Fujiyama Power Systems IPO kicks-off today: Should you subscribe to it?
Fujiyama Power Systems is selling its shares in the price band of Rs 216-228 apiece, applied for a minimum of 65 shares and its multiples to raise Rs 828 crore between November 13-17.
- Nov 13, 2025,
- Updated Nov 13, 2025 10:11 AM IST
The initial public offering (IPO) of Fujiyama Power Systems opens for bidding on Thursday, November 13. The rooftop solar solutions player is offering its shares in the range of Rs 216-228 apeice. Investors can make bids for a minimum of 65 equity shares and its multiples thereafter. The issue shall close for bidding on Monday, November 17.
Fujiyama Power Systems is looking to raise a total of Rs 828 crore via IPO, which includes a fresh share sale of Rs 600 crore and an offer-for-sale (OFS) of up to 1 crore shares by its promoters worth Rs 228 crore. The net proceeds from the issue shall be utilized towards Part financing the cost of establishing the manufacturing facility, repayment of debt and general corporate purposes.
Incorporated in 2017, New Delhi-based Fujiyama Power Systems manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems. It has designed an extensive product portfolio of over 522 SKUs, including solar inverters, panels, and batteries, to reduce customer reliance on alternative OEMs.
Fujiyama Power Systems raised a total of Rs 246.9 crore from 15 anchor investors as it allocated 1,08,28,947 equity shares at Rs 228 apiece. Its anchor book included names like VQ Fastercap Fund II, LC Pharos Multi Strategy Fund VCC, Steptrade Revolution Funds, Astrone Capital VCC, Citigroup Global Markets Mauritius, Ampersand Growth Opportunities Fund and others.
Fujiyama Power Systems reported a net profit of Rs 67.59 crore with a revenue of Rs 597.79 crore for the three months ended on June 30, 2025. The company clocked a net profit of Rs 156.34 crore with a revenue of Rs 1,550.09 crore for the financial year 2024-25. At the current valuations, the company is commanding a market capitalization close to Rs 7,000 crore.
Fujiyama Power Systems has reserved 50 per cent of the net offer qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of 35 per cent in the IPO. Last heard, the company was commanding no grey market premium (GMP) in the unofficial market.
Motilal Oswal Investment Advisors and SBICap Securities are the book running lead managers of Fujiyama Power Systems IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on November 20, Thursday. Here's what a host of brokerage firms said about the IPO of Fujiyama Power Systems:
Swastika Investmart
Rating: Neutral
Fujiyama's position in the high-growth rooftop solar sector and its exceptional financial performance, including 245 per cent PAT growth in FY25. The IPO is priced at a P/E of about 40.85 times, which is considered fully priced but reasonable when compared to its key industry peers, said Swastika Investmart.
"While the strong growth potential justifies the valuation for long-term holders, the full pricing may limit significant immediate listing gains for short-term investors. Overall, given the valuations and small market cap, 'neutral' rating is recommended for this IPO," it added.
BP Equities
Rating: Subscribe for long-term
Fujiyama Power Systems is valued at a P/E multiple of 41 times based on FY25 earnings. Given the company’s technological capabilities, financial strength, expanding margins, scalable business model, and industry growth potential, we believe the valuation is justified, said BP Equities. "We recommend a 'subscribe' rating for this issue with a medium to long-term horizon."
SMIFS
Rating: Subscribe
"We recommend subscribing to the issue as a good long-term investment, as the new Ratlam facility, Dadri expansion, and potential existing utilisation ramp-ups position the company for transformative growth with revenues likely to double over the next three to four years," said SMIFS.
Ventura Securities
Rating: Subscribe
Fujiyama Power Systems is poised for significant growth in the coming years, with its plans to expand manufacturing capacity and regional reach. Its IPO will provide the necessary capital to establish a new manufacturing facility in Ratlam, Madhya Pradesh, which will increase production capacity for solar panels, inverters, and lithium-ion batteries, said Ventura Securities.
"This expansion shall strengthen its market presence in the western and southern regions of India. Its focus on innovation, such as its patented rMPPT technology, and its commitment to improving its distribution network will further drive sales. Fujiyama is positioned to capture a larger share of India’s solar market, especially with its focus on sustainability and clean energy," it said with a 'subscribe' rating.
