Fujiyama Power Systems IPO: The initial public offering (IPO) of Fujiyama Power Systems, which opened for bidding on Thursday, November 13, entered its last day of bidding today, November 17. This means that today is the final day to place bids for Fujiyama Power Systems IPO. Investors can place till bids between 10 am and 5 pm today.
The offer has seen a slow demand for its IPO as it was booked 40% at the end of the second day.
Fujiyama Power Systems IPO Subscription Status
On the second day, Fujiyama Power Systems IPO was booked 40%. The qualified institutional buyers (QIV) part fetched 81% subscription, while the non-institutional investors (NII) portion received 10% subscription. The retail investors segment was subscribed 28%.
Fujiyama Power Systems IPO GMP
The grey market premium for Fujiyama Power Systems IPO has remained tepid. As of today, Fujiyama Power Systems IPO GMP was ₹0. This means that shares of Fujiyama Power Systems IPO were trading at par with the upper end of the price band and witnessed no premium in the grey market.
At the prevailing GMP, Fujiyama Power Systems IPO could list at its issue price.
Fujiyama Power Systems IPO Details
The ₹828-crore IPO is priced in the range of ₹216-228 per share. The IPO is a combination of a fresh issue of equity shares worth up to ₹600 crore and an offer for sale of 10 lakh shares, valued at ₹228 crore at the upper end, by promoters.
Investors can apply for the IPO in lots of 65 shares.
The company plans to use the fresh proceeds from the initial share sale for part-financing the manufacturing facility in Ratlam, Madhya Pradesh; repayment of certain borrowings by the company, and general corporate purposes.
Commenting on the IPO, brokerage Anand Rathi Fujiyama Power System is one of the biggest beneficiaries due to government initiatives like Rooftop Solar Scheme Phase II, PMKUSUM, PM Surya Ghar-Muft Bijli yojna, solar park development, and the National Wind-Solar Hybrid Policy.
“At the upper price band, the company is valued at P/E of 45x FY25 EPS, implying a post-issue market capitalisation of ₹69,862 million post issue of equity shares.”
The IPO appears fully priced and is rated “Subscribe – Long Term,” said the brokerage.
Echoing a similar rating and views, Canara Bank Securities, said that Fujiyama Power Systems Ltd. stands out as a comprehensive solar energy player with strong brand equity, nationwide distribution, and integrated manufacturing capabilities.
“Its patented rMPPT technology, diversified product suite, and continued investment in R&D and capacity expansion (including the upcoming 1 GW monoPERC solar cell facility at Dadri, expected by January 2026) reinforce its scalability and future readiness. While any delay or inefficiency in commissioning this facility could impact its ability to produce DCR-compliant panels, the company’s fundamentals remain robust. At ₹228 (upper price band), valuations—P/E 40.79x and P/B 16.09x—appear fully priced relative to peers (P/E 31.88x; P/B 8.93x). However, given its leadership in off-grid and hybrid solar solutions, strong growth visibility, and alignment with India’s renewable energy expansion, we recommend SUBSCRIBE for Long-Term Investment,” said the brokerage.
Greater Noida-based Fujiyama Power Systems is a manufacturer of products and solution provider in the rooftop solar industry, including on-grid, off-grid and hybrid solar systems.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
