Mon Nov 17 04:30:00 UTC 2025: Summary:

Fujiyama Power Systems’ ₹828 crore IPO closed on November 17, 2025. The IPO, priced between ₹216 and ₹228 per share, consisted of a fresh issue of shares worth ₹600 crore and an offer for sale (OFS) of ₹228 crore by promoters. By the end of day 2, the IPO was 40% subscribed, with strong interest from qualified institutional buyers (QIBs) and moderate interest from retail and non-institutional investors. The company plans to use the fresh issue proceeds to finance a new manufacturing facility, repay debt, and for general corporate purposes. The IPO allotment is expected on November 18, and the listing on the NSE and BSE is scheduled for November 20. Grey market premiums suggest a potential flat listing.

News Article:

Fujiyama Power Systems IPO Closes with 40% Subscription; Allotment Expected Tomorrow

Mumbai, November 17, 2025 – The initial public offering (IPO) of Fujiyama Power Systems Ltd, a rooftop solar solutions provider, concluded today, November 17, 2025. The ₹828 crore issue, with a price band of ₹216 to ₹228 per share, saw a subscription rate of 40% by the end of day 2.

The IPO comprised a fresh issue of shares totaling ₹600 crore and an offer for sale (OFS) of ₹228 crore by promoters Yogesh Dua and Pawan Kumar Garg.

According to data from the National Stock Exchange (NSE), the issue received bids for 1,04,25,935 shares against the 2,63,47,221 shares on offer. Qualified institutional buyers (QIBs) showed significant interest, subscribing to 81% of their allocated portion. The retail investor segment was subscribed 28%, while the non-institutional investors category saw a 10% subscription rate.

Fujiyama Power Systems intends to utilize the funds raised from the fresh issue to part-finance the establishment of a manufacturing facility in Ratlam, repay existing debt, and for general corporate purposes. The Greater Noida-based company is a provider of solar energy solutions, operating under the brands ‘Fujiyama Solar’ and ‘UTL Solar’.

The allotment of shares is expected to be finalized on Tuesday, November 18, 2025. The company’s shares are slated to be listed on the NSE and the BSE on Thursday, November 20, 2025.

Market analysts report that Fujiyama Power Systems’ unlisted shares are currently trading at ₹228 in the grey market, indicating a potential flat listing with a 0% premium over the upper price band of ₹228.

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