The ₹828-crore IPO of Fujiyama Power Systems Ltd received full subscription on its final bidding day, driven overwhelmingly by institutional demand.
By 2 pm on Day 3, the IPO was subscribed 1.49 times overall. Qualified Institutional Buyers led the momentum with bids at 4.03 times. Retail interest stood at 0.58 times and Non-Institutional Investors at 0.31 times. Employee quota was subscribed 1.18 times.
The public issue comprises a fresh share sale of about ₹600 crore along with an offer for sale worth ₹228 crore by existing shareholders. The price band has been fixed at ₹216–₹228 per share, with a minimum lot size of 65 shares.
Ahead of the issue opening, the company raised around ₹247 crore from anchor investors.
Fujiyama Power Systems, based in Greater Noida, manufactures rooftop solar systems and power-electronics products, including on-grid and off-grid solar systems, inverters, panels and batteries. Proceeds from the fresh issue will be used to partially fund its new manufacturing facility in Ratlam, Madhya Pradesh, reduce existing debt and support general corporate purposes.
The shares will likely list on November 20, 2025.