Fujiyama Power Systems IPO opens: Check GMP, brokerages review and other details

The ₹828-crore initial public offering (IPO) of Fujiyama Power Systems, which provides solutions for the rooftop solar industry, will open for subscription on Thursday, November 13 and conclude on November 17.

Ahead of the issue launch, the company raised ₹247 crore from anchor investors.

The anchor book saw participation from 15 entities, including Nippon India Mutual Fund (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 round, Fujiyama Power Systems had raised ₹75 crore from VQ FasterCap Fund II and ValueQuest India G.I.F.T. Fund with the promoters selling nearly 1.2% stake in the company.

SMIFS recommended subscribing to the IPO as a strong long-term investment opportunity. The upcoming Ratlam facility, Dadri expansion, and improved capacity utilisation are expected to fuel transformative growth, with revenues projected to double over the next three to four years.

The company said its maiden public offering comes with a price band of ₹216-228 per share. Investors can bid for a minimum of 65 shares and in multiples thereof.

The IPO is a combination of a fresh issue of equity shares worth up to

₹600 crore and an offer for sale of 10 lakh shares, valued ₹228 crore at the upper end, by promoters.

Proceeds from the fresh issue to the tune of ₹180 crore would be utilised by the company towards financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, ₹275 crore for payment of debt, and the rest for general corporate purposes.

Greater Noida-based Fujiyama Power Systems is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems.

The company has built a brand recall and reputation in the industry through its brands 'UTL Solar', which has a legacy of 28 years, and Fujiyama Solar.

It has developed three manufacturing facilities and R&D capabilities domestically, with a consistent focus on technological development and product innovation.

FINANCIALS IN (₹CR)	FY23	FY24	FY25
REVENUES	664	924.7	1541
EBITDA MARGIN	7.80%	10.70%	16.20%
PAT	24.37	45.31	156.41

Financially, the company's revenue from operations stood at ₹1,540.67 crore during FY25 as against ₹664.08 crore during FY23.

Its net profit was at ₹156.33 crore in FY25 as against ₹24.36 crore during FY23.

Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers for the IPO.

The allotment for the Fujiyama Power Systems IPO is expected to be finalised on November 18. The stock will list on BSE, NSE with a tentative listing date fixed as November 20.