Fujiyama Power Systems IPO got subscribed 9 percent on the first day of bidding on Thursday.
The portion for retail individual investors received 15 percent subscription, while the quota for non-institutional investors was subscribed 5 percent.
The Greater Noida-based company, which provides products and solutions for the rooftop solar industry, had raised Rs 247 crore from anchor investors on Wednesday, a day ahead of the issue opening for public subscription.
The Rs 828-crore IPO opened on November 13 and will close on November 17. The company has fixed a price band of Rs 216–228 per share for the offer.
According to market observers, shares of Fujiyama Power Systems are trading with a flat premium in the grey market.
Proceeds from the fresh issue, amounting to Rs 180 crore, will be utilised for setting up a manufacturing facility in Ratlam, Madhya Pradesh. Another Rs 275 crore will be used for repayment of debt, while the balance will go towards general corporate purposes.
Fujiyama Power Systems manufactures a range of products and provides integrated solutions in the rooftop solar segment, including on-grid, off-grid and hybrid systems.
The company operates under its established brands ‘UTL Solar’ and ‘Fujiyama Solar’, with a presence in the industry for nearly 28 years. It currently has three manufacturing units and in-house R&D facilities focused on product innovation and technological development.
For the financial year ended FY25, the company reported revenue from operations of Rs 1,540.67 crore, up from Rs 664.08 crore in FY23. Net profit stood at Rs 156.33 crore in FY25 compared with Rs 24.36 crore in FY23.
Fujiyama Power Systems shares are expected to be allotted by November 18, while the share listing is scheduled to take place on November 20.
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