Fujiyama Power Systems, the Noida-based solar inverter, panels, and batteries manufacturer, is set to hit Dalal Street with its initial public offering (IPO) on November 13, being the fifth company launching IPO next week. PhysicsWallah, Emmvee Photovoltaic Power, Tenneco Clean Air, and Capillary Technologies are the other four companies coming out with IPOs.
As per the RHP (Red Herring Prospectus) filed on November 7, the company is mobilising Rs 600 crore by issuing new shares, while promoters - Pawan Kumar Garg and Yogesh Dua - are offloading 1 crore equity shares via offer-for-sale.
The offer-for-sale has been reduced from 2 crore equity shares planned earlier as per the DRHP refiled on March 6 this year. The SEBI approved the said draft papers in July 2025.
The one-day IPO anchor book will be launched on November 12, while the offer will remain open for the public till November 17. The IPO share allotment will be finalised by November 18, while the trading in Fujiyama Power Systems shares on the BSE and NSE will start effective November 20.
The company that manufactures products and provides solutions in the rooftop solar industry under the brands UTL Solar and Fujiyama Solar intends to spend Rs 180 crore of fresh issue proceeds to establish manufacturing facilities for solar inverters, solar panels, and lithium-ion batteries in Ratlam, Madhya Pradesh.
Further, Rs 275 crore will be utilised for repayment of debt, and the remainder funds for general corporate purposes.
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With four manufacturing facilities and R&D capabilities, Fujiyama Power Systems, which competes with listed entities like Waaree Energies, Premier Energies, Exicom Tele Systems, and Insolation Energy, has recorded a profit of Rs 67.6 crore on revenue of Rs 597.3 crore for the quarter ended June 2025.
Profit for the year ended March 2025 stood at Rs 156.4 crore, up 245.2 percent from Rs 45.3 crore in the previous fiscal. Revenue in the same period increased 66.6 percent to Rs 1,540.7 crore, up from Rs 924.7 crore.
The merchant bankers managing the Fujiyama Power Systems IPO are Motilal Oswal Investment Advisors and SBI Capital Markets.
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