Fujiyama Power Systems Ltd

Fujiyama Power Systems Ltd essentially manufacturers products and offers solutions to the rooftop solar industry. It has an extensive product portfolio of over 522 stock keeping units (SKU). Its product basket includes, solar inverters, panels, and batteries. The company has more than 725 distributions across India to push its products to clients. The company also customizes products and solutions to the unique needs of the customers. Fujiyama Power Systems Ltd has 4 manufacturing plants in India. 

The IPO will be a combination of a fresh issue and an offer for sale by the early investors. The shares will be sold by the promoters; Pawan Kumar Garg and Yogesh Dua. The issue is being lead-managed by Motilal Oswal and SBI Caps; while MUFG Intime India Private Ltd will be the registrars to the IPO. The 3 promoters, Pawan Kumar Garg, Yogesh Dua, and Sunil Kumar hold 99.67% stake in the IPO pre-issue. It will be a 100% book-built offer. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of Fujiyama Power Systems Ltd. 

1. The IPO of will be open from November 13th, 2025 to November 15th, 2025. It has a face value of ₹1 per share and IPO price band is set in range of ₹216 to ₹228 per share.
2. The IPO of Fujiyama Power Systems Ltd will be a combination of a fresh issue of shares and an offer for sale by the promoters.
3. The fresh IPO portion comprises the issue of 2,63,15,789 shares (263.16 lakh shares), which at the upper price band of ₹228 per share translates into ₹600.00 crore.
4. The OFS of the IPO comprises the sale of 1,00,00,000 shares (100.00 lakh shares), which at the upper price band of ₹228 per share translates into ₹228.00 crore.
5. The overall IPO will comprise of the issue and sale of 3,63,15,789 shares (363.16 lakh shares), which at the upper price band of ₹228 per share translates into ₹828 crore. 

The IPO of Fujiyama Power Systems Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation will happen a day ahead of IPO opening. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Fujiyama Power Systems Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Fujiyama Power Systems Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 65 shares) 

Financial Highlights

The table captures the key financials of Fujiyama Power Systems Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company has seen sales more than double in the last two years, with a six-fold growth in profits in the same period. This has resulted in the PAT margins improving to 10.15% in the latest full year. The latest year also saw doubling of the ROE and ROA of the company, thanks to a sharp improvement in profitability. 

Valuation Metrics

At the IPO price of ₹228, the latest EPS of ₹5.56 shows a P/E discounting of 41.0 times. This is approximately comparable to the peer group. Hence, the focus may be more on execution and the growth numbers, rather than on valuations. The company does bring some merits to the table. It has a full range products catering to the rooftop solar segment, an area that is expected to grow rapidly in the coming years. 

More importantly, their network of distributors and dealers is also very robust and does create entry barriers for the new players. The IPO investors would have to focus more on the intangible strengths of the company also, apart from the financials.  

A Brief on the Anchor Allocation

The anchor issue of Fujiyama Power Systems Ltd saw a strong response on 12th November 2025 with 29.1% of the IPO size absorbed by anchors. Out of 3,71,76,168 shares (371.76 lakh shares) on offer in the IPO, anchors picked up 1,08,28,947 shares (108.29 lakh shares) accounting for 29.13% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹228 per share. This includes the face value of ₹1 per share plus a share premium of ₹227 per share. The anchor bidding process opened and closed on 12th November 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Fujiyama Power Systems Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 12th November 2025, Fujiyama Power Systems Ltd allotted 1,08,28,947 shares to 15 anchor investors. The allocation was done at the upper IPO price band of ₹227 per share which resulted in overall anchor allocation of ₹246.90 crore. The anchors have already absorbed 29.13% of the total issue size of ₹847.62 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹219.79 crores, or, 89.02% of the overall anchor allocation of shares in Fujiyama Power Systems Ltd done on November 12, 2025. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251112-48&attachedId=9f36d57c-ac61-4457-9d4e-339086c68821 

Out of the 1,08,28,947 shares allocated to the anchors in the IPO, there were a total of 56,66,765 shares allocated to mutual funds registered with SEBI. The allocation was made to 6 mutual fund schemes across 2 AMCs. Mutual funds accounted for 52.33% of the total anchor allocation of the IPO. FPIs, AIFs, and P-Notes were also active in participating in the anchor allocation of Fujiyama Power Systems Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 17th November 2025, the basis of allotment will be finalized on 18th November 2025 and the refunds will be initiated on 19th November 2025. In addition, the demat credits are expected to also happen on 19th November 2025 and the stock will list on 20th November 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 19th November 2025 under ISIN (INE12UR01024). 

IPO Subscription Status On Day-1

As of 5.45 pm on 13th November 2025, out of the 263.47 lakh shares on offer in the IPO (excluding anchor portion), Fujiyama Power Systems Ltd saw bids for 22.73 lakh shares. This implies an overall subscription of 0.09X or 9% at a macro level. The granular break-up of subscriptions at close of Day-1 of the IPO of Fujiyama Power Systems Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to November 17, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.50 pm on 14th November 2025, out of the 263.47 lakh shares on offer in the IPO (excluding anchor portion), Fujiyama Power Systems Ltd saw bids for 104.27 lakh shares. This implies an overall subscription of 0.40X or 40% at a macro level. The granular break-up of subscriptions at close of Day-2 of the IPO of Fujiyama Power Systems Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to November 17, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.25 pm on 17th November 2025, out of the 263.47 lakh shares on offer in the IPO (excluding anchor portion), Fujiyama Power Systems Ltd saw bids for 563.27 lakh shares. This implies an overall subscription of 2.14X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Fujiyama Power Systems Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case for QIBs in this issue, although the HNI / NII portion got undersubscribed. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had strong anchor participation a day ahead of the IPO opening. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO of Fujiyama Power Systems Ltd was open up to November 17, 2025, and has closed for subscription as of the close of trading hours on November 17, 2025. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO, although a higher subscription is not an automatic guarantee of a strong IPO listing. 

About th Fujiyama Power Systems Ltd

The IPO of Fujiyama Power Systems Ltd opened on November 13th, 2025 and closed on November 17th, 2025. The overall IPO comprised of a fresh issue and an offer for sale (OFS) of 3,71,76,168 shares (371.76 lakh shares) worth ₹847.62 crore at the upper price band of ₹228 per share. The allotment status will be finalized by end of day (EOD) of November 18, 2025. Here is how to check your allotment status for the IPO of Fujiyama Power Systems Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Fujiyama Power Systems Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Fujiyama Power Systems Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select UTLSOLAR from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Fujiyama Power Systems Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call.