India's renewable energy sector is set to welcome a new player in the public markets as Fujiyama Power Systems prepares to launch its initial public offering this week. The solar energy specialist is entering the capital markets with ambitious expansion plans and impressive financial growth metrics that could capture investor attention.
IPO Subscription Dates and Key Details
The Fujiyama Power Systems IPO will open for public subscription on Thursday, November 13, and conclude on Monday, November 17. This mainboard offering comes amid a busy month for IPOs in the Indian market, though early indicators suggest tempered investor enthusiasm compared to some recent listings.
The company has fixed the price band between ₹216 and ₹228 per equity share, making the minimum investment for retail investors ₹14,820 for one lot of 65 shares. Investors can apply for up to 13 lots, requiring a maximum investment of ₹1,92,660 at the upper price band.
Fundraising Objectives and Allocation Strategy
Fujiyama Power Systems aims to raise ₹600 crore through a fresh issue of 2.63 crore shares, complemented by an offer for sale (OFS) of one crore shares. The allocation strategy reserves 50% of the net issue for qualified institutional buyers (QIBs), while retail investors get 35% and non-institutional investors receive the remaining 15%.
The company plans to utilize the net proceeds from the fresh issue for three primary purposes: establishing a manufacturing facility in Ratlam, Madhya Pradesh; repaying certain borrowings; and general corporate requirements that support ongoing operations.
Business Profile and Financial Performance
Fujiyama Power Systems operates in the rapidly growing rooftop solar industry, providing on-grid, off-grid, and hybrid solar systems. The company's financial performance shows remarkable growth over recent years, with profits surging from ₹24.37 crore in FY23 to ₹45.30 crore in FY24, and further accelerating to ₹156.34 crore in FY25.
Revenue growth has been equally impressive, climbing from ₹664.08 crore in FY23 to ₹924.69 crore in FY24, and reaching ₹1,540.68 crore in FY25. For the three-month period ending June 30, 2025, the company reported revenue of ₹597.35 crore with profits of ₹67.59 crore, indicating sustained momentum.
Grey Market Sentiment and Listing Timeline
As of November 12 noon, the grey market premium (GMP) for Fujiyama Power Systems stock stood at nil, suggesting the issue may list at par with the issue price. This absence of premium indicates cautious investor sentiment in the unofficial market, potentially reflecting broader market conditions or specific concerns about the solar energy sector.
The allotment of shares is expected to be finalized on Tuesday, November 18, with successful bidders receiving shares on Wednesday, November 19. Those who don't receive allotment will get refunds on the same day. The stock is scheduled to list on both the BSE and NSE on Thursday, November 20.
Motilal Oswal Investment Advisors Ltd. is serving as the book-running lead manager for the IPO, while MUFG Intime India Pvt. Ltd. has been appointed as the registrar. Investors should carefully review the company's red herring prospectus and consult with certified financial experts before making investment decisions, as market conditions remain dynamic and investment outcomes can vary significantly based on individual circumstances.
