Fujiyama Power Systems IPO

Fujiyama Power Systems IPO

Listed

MainboardOpens 13 November 2025Closes 17 November 2025

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…

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Live GMPSubscriptionAllotment
Price band
₹216 - ₹228
Issue size
₹828 Cr
Lot size
65 shares
Type
Mainboard
GMP
₹0 (0.0%)
Est. listing
₹228
Est. profit / app
—
Retail quota
—

Key ratios

As per RHP / filings
Face value
₹1
EPS
8.82
P/E ratio
25.84
RoNW
39.4%
ROE
39.4%
Debt / Equity
0.87
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Timeline

  1. IPO Opens

    13 Nov 2025

  2. IPO Closes

    17 Nov 2025

  3. Allotment

    18 Nov 2025

  4. Listing

    20 Nov 2025

IPO Timeline & Listing Details

EventDate
IPO Open Date13 November 2025
IPO Close Date17 November 2025
Allotment Date18 November 2025
Listing Date20 November 2025

Investment Categories

CategoryLotsAmount
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 Ended30 Jun 202531 Mar 202531 Mar 202431 Mar 2023
Assets (₹ Cr.)1,243.881,013.96609.64514.56
Revenue (₹ Cr.)597.791,550.09927.2665.33
PAT (₹ Cr.)67.59156.3445.324.37
Net Worth (₹ Cr.)464.34396.82239.54193.08

Peer Comparison

CompanyP/B RatioP/E RatioRONW (%)Net Worth (₹ Cr.)
Fujiyama Power Systems16.0925.8439.4%464.34
Waaree energies limited8.3834.3623.5%9,595

Subscription Details

Daily Bids Status

CategoryDay 1Day 2Day 3
QIB0x0.82x5.24x
NII0.05x0.11x0.92x
S-HNI0.1x0.21x1.63x
B-HNI0.03x0.06x0.56x
RII0.16x0.3x1.05x
EMP0.21x0.66x1.55x
Total0.09x0.41x2.21x

Overall Subscription Statistics

CategoryShares OfferedShares BidBid Amount (₹ Cr)
QIB72,19,2983,78,22,200862.35
NII54,14,47449,78,545113.51
Small NII18,04,82529,50,22067.27
Big NII36,09,64920,28,32546.25
RII1,26,33,7721,32,53,565302.18
EMP2,19,2983,39,8207.75
Total2,54,86,8425,63,94,1301,285.79
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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

Frequently Asked Questions

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Fujiyama Power Systems IPO News & Updates

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Fujiyama Power Systems IPO IPO Pages

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Fujiyama Power Systems IPO Details

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Fujiyama Power Systems IPO GMP

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Fujiyama Power Systems IPO Subscription

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Fujiyama Power Systems IPO Allotment

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Fujiyama Power Systems IPO Review

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Fujiyama Power Systems IPO FAQ

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Fujiyama Power Systems IPO Registrar

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Fujiyama Power Systems IPO Timeline

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Fujiyama Power Systems IPO News

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Sources

We match Fujiyama Power Systems IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.

  • SEBIRules for IPO allotment and disclosures in India
  • NSEExchange notices, bidding data, and listing updates
  • BSEExchange notices and IPO allotment check tools
  • RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
  • MUFG Intime India Pvt.Ltd.Official site to check allotment status for this IPO

Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.

Reviewed by

Dinesh Agrawal · Lead IPO Analyst

15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.

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