band, the implied multiples are steep even on an annualised FY26 basis, reflecting expectations of sharp margin expansion and durable cash-flow visibility—assumptions that will require consistent performance and disciplined cost management.
“Given the company’s differentiated AI-powered offering, global footprint and improving financial trendline, investors with a long-term horizon may find the story interesting. However, the valuation leaves little cushion for execution risk, making it more appropriate for informed, high-risk or surplus-capital investors. Conservative or near-term–focused investors may prefer to wait for clearer earnings visibility post listing,” said Bhavik Joshi.
Let’s take a look at the grey market premium (GMP) trends:
Fujiyama Power IPO GMP today
Fujiyama Power IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹228 with no premium or discount in the grey market according to investorgain.com
According to the recent 11 sessions of grey market activities, today’s IPO GMP trend shows no significant changes, and experts anticipate this trend will continue until the listing day.
Capillary Technologies IPO GMP today
Capillary Technologies IPO GMP today is ₹29. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Capillary Technologies share price was indicated at ₹606 apiece, which is 5.03% higher than the IPO price of ₹577.
According to the grey market activities over the past nine sessions, the IPO GMP is showing an upward trend today and is anticipated to have a solid listing. Experts indicate that the minimum GMP recorded is ₹0.00, while the maximum GMP reached is ₹50.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
