The offer consists of a Rs 600-crore fresh issue and a Rs 228-crore offer for sale (OFS) by existing stakeholders.
Brokerage firm SMIFS has advised investors to subscribe, calling the IPO a solid long-term bet supported by healthy financial performance, expanding capacity, and a strong foothold in India’s rapidly growing renewable energy sector.
Fujiyama Power IPO subscription update
According to the latest BSE figures, the Fujiyama Power IPO had received 40% overall subscription by the end of Day 2. This indicates that investors are taking a cautious approach so far, with significant participation still pending.
Retail Individual Investors (RIIs): The retail portion, which has 1.31 crore shares earmarked for small investors, has been subscribed 28%. This shows moderate interest from everyday investors.
Non-Institutional Investors (NIIs): High-net-worth individuals and other non-institutional buyers have subscribed to only 10% of their 56.31 lakh-share quota, reflecting a slow response from this category.
Qualified Institutional Buyers (QIBs): Institutional investors such as mutual funds, insurance companies, and banks have subscribed 81% of their allocated 73.42 lakh shares—indicating comparatively stronger confidence from large, professional investors.
Fujiyama Power Systems IPO: Key highlights
Fujiyama Power Systems has launched its Rs 828-crore initial public offering (IPO), comprising a fresh issue of 2.63 crore shares worth Rs 600 crore and an offer for sale (OFS) of 1 crore shares totalling Rs 228 crore. The IPO opened on November 13, 2025, and will remain available for subscription until November 17, 2025.
The Noida-based solar solutions company plans to utilise the fresh capital to finance the development of a new manufacturing plant in Ratlam (Madhya Pradesh), reduce existing borrowings, and meet general corporate requirements. The company’s shares are proposed to list on both the BSE and NSE, with a tentative listing date of November 20, 2025. The basis of allotment is likely to be announced on November 18, followed by refunds and credit of shares on November 19.
This book-built issue consists of 3.63 crore equity shares and is being led by Motilal Oswal Investment Advisors, while MUFG Intime India is acting as the registrar.
For retail participants, the minimum bid size is 65 shares, translating to an investment of Rs 14,820 at the upper price band. Investors can apply for a maximum of 13 lots (845 shares). In terms of share allocation, up to 50% of the offer is reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and a minimum of 35% for retail investors.
About Fujiyama Power Systems
Fujiyama Power Systems manufactures and supplies an extensive range of products across the rooftop solar segment, offering on-grid, off-grid, and hybrid solutions. Its offerings include solar inverters, panels, lithium-ion and tubular batteries, and various power management components.
The company operates a wide distribution network with over 725 distributors, 5,500 dealers, and 1,100 franchise outlets under its “Shoppe” model, supported by a workforce of more than 600 service engineers.
Financially, Fujiyama has delivered strong performance. Revenue surged 67%, from Rs 927 crore in FY24 to Rs 1,550 crore in FY25, while profit after tax (PAT) jumped 245%, increasing from Rs 45 crore to Rs 156 crore over the same period.
Should you bid?
According to the SMIFS research report, Fujiyama Power has demonstrated robust financial performance. Revenue surged from Rs 6,641 million in FY23 to Rs 15,407 million in FY25, while EBITDA rose from Rs 516 million to Rs 2,485 million during the same period, with margins improving from 7.8% to 16.1%. PAT increased nearly sixfold—from Rs 244 million in FY23 to Rs 1,563 million in FY25—driving PAT margins up from 3.7% to 10.2%.
Return ratios also strengthened notably, with ROE reaching 39.4% and ROCE at 41.0%, supported by a sound balance sheet and a moderate debt-to-equity ratio of 0.87x.
SMIFS recommends subscribing to the issue as a strong long-term investment opportunity. The upcoming Ratlam facility, Dadri expansion, and improved capacity utilization are expected to fuel transformative growth, with revenues projected to double over the next three to four years.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)