Fujiyama Power Systems IPO: The initial public offering (IPO) of rooftop solar products manufacturer Fujiyama Power Systems Ltd opened for public subscription today, 13 November 2025, to raise ₹828 crore from the primary market. Fujiyama Power Systems IPO will remain open till November 17.
Fujiyama Power Systems IPO price band has been set at ₹216 to ₹228 per share. At the upper-end of the price band, the company aims to raise ₹828.00 crore from the book-building issue which is a mix of fresh issue of 2.63 crore equity shares worth ₹600 crore, and an offer-for-sale (OFS) component of 1 crore shares amounting to ₹228 crore. The IPO lot size is 65 shares.
Ahead of the issue opening, the Noida-based firm raised ₹246.9 crore from 15 anchor investors on November 12. The company’s promoters offloaded 1.17% stake to ValueQuest before the IPO launch.
Fujiyama Power Systems IPO allotment date is likely November 18, and the IPO listing date is November 20. Fujiyama Power Systems shares will be listed on BSE and NSE.
The company plans to utilise the net issue proceeds for part financing the cost of establishing the manufacturing facility in Ratlam, repayment or prepayment of all or a portion of certain outstanding borrowings and for general corporate purposes.
Motilal Oswal Investment Advisors Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the Fujiyama Power Systems IPO registrar.
Fujiyama Power Systems IPO Subscription Status
Fujiyama Power Systems IPO has been subscribed 8% so far, as per NSE data till 3:20 PM on Thursday, the first day of the bidding process. The public issue was booked 13% in the Retail Individual Investors (RIIs) category, and 3% in the Non Institutional Investors (NII) segment. The Qualified Institutional Buyers (QIBs) are yet to bid for the issue.
Fujiyama Power Systems IPO GMP Today
The trends for Fujiyama Power Systems shares remains muted in the grey market. According to market experts, Fujiyama Power Systems IPO GMP today is ₹0 per share. This indicates that in the grey market, Fujiyama Power Systems shares are commanding no premium or discount to the issue price.
Fujiyama Power Systems IPO GMP today signals that in the grey market, the stock is trading equal to its issue price at ₹228 per share, without any premium or discount.
Fujiyama Power Systems IPO: Should you apply?
Fujiyama Power Systems has delivered strong growth, with revenue rising from ₹6,641 million in FY23 to ₹15,407 million in FY25. EBITDA increased from ₹516 million in FY23 to ₹2,485 million in FY25, with margins expanding from 7.8% to 16.1%. PAT grew sixfold from ₹244 million in FY23 to ₹1,563 million in FY25, with PAT margins improving from 3.7% to 10.2%.
“ROE and ROCE strengthened significantly to 39.4% and 41.0% respectively, supported by a healthy balance sheet with a debt-to-equity ratio of 0.87 times. We recommend subscribing to the issue as a good long-term investment, as the new Ratlam facility, Dadri expansion, and potential existing utilisation ramp-ups position the company for transformative growth with revenues likely to double over the next three to four years,” said SMIFS.
Swastika Investmart noted that the Fujiyama Power Systems IPO is priced at a P/E of about 40.85x, which is considered fully priced but reasonable when compared to its key industry peers.
“While the strong growth potential justifies the valuation for long-term holders, the full pricing may limit significant immediate listing gains for short-term investors. Overall, given the valuations and small market cap, Neutral rating is recommended for this IPO,” said the brokerage house.
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.
