Fujiyama Power Systems is all set to launch its Rs 828 crore public offer today at Rs 215-228. The initial public offering will close on November 17, and the market lot is 65 shares.
The IPO, with a face value of Re 1, comprises a fresh issue of up to Rs 600 crore and an offer-for-sale of up to 1 crore shares by promoters.
The company has reserved up to 50 per cent of the net issue for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors (NIIs).
Fujiyama Power Systems, which provides solutions for the rooftop solar industry, raised Rs 246.89 crore from anchor investors on Wednesday as part of the IPO. Among the 15 marquee investors who participated in the anchor book were 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, according to a circular uploaded on the BSE website.
The company allocated a little over 1.08 crore shares at Rs 228 a share.
The net proceeds of the fresh issue to the extent of ₹180 crore will be for part-financing the cost of establishing a manufacturing facility in Ratlam, Madhya Pradesh, ₹275 crore for repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by the company, and the rest will be utilised as general corporate purposes.
Motilal Oswal Investment Advisors Ltd. is the book-running lead manager, and MUFG Intime India Pvt.Ltd is the registrar of the issue.
Fujiyama Power Systems Ltd. (FPSL) manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems under its two brands, UTL Solar and Fujiyama Solar.
The company has an extensive product portfolio of more than 522 SKUs, including a full range of solar inverters, solar panels, and batteries. FPSL operates four manufacturing facilities across Northern India with an available installed capacity to manufacture 6,56,547 solar panels, 3,87,504 solar inverters and UPS, 3,09,504 e-Rickshaw chargers, and 7,488 lithium-ion batteries as of FY25.
The company’s revenue from operations was ₹ 597.349 crore, and its net profit was ₹67.587 crore for the three months ended June 30, 2025. Its revenue from operations was ₹1,540.677 crore during FY25, vis-à-vis ₹664.083 crore during FY23.
Its net profit was ₹156.335 crore during FY25 vis-à-vis ₹24.366 crore during FY23.
Brokers’ views
Valuation: FPSL is a leading provider of rooftop solar equipment and solutions, especially in North India. Tailwinds such as the PM Surya Ghar Muft Bijli Yojana and the impending capacity expansion are expected to drive FPSL’s growth. At the upper price band of Rs 228, the company is valued at FY25 P/E multiple of 44.7x on post-issue capital.