Fujiyama Power Systems was incorporated on November 29, 2017. The company manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid systems. It specializes in solar panels, inverters, lead acid, and lithium-ion batteries, with strong R&D in inverter technology and a diverse range of solar SKUs
| Bidding Dates |
|---|
| 13 Nov 2025 - 17 Nov 2025 |
| Subscription |
|---|
| 2.14x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,040 | 1 | 13 | 65 | 36.3 M | ₹216 - ₹228 | 87.84 % | ₹7844.2 M - ₹8280.0 M | RHP DOC |
Fujiyama Power Systems IPO SUBSCRIPTION STATUS
17 Nov '25Fujiyama Power Systems IPO overall subscription rate was 2.14 times the total available shares
Fujiyama Power Systems IPO retail subscription rate was 1 times in the retail segment
Fujiyama Power Systems IPO non-institutional investor subscription rate was 0.88 times in the non-institutional investor category
Fujiyama Power Systems IPO Qualified Institutional Bidder subscription rate was 5.15 times the available shares for Qualified Institutional Bidder
Fujiyama Power Systems IPO Employees subscription rate was 1.47 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 34.79% | 14.91% | 49.7% | 0.6% |
17 Nov 2025 (Day 3) | 1x | 0.88x | 5.15x | 1.47x |
14 Nov 2025 (Day 2) | 0.28x | 0.1x | 0.81x | 0.61x |
13 Nov 2025 (Day 1) | 0.15x | 0.05x | - | 0.19x |
Fujiyama Power Systems FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY26 | 597.3 | 67.6 | -4.6 | -88.0 | 17.7% |
| FY25 | 1,540.7 | 156.3 | 18.1 | -98.9 | 16.1% |
| FY24 | 924.7 | 45.3 | 85.5 | 37.6 | 10.7% |
| FY23 | 664.1 | 24.4 | 77.9 | -59.6 | 7.8% |
Fujiyama Power Systems IPO SUBSCRIPTION STATUS DETAILS
Fujiyama Power Systems had 36.3 M shares on offer
Fujiyama Power Systems IPO offer price was in the range ₹216 - ₹228
Fujiyama Power Systems IPO minimum Investment was ₹14040
Fujiyama Power Systems IPO issue size was ₹ 7844.2 M - ₹ 8280.0 M
Fujiyama Power Systems had a minimum lot size of 65 Shares per application
Fujiyama Power Systems NUMBER OF SHARES ON OFFER
Fujiyama Power Systems IPO IMPORTANT DATES
| Issue Open Date | 13 Nov 2025 |
| Issue close Date | 17 Nov 2025 |
| Allotment Date | 18 Nov 2025 |
| Refund Date | 19 Nov 2025 |
| Demat Account Credit Date | 19 Nov 2025 |
| Listing Date | 20 Nov 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Fujiyama Power Systems Allotment Status | Exchange/ Registrar |
Fujiyama Power Systems IPO subscription opened on 13 Nov 2025, and closed on 17 Nov 2025
IPO allotment for Fujiyama Power Systems was finalized on Tuesday, 18 Nov 2025
IPO listing for Fujiyama Power Systems was on NSE and BSE on Thursday, 20 Nov 2025
Fujiyama Power Systems IPO LISTING GAINS
| Issue Price (adjusted) | 228.0 |
| Listing Open Price | 220.0 |
| Listing Close Price | 208.4 |
| Listing Gain% | -3.5% |
| Current Gain% | 71.0% |
Fujiyama Power Systems Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fujiyama Power Systems Ltd. | 390 | 11948.5 | 39.4 | 0.4 | 4.5 | 23.9 | 13 | 2660 | 71.6 | 304.1 | 94.5 | 9.9 | 94.2 |
| Havells India Ltd. | 1288 | 80750.1 | 49.4 | 3.2 | 3.4 | 17.9 | 11.5 | 23022.2 | 4.3 | 1690.6 | 14.8 | 26.1 | 15.7 |
| Waaree Energies Ltd. | 2717 | 78154.9 | 20.5 | 0.3 | 2.6 | 25.7 | 12.3 | 27244.9 | 83.5 | 3711.3 | 98.7 | 132.7 | 72 |
| Apar Industries Ltd. | 16631 | 66829.5 | 56.6 | 1.7 | 2.7 | 18.1 | 7.1 | 22966.9 | 22.9 | 976.9 | 18.9 | 294 | 34 |
| Premier Energies Ltd. | 1047.2 | 47537.8 | 28.6 | 0.5 | 5.6 | 35 | 13.9 | 8025.9 | 20.7 | 1509.8 | 61.1 | 36.7 | 59.1 |
| Honeywell Automation India Ltd. | 37900 | 33509.3 | 60.8 | 7.9 | 7.1 | 11.8 | 8.4 | 4860.9 | 11.2 | 525 | 0.3 | 623.3 | 7.7 |
Fujiyama Power Systems INFORMATION ON IPO ISSUE
About Fujiyama Power Systems
