Mon Nov 17 04:30:00 UTC 2025: Here’s a news article summarizing the Fujiyama Power Systems IPO:

Fujiyama Power Systems IPO Oversubscribed on Final Day, Driven by QIB Interest

Greater Noida, India – November 17, 2023 – The initial public offering (IPO) of rooftop solar solutions provider Fujiyama Power Systems closed today, November 17, with an overall subscription rate of 2.02 times. The IPO, which opened on November 13 with a price band of ₹216-228 per share, saw strong demand from Qualified Institutional Buyers (QIBs), whose portion was subscribed 5.15 times.

Retail investors subscribed 79% of their allocated portion, while Non-Institutional Investors (NII) subscribed 81%. The employee portion was subscribed 1.39 times. Data from the BSE shows the company received bids for 53,102,920 shares against the 26,347,221 shares on offer.

Fujiyama Power Systems plans to use the ₹600 crore raised from the fresh issue of equity shares, along with ₹228 crore from promoters selling 1 million shares at the highest price, to expand its manufacturing capabilities for solar panels, inverters, and batteries, strengthen its domestic distribution network, and reduce debt. The company operates four state-of-the-art manufacturing facilities across India and offers over 522 Stock Keeping Units (SKUs), catering to diverse customer needs in the on-grid, off-grid, and hybrid solar systems market, as well as the three-wheeler E-Rickshaw charging segment.

Analysts highlight Fujiyama Power Systems’ strong research and development capabilities, its wide product portfolio, and its well-established pan-India distribution network as key strengths. Furthermore, they believe the company is well-positioned to benefit from the Indian government’s strong push for solar energy and the projected 40-43% CAGR growth of the rooftop solar market from FY25 to FY30.

While the grey market premium for the IPO remained at ₹0, indicating no premium or discount over the issue price, multiple brokerages have issued “Subscribe” ratings for the IPO, citing reasonable valuations compared to its peers and long-term growth potential. Anand Rathi Research noted that the company could significantly benefit from government initiatives in the solar sector.

The IPO’s basis of allotment is tentatively scheduled for November 18, with refunds initiated and shares credited to demat accounts on November 19. Listing on the BSE and NSE is expected on November 20.

Read More