The initial public offering (IPO) of Fujiyama Power Systems Ltd, a prominent manufacturer of rooftop solar products, commenced its public subscription today, November 13, 2025. The company is looking to raise a significant amount of ₹828 crore from the primary market, with the bidding process scheduled to conclude on November 17.
Fujiyama Power Systems IPO: Key Details and Structure
Investors can participate in the book-building issue at a price band set between ₹216 to ₹228 per share. At the upper end of this range, the company will achieve its fundraising target of ₹828.00 crore. The issue comprises a combination of a fresh issue of 2.63 crore equity shares, valued at ₹600 crore, and an offer-for-sale (OFS) of 1 crore shares, amounting to ₹228 crore. For retail investors, the lot size has been fixed at 65 shares.
Ahead of the public opening, the Noida-based firm successfully secured ₹246.9 crore from 15 anchor investors on November 12. In a separate pre-IPO transaction, the company's promoters divested a 1.17% stake to ValueQuest.
IPO Subscription Status and Grey Market Premium
As per data from the National Stock Exchange (NSE) until 10:30 AM on the first day of bidding, the Fujiyama Power Systems IPO has seen a subscription of 2% overall. The breakdown reveals that the Retail Individual Investors (RIIs) category was booked 4%, while the Non-Institutional Investors (NII) segment saw 1% subscription. Notably, Qualified Institutional Buyers (QIBs) had not yet placed their bids at that time.
The sentiment in the unofficial grey market remains muted. Market experts indicate that the GMP (Grey Market Premium) for Fujiyama Power Systems shares is currently ₹0. This signals that the shares are trading at par with the issue price of ₹228 per share, commanding neither a premium nor a discount.
Financial Performance and Analyst Recommendations
Fujiyama Power Systems has demonstrated impressive financial growth. The company's revenue surged from ₹6,641 million in FY23 to ₹15,407 million in FY25. Its EBITDA showed a substantial increase, moving from ₹516 million to ₹2,485 million over the same period, with margins expanding healthily from 7.8% to 16.1%. Profit After Tax (PAT) grew sixfold, from ₹244 million in FY23 to ₹1,563 million in FY25, with PAT margins improving from 3.7% to 10.2%.
Brokerage firm SMIFS highlighted that the company's Return on Equity (ROE) and Return on Capital Employed (ROCE) strengthened significantly to 39.4% and 41.0%, respectively, supported by a robust balance sheet. They recommend subscribing to the IPO as a solid long-term investment, citing the new Ratlam facility and expansion plans as catalysts for transformative growth that could double revenues in the coming years.
In contrast, Swastika Investmart noted that the IPO is priced at a P/E of about 40.85x, which they consider fully priced. While acknowledging the strong growth potential for long-term investors, they issued a Neutral rating, suggesting that the full valuation may limit substantial immediate listing gains for short-term traders.
The net proceeds from the fresh issue are earmarked for establishing a manufacturing facility in Ratlam, repayment of borrowings, and general corporate purposes. The allotment for the IPO is expected around November 18, with the official listing on both the BSE and NSE scheduled for November 20. Motilal Oswal Investment Advisors Ltd. is the book running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar for the issue.
