The IPO of Fujiyama Power Systems Ltd has entered its final day of bidding today, with investors watching closely to see whether subscription momentum picks up before the issue closes on Monday, November 17.
As of 10:32 am on Day 3, the public issue was subscribed 45%. The QIB category led the way with 81 percent subscription, while retail investors subscribed 38% and non-institutional investors 16%.
The mixed response suggests stronger conviction among institutional participants compared to retail and HNI bidders.
The IPO, priced between Rs 216 and Rs 228 per share, aims to raise Rs 828 crore. This includes a fresh issue of Rs 600 crore and an offer for sale worth Rs 228 crore by promoters Yogesh Dua and Pawan Kumar Garg. A single lot comprises 65 shares.
The company plans to use the funds to partially finance a new manufacturing facility in Ratlam, repay debt and meet general corporate requirements.
Fujiyama Power Systems, headquartered in Greater Noida, is one of the leading integrated rooftop solar solutions providers in the country. Through its brands Fujiyama Solar and UTL Solar, it offers rooftop solar systems and power backup products to both residential and commercial customers.
The company has benefitted from rising adoption of renewable energy solutions as consumers and businesses look for long-term savings and independence from grid volatility.
Brokerage firm Master Capital Services Ltd. believes the broader industry backdrop strongly favours companies like Fujiyama. It notes that India’s rooftop solar market is expected to grow at a CAGR of 40–43% between FY25 and FY30, supported by government incentives, declining solar equipment costs and rising awareness about energy independence.
The brokerage highlights that the rooftop segment could expand from 17 GW in FY25 to nearly 90–100 GW by FY30, creating significant opportunities for players with strong manufacturing capabilities and nationwide distribution.
According to Master Capital, Fujiyama’s product portfolio, R&D strength and brand presence position it well to capitalize on the accelerating shift toward rooftop solar adoption.
The allotment for the IPO is expected to be finalised on Tuesday, November 18, while the company’s shares are scheduled to list on the NSE and BSE on Thursday, November 20.
Investors who want to check whether they received an allotment will be able to do so via the MUFG Intime India portal, the NSE bid verification page or the BSE IPO status page once the allotment is declared.
The grey market premium for the IPO currently stands at zero, with unlisted shares trading at Rs 228, exactly matching the upper end of the price band. This indicates that the market is not pricing in any listing gains at the moment, and the GMP continues to remain flat heading into the final day.
Whether subscription improves on the final day will be key to determining sentiment ahead of the listing later this week.