The initial public offering (IPO) of Fujiyama Power Systems, which provides solutions for the rooftop solar industry, was subscribed 40% on the second day of bidding on November 14.
The IPO received bids for 1,04,25,935 shares as against 2,63,47,221 shares on offer, according to the data available with the NSE.
The retail individual investors part received 28% subscription while the segment for non-institutional investors was subscribed 10%. However, qualified institutional buyers saw 81% participation so far.
On November 12, Fujiyama Power Systems said it has raised Rs 247 crore from anchor investors.
In a public announcement on November 12, Fujiyama Power Systems (UTL Solar) said it raised Rs 75 crore in a pre-IPO round from VQ FasterCap Fund II and ValueQuest India GIFT Fund with promoters selling nearly a 1.2% stake in the company.
The Rs 828-crore IPO will be open on November 13 and conclude on November 17. The company said its maiden public offering comes with a price band of Rs 216-228 per share.
The IPO is a combination of a fresh issue of equity shares worth up to Rs 600 crore and an offer for sale of 10 lakh shares, valued Rs 228 crore at the upper end, by promoters.
Proceeds from the fresh issue to the tune of Rs 180 crore would be utilised by the company towards financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, Rs 275 crore for payment of debt, and the rest for general corporate purposes.
Greater Noida-based Fujiyama Power Systems is a manufacturer of products and solution provider in the rooftop solar industry, including on-grid, off-grid and hybrid solar systems.
The company has built a brand recall and reputation in the industry through its brands 'UTL Solar', which has a legacy of 28 years, and Fujiyama Solar.
It has developed three manufacturing facilities and R&D capabilities domestically, with a consistent focus on technological development and product innovation.
Financially, the company's revenue from operations stood at Rs 1,540.67 crore during FY25 as against Rs 664.08 crore during FY23.
Its net profit was at Rs 156.33 crore in FY25 as against Rs 24.36 crore during FY23.
Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers for the IPO.
Fujiyama Power Systems GMP
At 12:30 pm on November 14., the company's grey market price was trading flat at 0%.
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