Fujiyama Power Systems IPO Details
| IPO Open Date | November 13, 2025 |
| IPO Close Date | November 17, 2025 |
| Face Value | ₹1 Per Equity Share |
| IPO Price Band | ₹216 to ₹228 Per Share |
| Issue Size | Approx ₹828 Crores |
| Fresh Issue | Approx ₹600 Crores |
| Offer for Sale: | Approx 1,00,00,000 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Fujiyama Power Systems IPO Review & Key Points
- Review: May Apply
- Capital Market Rating: 45
- Rating: 3
Fujiyama Power Systems IPO Market Lot
The Fujiyama Power Systems IPO minimum market lot is 65 shares with ₹14,820 application amount. The retail investors can apply up-to 13 lots with 845 shares of ₹1,92,660 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 65 | ₹14,820 |
| Retail Maximum | 13 | 845 | ₹1,92,660 |
| S-HNI Minimum | 14 | 910 | ₹2,07,480 |
| S-HNI Maximum | 67 | 4,355 | ₹9,92,940 |
| B-HNI Minimum | 68 | 4,420 | ₹10,07,760 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 1,08,28,947 Shares | 29.82% |
| QIB (Ex. Anchor) | 72,19,298 Shares | 19.88% |
| NII Shares Offered | 54,14,474 Shares | 14.91% |
| Retail Shares Offered | 1,26,33,772 Shares | 34.79% |
| Employee Shares Offered | 2,19,298 Shares | 0.60% |
Fujiyama Power Systems IPO Anchor Investors
| Anchor Bidding Date | November 12, 2025 |
| Anchor Investors List | |
| Shares Offered | 1,08,28,947 Shares |
| Anchor Size | 246.90 Cr. |
| lock-in period end date 50% shares (30 Days) | December 18, 2025 |
| lock-in period end date 50% shares (90 Days) | February 16, 2026 |
Fujiyama Power Systems IPO Dates
The Fujiyama Power Systems IPO date is November 13 and the close date is November 17. The Fujiyama Power Systems IPO allotment will be finalized on November 18 and the IPO listing on November 20.
| IPO Open Date: | November 13, 2025 |
| IPO Close Date: | November 17, 2025 |
| Basis of Allotment: | November 18, 2025 |
| Refunds: | November 19, 2025 |
| Credit to Demat Account: | November 19, 2025 |
| IPO Listing Date: | November 20, 2025 |
| IPO Bidding Cut-off Time: | November 17, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Pawan Kumar Garg, Yogesh Dua and Sunil Kumar.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 28,00,95,145 | 99.67% |
| Promoter Holding Post Issue | 30,64,10,934 | 87.88% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| Financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India(the“Project”); | ₹180 |
| Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the Company; and | ₹275 |
| General Corporate Purpose | ₹- |
About Fujiyama Power Systems IPO
Fujiyama Power Systems Limited, incorporated in 2017, is one of the leading manufacturers and solution providers in the roof-top solar business. The company makes solar inverters for on-grid, off-grid, and hybrid solar systems. Their brands, UTL Solar (which has been around for 29 years) and Fujiiyama Solar, have earned them a good name in the solar power industry. Moreover, the company also exports its products to various countries, including the USA and several Asian countries, including Bangladesh and the UAE.
Single-card Online UPS, Combo UPS with automatic voltage regulation (AVR), High-frequency online UPS and single-card SMT inverters, fujiyama is one of the few companies in India to develop advanced products like this. The company has a large distribution network that includes over 725 distributors, 5,546 dealers, and 1,100 exclusive partners. It consists of over 602+ qualified service engineers, especially trained to provide customized solar systems as per the customer’s needs.
Fujiyama Power Systems IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹665.33 | ₹633.85 | ₹24.37 | ₹514.56 |
| 2024 | ₹927.20 | ₹864.60 | ₹45.30 | ₹609.64 |
| 2025 | ₹1,550.09 | ₹1,336.97 | ₹156.34 | ₹1,013.96 |
| June 2025 | ₹597.79 | ₹507.85 | ₹67.59 | ₹1,243.88 |
Fujiyama Power Systems IPO Valuation – FY2025
Check Fujiyama Power Systems IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 39.40% |
| ROCE: | 41.01% |
| EBITDA Margin: | 16.13% |
| PAT Margin: | 10.15% |
| Debt to equity ratio: | 0.87 |
| Earning Per Share (EPS): | ₹5.59 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 39.40% |
| Net Asset Value (NAV): | ₹14.17 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Waaree Energies | 48.05 | 66.32 | 30.82% | 157.26 | 14,444.50 Cr. |
| Premier Energies | 6.93 | 242.56 | 36.69% | 23.94 | 6518.75 Cr. |
| Exicom Tele Systems | 6.70 | 41.35 | 8.86% | 59.72 | 867.61 Cr. |
| Insolation Energy | 26.63 | 149.54 | 51.20% | 52.00 | 1,333.76 Cr. |
IPO Lead Managers aka Merchant Bankers
- Motilal Oswal Investment Advisors Ltd.
- SBI Capital Markets Ltd.
Company Address
Fujiyama Power Systems Ltd.
53A/6, Near NDPL Grid Office,
Near Metro Station
Sat Guru Ram Singh Marg
Delhi, New Delhi, 110015
Phone: +91 1141055305
Email: [email protected]
Website: https://www.utlsolarfujiyama.com/
IPO Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: [email protected]
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
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