Mon Nov 17 04:30:00 UTC 2025: Fujiyama Power IPO Subscribed 2.02x on Final Day, Analysts Bullish

Greater Noida, [Date of Publication – assumed Nov 17 based on text] – The initial public offering (IPO) of Fujiyama Power Systems, a Greater Noida-based rooftop solar solutions provider, closed today with an overall subscription of 2.02 times. The ₹600 crore IPO, with a price band of ₹216-228 per share, saw strong interest from Qualified Institutional Buyers (QIBs) who subscribed 5.15 times their allocation. The retail portion was subscribed 79%, while the Non-Institutional Investors (NII) portion was booked 81%.

Fujiyama Power Systems specializes in on-grid, off-grid, and hybrid solar systems. The company plans to utilize the IPO proceeds to expand its manufacturing capabilities, reduce debt, and strengthen its distribution network. The company offers over 522 Stock Keeping Units (SKUs) and operates four manufacturing facilities across India.

Several brokerage houses have given the IPO a “Subscribe” rating, citing the company’s strong position in the growing rooftop solar market, reasonable valuations compared to its peers, and government support for the sector. India’s rooftop solar market is projected to grow at a CAGR of 40-43% from FY25 to FY30.

Anand Rathi Research noted that Fujiyama Power System is well-positioned to benefit from government initiatives like the Rooftop Solar Scheme Phase II and PM Surya Ghar-Muft Bijli Yojna.

However, grey market premium (GMP) for Fujiyama Power IPO was ₹1, indicating investor readiness to pay marginally higher than the issue price.

The IPO allotment is expected to be finalized on November 18, with listing on the BSE and NSE tentatively scheduled for November 20.

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