Fujiyama Power Systems IPO: Check IPO Date, Live Subscription and Key Details
Fujiyama Power Systems is a leading Indian manufacturer and solutions provider in the rooftop solar industry, operating under the established brands **UTL Solar** (29-year legacy) and Fujiyama Solar. The company provides end-to-end capabilities, including the manufacturing of on-grid, off-grid, and hybrid solar systems, panels, inverters, and batteries (both lead-acid and lithium-ion). It is a B2C focused company with a strong pan-India distribution network (725 distributors, 5,546 dealers, and 1,100 exclusive UTL Solar Shoppes). Fujiyama holds patents like the **Rapid MPPT technology** and is known for its product reliability, with negligible warranty claims.
Price Range
₹216.0 - ₹228.0
Issue Size
₹828 Crore
Lot Size
65 shares
IPO Type
Mainboard
GMP
-
Est. Listing Price
₹228
Invisible
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Invisible
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Key Metrics
Check Live GMP
Face Value
₹1
EPS
8.82
P/E Ratio
25.84
RoNW
39.4%
ROE
39.4%
Debt to Equity
0.87
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Timeline
IPO Opens
13 Nov
IPO Closes
17 Nov
Allotment
18 Nov
Listing
20 Nov
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 13 November 2025 | Subscription starts |
| IPO Close Date | 17 November 2025 | Subscription ends |
| Allotment Date | 18 November 2025 | Allotment |
| Listing Date | 20 November 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,820 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,92,660 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,07,480 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,92,940 |
BHNIAbove ₹10,00,000 | 68 | ₹10,07,760 |
IPO Objectives
- Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India (₹180.00 Cr).
- Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by our Company (₹275.00 Cr).
- General corporate purposes.
Strengths
- The company has a diversified portfolio of solar products (panels, inverters, batteries) under established brands like UTL Solar and Fujiyama Solar.
- It has a track record of technological development and product innovation, including the patented Rapid MPPT technology.
- The business benefits from a robust B2C distribution network (725 distributors, 5,546 dealers) and strong post-sale service capabilities.
- The quality-centric manufacturing infrastructure ensures efficiency and product eligibility for government schemes (MNRE and BIS).
- It shows strong financial growth, with Revenue increasing by 67% and PAT surging by 245% between FY24 and FY25, and IPO funds are allocated for debt reduction and capacity expansion.
Weaknesses
- The company has a high Debt-to-Equity ratio (0.87), indicating continued financial leverage despite planned debt repayment.
- It is vulnerable to raw material price volatility and dependence on international markets for components.
- The business faces intense competition in the solar products market from both domestic and international manufacturers.
- There is high reliance on government subsidies and policies for the rooftop solar segment, making the business susceptible to regulatory changes.
- The B2C model, while high-margin, requires continuous marketing and brand-building expenditure.
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Financial Performance
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 1,243.88 | 1,013.96 | 609.64 | 514.56 |
| Revenue (₹ Cr.) | 597.79 | 1,550.09 | 927.2 | 665.33 |
| PAT (₹ Cr.) | 67.59 | 156.34 | 45.3 | 24.37 |
| Net Worth (₹ Cr.) | 464.34 | 396.82 | 239.54 | 193.08 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Fujiyama Power Systems | 16.09 | 25.84 | 39.4% | 464.34 |
| Waaree energies limited | 8.38 | 34.36 | 23.5% | 9,595 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0.82x | 5.24x |
| NII | 0.05x | 0.11x | 0.92x |
| S-HNI | 0.1x | 0.21x | 1.63x |
| B-HNI | 0.03x | 0.06x | 0.56x |
| RII | 0.16x | 0.3x | 1.05x |
| EMP | 0.21x | 0.66x | 1.55x |
| Total | 0.09x | 0.41x | 2.21x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 72,19,298 | 3,78,22,200 | 862.35 |
| NII | 54,14,474 | 49,78,545 | 113.51 |
| Small NII | 18,04,825 | 29,50,220 | 67.27 |
| Big NII | 36,09,649 | 20,28,325 | 46.25 |
| RII | 1,26,33,772 | 1,32,53,565 | 302.18 |
| EMP | 2,19,298 | 3,39,820 | 7.75 |
| Total | 2,54,86,842 | 5,63,94,130 | 1,285.79 |
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Company Details
- Fujiyama Power Systems Ltd.
- 53A/6, Near NDPL Grid Office, Near Metro Station Sat Guru Ram Singh Marg, Delhi, New Delhi-110015
- +91 1141055305
- investor@utlsolarfujiyama.com
- https://www.utlsolarfujiyama.com/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- fujiyamapower.ipo@linkintime.co.in
- https://linkintime.co.in/Initial_Offer/public-issues.html