IPO
Rooftop solar co. Fujiyama Power’s IPO subscribed 2.14 times
Noida-based Fujiyama Power Systems ' Initial Public Offering (IPO) was subscribed 2.14 times, receiving bids for 5.63 crore shares against 2.63 crore shares on offer. The IPO had a price band of INR 216-228 per share. The issue included a fresh issue of equity shares aggregating INR 600 crore and an Offer for Sale (OFS) of 1,00,00,000 equity shares by promoters Pawan K Garg and Yogesh Dua (50,00,000 shares each). Prior to the IPO, the company raised INR 246.89 crore from 15 anchor investors through an allotment of 1.08 crore shares at INR 228 each.Fujiyama Power Systems operates as a manufacturer and solution provider in the roof-top solar industry, offering on-grid, off-grid, and hybrid solar systems. Its manufacturing capabilities encompass solar panels, solar inverters (including on-grid, hybrid, and off-grid solutions), and both lead-acid and lithium-ion batteries. The company markets its products under two brands, UTL Solar and Fujiyama Solar, with UTL Solar having a 29-year legacy.The company plans to allocate INR 180 crore from the fresh issue proceeds towards partially financing a new manufacturing facility in Ratlam and INR 275 crore towards repaying or prepaying outstanding borrowings, which totaled INR 687.654 crore as of September 30, 2025, with the remaining funds designated for general corporate purposes. In the fiscal year 2025, solar panels accounted for 42.96% of its revenue from operations, batteries for 20.58%, inverter chargers and UPS for 29.83%, and services and other operating income for 6.63%.
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