Fujiyama Power Systems IPO: The initial public offering (IPO) of Fujiyama Power Systems is set to open for public subscription on Thursday, November 13, and will remain open until Monday, November 17.
The ₹828 crore mainboard issue, which combines a fresh issue of about 2.63 crore shares to raise ₹600 crore and an offer for sale (OFS) of one crore shares, will list on the BSE and the NSE on Thursday, November 20.
Fujiyama Power Systems IPO price band has been fixed in the range of ₹216 to ₹228 per equity share.
Fujiyama Power Systems IPO: 10 key things to know from RHP
Let’s take a look at 10 key things to know from the Red Herring Prospectus (RHP) of the Fujiyama Power Systems IPO:
1. Promoter selling shareholder
Promoters Pawan Kumar Garg and Yogesh Dua are selling 50 lakh shares each in the OFS.
2. Fujiyama Power Systems’ promoters and promoter groups
Pawan Kumar Garg, Yogesh Dua, and Sunil Kumar are the promoters of the company. As per the RHP, Pawan Kumar Garg holds 10,83,51,570 shares (38.68 per cent of pre-offer shares), Yogesh Dua holds 10,83,51,575 shares (38.68 per cent), and Sunil Kumar holds 1,37,50,000 shares (4.91 per cent) of the company.
3. Fujiyama Power Systems’ management
The company has six directors, including two executive directors and four non-executive directors, on its board.
Pawan Kumar Garg, 49, is the Chairman and Joint Managing Director, while Yogesh Dua, 50, is the Chief Executive Officer and Joint Managing Director of the company.
4. Fujiyama Power Systems’ business
The company operates in the rooftop solar industry, including on-grid, off-grid and hybrid solar systems.
“Our Company strives to excel in solar panel manufacturing, solar inverter manufacturing (covering on-grid, hybrid, and off-grid solutions), and both lead acid and lithium-ion battery production,” the RHP reads.
5. Fujiyama Power Systems’ financial performance
According to the RHP, the company’s profit has seen sustained growth over the last few years. In FY23, Fujiyama Power earned a profit of ₹24.37 crore, which rose to ₹45.30 crore in FY24 and to ₹156.34 crore in FY25. For the three-month period ending June 30, 2025, the company’s profit was ₹67.59 crore.
Revenue from operations for FY23 was ₹664.08 crore, rising to ₹924.69 crore in FY24, and ₹1,540.68 crore in FY25. For the three-month period ending June 30, 2025, the revenue was ₹597.35 crore.
6. Fujiyama Power Systems’ peers
Waaree Energies Limited, Premier Energies Limited, Exicom Tele-Systems Limited and Insolation Energy Limited are some of the listed peers of the company.
7. Prospects of the solar energy industry
As per the RHP, India’s installed capacity surged from 35 GW in CY19 to 94 GW in CY24 and is expected to reach 365 GW by FY32. The rooftop solar market has also witnessed significant momentum and is expected to register robust growth, reaching almost 100 GW. The demand for batteries is also expected to grow significantly.
8. Dependence on China, other countries for raw materials is a key risk
Several raw materials used in the production of solar panels and inverters, particularly solar cells, semiconductor devices and lithium-ion cells, are imported from China.
Restrictions on or import duties relating to materials and equipment imported for the company’s manufacturing operations, as well as restrictions on or import duties levied on its products in its export markets, may adversely affect the company’s business prospects.
9. Concentration of customers
The company derives a substantial portion of its retail sales from Uttar Pradesh and is in the process of expanding its retail network to target new customers.
Any adverse change in the demand for its products in Uttar Pradesh or failure to expand into new markets may have an adverse impact on its business, said the company.
10. Dependence on a limited number of third-party suppliers
The company is dependent on a limited number of third-party suppliers of materials and components for the manufacturing of products. Any disruptions in the supply or availability of materials and components of the appropriate quality standards and fluctuations in their prices may have an adverse impact on its business operations.
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