Fujiyama Power Systems IPO Listing: Shares debut at 4% discount to issue price

Shares of Fujiyama Power Systems made a weak debut on Thursday, November 20, listing at a 4% discount to the IPO price and falling short of expectations for a flat opening.

The stock listed at ₹218.40 on the BSE and ₹220 on the NSE, compared to the issue price of ₹228.

In the grey market, the shares were quoting a 0.5% premium ahead of the debut, indicating expectations of a flat or near-flat listing.

The ₹828 crore IPO of Fujiyama Power Systems was subscribed a little over two times during its November 13 to November 17 offering.

The company had earlier raised ₹247 crore from anchor investors, 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 round, the company raised ₹75 crore from VQ FasterCap Fund II and ValueQuest India GIFT Fund, with promoters selling nearly 1.2% stake.

The public issue comprised a fresh equity issue of up to ₹600 crore and an offer for sale of 10 lakh shares worth ₹228 crore at the upper end.

The company plans to deploy ₹180 crore from the fresh issue towards a new manufacturing facility in Ratlam, Madhya Pradesh, ₹275 crore for debt repayment, and the balance for general corporate purposes.

Based in Greater Noida, Fujiyama Power Systems manufactures rooftop solar products and solutions, including on-grid, off-grid, and hybrid systems. It operates through well-established brands like UTL Solar, with a 28-year legacy, and Fujiyama Solar.

The company has three manufacturing facilities, in-house R&D capabilities, and a strong focus on innovation.

Its revenue from operations increased to ₹1,540.67 crore in FY25 from ₹664.08 crore in FY23, while net profit rose to ₹156.33 crore in FY25 from ₹24.36 crore in FY23.

Motilal Oswal Investment Advisors and SBI Capital Markets were the book-running lead managers to the issue.