The allocated over 1.08 crore equity shares at Rs 228 per share to these anchor investors. In this, over 56.66 lakh equity shares i.e., 52.33% of the total allocation were allocated to 2 domestic mutual funds, which have applied through a total of 6 schemes.
The largest position of the anchor quota was cornered by two funds by Nippon India Mutual Fund. Nippon Life India Trustee Ltd – A/C Nippon India Small Cap was allocated 30% shares while Nippon Life India Trustee Ltd – A/C Nippon Power & Infra was allotted 10.50% of the anchor quota.
Tata Mutual Fund’s four schemes were collectively allocated 11.83% shares available in the anchor portion.
Some of the marquee institutions that participated in the anchor bidding included Societe Generale, Citigroup Global Markets Mauritius, Steptrade Revolution Fund, VQ Fastercap Fund II, BNP Paribas Funds Global Climate Solutions, BNP Paribas Funds Energy Transition and Astorne Capital VCC – Arven.
In an advertisement on November 12, in a pre-IPO round, Fujiyama Power Systems had raised Rs 75 crore from VQ FasterCap Fund II and ValueQuest India G.I.F.T. Fund with the promoters selling nearly 1.2% stake in the company.
Fujiyama Power Systems IPO GMP:
The company was not commanding any premium on Wednesday around 9 pm.
Fujiyama Power Systems IPO details
The IPO, which will close on Monday, November 17, 2025, is a fresh issue worth Rs 600 crore and an offer-for-sale (OFS) for up to Rs 228 crore. The IPO will fetch Rs 828 crore at the upper end of the price band.
Investors can bid for a minimum of 65 equity shares and in multiples of 65 equity shares thereafter.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
About Fujiyama Power Systems
The company is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems. It is a leading player in solar panel manufacturing, solar inverter manufacturing (covering on-grid, hybrid, and off-grid solutions), and both lead acid and lithium-ion battery production. The company also supports R&D in inverter technology and provides a wide variety of solar SKUs.
The company’s brands, UTL Solar, which has a legacy of 29 years, and Fujiyama Solar.
The company has four manufacturing facilities and R&D capabilities in India. The Red Herring Prospectus (RHP) states that the company has designed and developed an extensive product portfolio of more than 522 SKUs which includes a full range of solar inverters, solar panels and batteries.
As on June 30, 2025, the company served its customers through a pan-India distribution network of 725 distributors, 5,546 dealers and 1,100 exclusive ‘Shoppe’ franchisees.
Fujiyama Power Systems financials
The company’s revenue from operations was Rs 597.3 crore during the June 2025 quarter, and its net profit was Rs 67.6 crore. Its revenue from operations was Rs 1,540.6 crore during FY25 vis-à-vis Rs 664 crore during FY23.
Its net profit was Rs 156.3 crore during FY25 vis-à-vis Rs 24.3 crore during FY23.
IPO lead managers
Motilal Investment Advisors and SBI Capital Markets are the book-running lead manager and MUFG Intime India Private Limited is the registrar of the offer.
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