Fujiyama Power Systems Limited proposes a book‑built issue comprising a fresh issue aggregating to ₹600.00 crore and an offer for sale of 1,00,00,000 shares. The offer opens on November 13, 2025 and closes on November 17, 2025, with allotment expected on November 18 and a proposed listing on BSE and NSE on November 20, 2025. Price band, lot size and exact share counts for the fresh issue and OFS will be updated once declared in the RHP.
Fujiyama Power Systems IPO
Mainboard book‑built issue (Fresh + Offer for Sale)
UPCOMING IPOFujiyama Power Systems Limited is launching a ₹828.00 crore mainboard IPO comprising a fresh issue of 2,63,15,789 shares aggregating to ₹600.00 crore and an offer for sale of 1,00,00,000 shares aggregating to ₹228.00 crore. The offer opens on November 13, 2025 and closes on November 17, 2025, with allotment expected on November 18 and a proposed listing on BSE and NSE on November 20, 2025. The price band is fixed at ₹216 to ₹228 per share; the minimum retail application is 1 lot of 65 shares (₹14,820 at upper band).
| Face Value | ₹1 per share |
|---|---|
| Issue Price Band | ₹216 to ₹228 per share |
| Offer Structure | Fresh Issue + Offer for Sale |
| Total Shares | 3,63,15,789 shares (aggregating up to ₹828.00 crore) |
| Fresh Issue | 2,63,15,789 shares (aggregating up to ₹600.00 crore) |
| Offer for Sale | 1,00,00,000 shares of face value ₹1 (aggregating up to ₹228.00 crore) |
| Issue Type | Book‑building IPO |
| Listing | BSE, NSE |
| Shareholding (Pre / Post) | 28,00,95,145 / 30,64,10,934 shares |
| Lead Manager | Motilal Oswal Investment Advisors Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Net Issue |
| NII (HNI) | Not less than 15% of the Net Issue |
| Retail (RII) | Not less than 35% of the Net Issue |
| Application Category | Maximum Bidding Limits | Bidding at Cut‑off Price Allowed |
|---|---|---|
| Only RII | Up to ₹2 Lakhs | Yes |
| Only sNII | ₹2 Lakhs to ₹10 Lakhs | No |
| Only bNII | ₹10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to ₹5 Lakhs | Yes |
| Employee + RII/NII | Employee limit: Up to ₹5 Lakhs; If applying as RII: up to ₹2 Lakhs; If applying as NII: sNII > ₹2 Lakhs and upto ₹10 Lakhs and bNII > ₹10 Lakhs | Yes for Employee and RII/NII |
| IPO Open | Thu, Nov 13, 2025 |
|---|---|
| IPO Close | Mon, Nov 17, 2025 |
| Allotment (Tentative) | Tue, Nov 18, 2025 |
| Refunds Initiation | Wed, Nov 19, 2025 |
| Credit to Demat | Wed, Nov 19, 2025 |
| Listing (Tentative) | Thu, Nov 20, 2025 |
| UPI Mandate Cut‑off | 5 PM on Mon, Nov 17, 2025 |
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 65 | ₹14,820 |
| Retail (Max) | 13 | 845 | ₹1,92,660 |
| S‑HNI (Min) | 14 | 910 | ₹2,07,480 |
| S‑HNI (Max) | 67 | 4,355 | ₹9,92,940 |
| B‑HNI (Min) | 68 | 4,420 | ₹10,07,760 |
Amounts calculated at upper price band (₹228 per share).
Founded in 2017, Fujiyama Power Systems Limited manufactures products and provides solutions in the rooftop solar industry, including on‑grid, off‑grid, and hybrid solar systems. The company has designed an extensive product portfolio of over 522 SKUs, including solar inverters, panels, and batteries, to reduce customer reliance on alternative OEMs.
The company serves customers via an extensive distribution network with over 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” franchisees trained to understand customer needs and supply customized solar systems. Additionally, we have over 602+ qualified service engineers providing maintenance and technical support.
The company offers a wide range of products, including solar PCUs, off‑grid, on‑grid, and hybrid inverters, solar panels, PWM chargers, other battery chargers, lithium‑ion and tubular batteries, online and offline UPS systems, solar management units, and charge controllers. The company has four manufacturing facilities in Greater Noida (UP), Parwanoo (HP), Bahadurgarh (Haryana) and Dadri (UP). The company’s production systems are certified under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018.
Promoters
Pawan Kumar Garg, Yogesh Dua and Sunil Kumar.
Promoter Holding
| Pre‑Issue | 99.67% |
|---|---|
| Post‑Issue | 87.88% |
FY2023 – FY2025 & Q1 FY2026 (₹ crore)
| Period Ended | Assets | Total Income | PAT | EBITDA | Net Worth | Reserves | Total Borrowings |
|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 1,243.88 | 597.79 | 67.59 | 105.89 | 464.34 | 436.33 | 432.83 |
| FY2025 (31 Mar 2025) | 1,013.96 | 1,550.09 | 156.34 | 248.52 | 396.82 | 368.81 | 346.22 |
| FY2024 (31 Mar 2024) | 609.64 | 927.20 | 45.30 | 98.64 | 239.54 | 215.00 | 200.19 |
| FY2023 (31 Mar 2023) | 514.56 | 665.33 | 24.37 | 51.60 | 193.08 | 70.55 | 211.14 |
Source: Company DRHP/RHP and credible IPO trackers. Revenue grew ~67% and PAT grew ~245% between FY2024 and FY2025 (restated consolidated).
| S.No | Object | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India | 180.00 |
| 2 | Repayment and/or prepayment of certain outstanding borrowings | 275.00 |
| 3 | General corporate purposes | TBA |
Company Contact
Fujiyama Power Systems Ltd.
53A/6, Near NDPL Grid Office,
Near Metro Station, Sat Guru Ram Singh Marg,
New Delhi, 110015
Phone: +91 11 4105 5305
Email: investor@utlsolarfujiyama.com
Website: https://www.utlsolarfujiyama.com/
Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: fujiyamapower.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Lead Manager(s)
Motilal Oswal Investment Advisors Ltd.
SBI Capital Markets Ltd.
Refer to the Fujiyama Power Systems DRHP/RHP for full details. All figures are as per the RHP and credible IPO trackers; post‑issue exact retail allotment numbers will be updated after allotment.
Interesting to see Fujiyama Power Systems movingBlog comment creation ahead with such a sizable fresh issue of ₹600 crore — it suggests strong growth ambitions, possibly for capacity expansion or new product lines. I’m curious how the mix between the fresh issue and the OFS will impact post-listing liquidity once the price band and lot size are announced.