Fujiyama Power Systems refiles draft papers for IPO, reduces fresh issue size to Rs 600 crore

Fujiyama Power Systems IPO

Uttar Pradesh-based Roof-top solar solutions provider Fujiyama Power Systems has refiled preliminary papers with the SEBI to raise funds via initial public offering (IPO).

The IPO will be combination of fresh issuance of equity shares worth Rs 600 crore, and an offer-for-sale of 2 crore equity shares by promoters. The company has reduced its fresh issue size from Rs 700 crore earlier.

Earlier, Fujiyama Power Systems had filed draft red herring prospectus with the SEBI for IPO on December 28, 2024. However, later it has withdrawn its draft document on February 12, 2025.

Promoters Pawan Kumar Garg and Yogesh Dua will be selling up to 1 crore equity shares through offer-for-sale.

The company that manufactures on-grid, off-grid and hybrid solar systems may consider raising up to Rs 120 crore in pre-IPO round. If the company successfully closed its pre-IPO placement, the said amount will be reduced from the fresh issue.

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With three manufacturing facilities, Fujiyama Power Systems offers several products including solar PCUs, solar off-grid, on-grid and hybrid inverters, solar panels, pulse width modulation chargers and lithium-ion and tubular batteries.

It is also in the process of developing a new facility for manufacturing solar panel in Dadri, Uttar Pradesh and installation of another solar inverter and lithium-ion battery line in Greater Noida Facility.

It plans to use the offer proceeds up to Rs 180 crore for establishing the manufacturing facility for solar inverter, solar panels and lithium-ion batteries in Ratlam, Madhya Pradesh.

Further, Rs 275 crore out of fresh issue funds will be utilised for repaying debt, and the remainder money for general corporate purposes. As of February 15, 2025, it had outstanding borrowings of Rs 353.4 crore.

On the financial front, Fujiyama Power Systems recorded strong profit at Rs 45.3 crore for the year ended March 2024, up 86 percent from Rs 24.4 crore in the previous fiscal. Revenue grew by 39.2 percent to Rs 924.7 crore, up from Rs 664 crore during the same period.

Profit in the six months period ended September 2024 stood at Rs 75.1 crore on revenue of Rs 721.7 crore.

Motilal Oswal Investment Advisors, and SBI Capital Markets are the book running lead managers handling the public issue.