Fujiyama Power Systems was incorporated on November 29, 2017. The company manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid systems. It specializes in solar panels, inverters, lead acid, and lithium-ion batteries, with strong R&D in inverter technology and a diverse range of solar SKUs
Object of the Issue
- Financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India
- Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the company
- General corporate purposes
Fujiyama Power Systems - PROMOTERS
| Name |
|---|
| Pawan Kumar Garg |
| Yogesh Dua |
| Sunil Kumar |
Fujiyama Power Systems - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Pawan Kumar Garg | Chairman & Joint Managing Director |
| Yogesh Dua | Chief Executive Officer & Joint Managing Director |
| Sonia Bansal Arora | Independent Director |
| Sunil Kumar | Non-Executive Director |
| Manav Sheoran | Independent Director |
| Rajesh Kumar Choudhary | Independent Director |
Fujiyama Power Systems Book Running Lead Manager
Motilal Oswal Investment Advisors Limited
fujiyama.ipo@motilaloswal.com
SBI Capital Markets Limited
fujiyama.ipo@sbicaps.com
Fujiyama Power Systems Registrar to the Offer
Link Intime India Private Limited
fujiyamapower.ipo@linkintime.co.in
Fujiyama Power Systems Strengths
Diverse product portfolio
The company offers a diverse product portfolio in the rooftop solar segment, including solar PCUs, off-grid, on-grid, and hybrid inverters, solar panels, battery chargers, lithium-ion and tubular batteries, UPS systems, solar management units, and charge controllers, delivering value-for-money solutions
Robust sales & service capabilities
The company has a strong sales and distribution network with over 480 distributors, 3,600 dealers, and 400 service engineers as of September 30, 2024, ensuring nationwide customer reach and support
Efficient manufacturing unit
The company operates three advanced manufacturing facilities in Greater Noida, Parwanoo, and Bawal. As of FY24, these facilities collectively produce solar panels, inverters, batteries, and chargers, with notable capacities such as 540,800 solar panels and 304,128 tubular batteries annually
Fujiyama Power Systems Risks
Operational risks
The company's manufacturing facilities face operational risks, including potential shutdowns or disruptions due to unforeseen events, which could negatively impact sales, business operations, and financial performance
Dependent on third-party suppliers
Dependence on third-party suppliers for materials and components exposes operations to risks of supply disruptions, quality issues, price fluctuations, and potential adverse impacts on business, cash flows, and financial performance
Brand reputation
Failure to develop, maintain, or enhance brand reputation could lead to reduced product sales, materially impacting operational results
IPO FAQs
This IPO consists of an offer for sale of up to Rs 228.0 crore, of 10,000,000 shares. It also consists of a fresh issue of Rs 600.0 crore.
The promoters of the company are Pawan Kumar Garg, Yogesh Dua and Sunil Kumar.
The category allocation of qualified institutional buyers is 49.7%, the category allocation of non individual investors or high networth individuals is 14.9% and for retail investors it is 34.8%.
The price band of the IPO is Rs 216.0 - 228.0.
The IPO application opens on Nov 13, 2025 and closes on Nov 17, 2025.
The minimum lot size for the IPO is 65. The maximum lot size for the IPO is 845.
For all category investors, the minimum application amount for this IPO is Rs. 14,040.0, the maximum value for this IPO is Rs 192,660.0.
This IPO will be allotted on Nov 18, 2025.
The refund will be credited to your account on Nov 19, 2025.
The allotted shares will be credited to your demat on Nov 19, 2025.
Fujiyama Power Systems Ltd.’s shares listed on the stock exchanges on Nov 20, 2025.