Fujiyama Power Systems IPO GMP Hints At Listing With Muted Gains - Should You Apply?

Fujiyama Power Systems IPO GMP Today: The initial public offering (IPO) of Fujiyama Power Systems is scheduled to open for subscription on November 13, 2025 and close on November 17. On the first day of bidding, the grey market premium (GMP) of the solar energy solutions’ shares remained nil.

Here’s a look at some of the major details related to the company from its red herring prospectus (RHP) before you decide to apply for the public issue.

Fujiyama Power Systems IPO GMP

Fujiyama Power Systems IPO GMP is nil as of November 13, according to multiple websites that monitor the movement of unlisted shares on the grey market. Based on the grey market trends, the stock is expected to list at par with the issue price.

Fujiyama Power Systems IPO: Offer Size and Price Band 

Fujiyama Power Systems' IPO issue size has been fixed at Rs 828 crore. The solar energy solutions provider’s issue consists of a fresh issuance of 26.30 million shares aggregating to Rs 600 crore and an offer for sale (OFS) of 10 million shares aggregating to Rs 228 crore.

Fujiyama Power Systems' IPO price band has been fixed at Rs 216 to Rs 228 per share. The minimum lot size to apply for Fujiyama Power Systems IPO for retail investors has been set at 1 lot consisting of 65 shares aggregating to a minimum investment of Rs 14,820.

Fujiyama Power Systems IPO: Subscription Update

Fujiyama Power Systems IPO has been booked 3 per cent within the first hour of bidding. Investors have placed bids for 6,80,940 shares compared to the 26.34 million shares offered for subscription.

The issue is seeing modest demand across investor categories. So far retail investors have booked the issue 5 per cent by applying for 5,94,945 shares compared to the 13.14 million shares reserved for retail investors.

Non-institutional investors placed bids for 78,260 shares compared to the 5.63 million shares set aside for the category, booking the issue 1 per cent. So far qualified institutional buyers (QIBs) have applied for no shares. Fujiyama Power Systems Ltd has set aside 7.34 million shares for QIBs.

Employees of the company applied for 7,735 shares compared to the 2,31,481 shares set aside for the category, booking 3 per cent of their quota.

Fujiyama Power Systems IPO: Key Dates

The basis of allotment for Fujiyama Power Systems IPO is expected to be determined on November 18. Once the share allotment status of Fujiyama Power Systems IPO is decided, successful bidders will receive shares of Fujiyama Power Systems in their demat accounts on November 19. Fujiyama Power Systems shares are slated to list on the BSE and NSE on November 20.

Fujiyama Power Systems: Key Financials

In the quarter ended June 30, 2025, Fujiyama Power Systems posted a total income of Rs 597.79 crore, the profit-after-tax (PAT) of the company was Rs 67.59 crore, and its net worth was Rs 464.34 crore.

Fujiyama Power Systems’ total income increased by over 67 per cent to Rs 1,550.09 crore in the financial year ending March 31, 2025, compared to Rs 927.20 crore in the preceding fiscal. The company’s PAT for FY 2024-25 stood at Rs 156.34 crore, up by over 245 per cent compared to a net profit of Rs 45.30 crore in FY 2023-24. 

Fujiyama Power Systems: Business Model

Fujiyama Power Systems is a manufacturer of products and solutions for the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems. The company undertakes solar panel manufacturing, solar inverter manufacturing, and lead acid and lithium-ion battery production.

The company operates through brands, such as 'UTL Solar’ and 'Fujiyama Solar'. The main source of the company’s revenue comes from the sale of its manufactured products and end-to-end solar solutions. Fujiyama Power Systems also earns revenue from support services like installation assistance and maintenance. 

Fujiyama Power Systems: Competitors

Fujiyama Power Systems competes with several other players within the solar energy products and solutions space. Some of the key competitors of the company across various business verticals include Luminous Power Technologies, Waaree Energies, Premier Energies, Insolation Energy, Genus Innovation, Exicom Tele-Systems, Okaya Power, Livguard Energy Technologies, and Microtek International.

Fujiyama Power Systems IPO: Should You Apply?

Here’s a look at some of the key risks and strengths the company’s business faces.

Fujiyama Power Systems: Risks

Fujiyama Power Systems’ business faces these risks, according to the company’s RHP.

The solar-energy products maker mentioned that it faces the risk of geographical concentration of its manufacturing facilities in northern India. The geographic concentration exposes the company to region-specific risks, such as localised disruptions, which can adversely affect the company’s results of operations.

The company imports a significant part of its raw material supply from China and equipment and machinery from other foreign countries. Restrictions or import duties can adversely affect the company’s business prospects, financial performance, and cash flows.

The company added that a significant part of its revenue comes from product categories, such as solar power generation systems, power backup solutions and chargers, which include solar panels, batteries, inverters, uninterruptible power supply systems (UPS), amongst others. Thus, potential slowdown of demand for these product categories can adversely affect the company’s business.

Fujiyama Power Systems: Strengths

Here’s a look at some of the key strengths of Fujiyama Power Systems, according to the company’s RHP:

Fujiyama Power Systems claims to have a diversified portfolio of solar products and solutions, which distinguishes the company from competitors in the rooftop solar industry.

The company claims it has a robust distribution network and post-sale service capabilities, enabling it to reach a diverse customer base. As of June 30, 2025, the company’s network comprised 725 distributors, 5,546 dealers and 602 service engineers 1,100 exclusive “Shoppes”.

Fujiyama Power Systems claims that it has a large-scale manufacturing infrastructure driving production efficiency. The company’s manufacturing facilities are located in  Greater Noida, Parwanoo, Bawal, and Dadri.

Fujiyama Power Systems IPO: Objective

Fujiyama Power Systems seeks to use the proceeds of the public issue for part-financing the cost of establishing a manufacturing facility in Madhya Pradesh and for repayment of its outstanding borrowings and general corporate purposes.