The initial public offering (IPO) of Fujiyama Power Systems opens for bidding on Thursday, November 13. The rooftop solar solutions player is offering its shares in the range of Rs 216-228 apeice. Investors can make bids for a minimum of 65 equity shares and its multiples thereafter. The issue shall close for bidding on Monday, November 17.
Fujiyama Power Systems is looking to raise a total of Rs 828 crore via IPO, which includes a fresh share sale of Rs 600 crore and an offer-for-sale (OFS) of up to 1 crore shares by its promoters worth Rs 228 crore. The net proceeds from the issue shall be utilized towards Part financing the cost of establishing the manufacturing facility, repayment of debt and general corporate purposes.
Incorporated in 2017, New Delhi-based Fujiyama Power Systems manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems. It has designed an extensive product portfolio of over 522 SKUs, including solar inverters, panels, and batteries, to reduce customer reliance on alternative OEMs.
Fujiyama Power Systems raised a total of Rs 246.9 crore from 15 anchor investors as it allocated 1,08,28,947 equity shares at Rs 228 apiece. Its anchor book included names like VQ Fastercap Fund II, LC Pharos Multi Strategy Fund VCC, Steptrade Revolution Funds, Astrone Capital VCC, Citigroup Global Markets Mauritius, Ampersand Growth Opportunities Fund and others.
Fujiyama Power Systems reported a net profit of Rs 67.59 crore with a revenue of Rs 597.79 crore for the three months ended on June 30, 2025. The company clocked a net profit of Rs 156.34 crore with a revenue of Rs 1,550.09 crore for the financial year 2024-25. At the current valuations, the company is commanding a market capitalization close to Rs 7,000 crore.
Fujiyama Power Systems has reserved 50 per cent of the net offer qualified institutional bidders (QIBs), while non-institutional investors will get 15 per cent shares. Retail investors have an allocation of 35 per cent in the IPO. Last heard, the company was commanding no grey market premium (GMP) in the unofficial market.
Motilal Oswal Investment Advisors and SBICap Securities are the book running lead managers of Fujiyama Power Systems IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on November 20, Thursday. Here's what a host of brokerage firms said about the IPO of Fujiyama Power Systems:
Swastika Investmart
Rating: Neutral
Fujiyama's position in the high-growth rooftop solar sector and its exceptional financial performance, including 245 per cent PAT growth in FY25. The IPO is priced at a P/E of about 40.85 times, which is considered fully priced but reasonable when compared to its key industry peers, said Swastika Investmart.
"While the strong growth potential justifies the valuation for long-term holders, the full pricing may limit significant immediate listing gains for short-term investors. Overall, given the valuations and small market cap, 'neutral' rating is recommended for this IPO," it added.
BP Equities
Rating: Subscribe for long-term
Fujiyama Power Systems is valued at a P/E multiple of 41 times based on FY25 earnings. Given the company’s technological capabilities, financial strength, expanding margins, scalable business model, and industry growth potential, we believe the valuation is justified, said BP Equities. "We recommend a 'subscribe' rating for this issue with a medium to long-term horizon."
SMIFS
Rating: Subscribe
"We recommend subscribing to the issue as a good long-term investment, as the new Ratlam facility, Dadri expansion, and potential existing utilisation ramp-ups position the company for transformative growth with revenues likely to double over the next three to four years," said SMIFS.
Ventura Securities
Rating: Subscribe
Fujiyama Power Systems is poised for significant growth in the coming years, with its plans to expand manufacturing capacity and regional reach. Its IPO will provide the necessary capital to establish a new manufacturing facility in Ratlam, Madhya Pradesh, which will increase production capacity for solar panels, inverters, and lithium-ion batteries, said Ventura Securities.
"This expansion shall strengthen its market presence in the western and southern regions of India. Its focus on innovation, such as its patented rMPPT technology, and its commitment to improving its distribution network will further drive sales. Fujiyama is positioned to capture a larger share of India’s solar market, especially with its focus on sustainability and clean energy," it said with a 'subscribe' rating.