Fujiyama Power Systems IPO, also known as the UTL Solar IPO, will open for subscription on November 13, 2025, and close on November 17, 2025. This is a book-built issue, and the company aims to raise around ₹828 crores. The issue includes a fresh issue of ₹600 crores and an offer for sale of 1 crore equity shares with a face value of ₹1 each.
The price band for the Fujiyama Power Systems IPO is ₹216 to ₹228 per share. The retail portion is 35%, QIB is 50%, and HNI is 15%. The allotment will be announced on November 18, 2025, and the listing is scheduled for November 20, 2025, on both BSE and NSE.
The company has shown strong financial performance. Revenue increased from ₹927.20 crores in 2024 to ₹1,550.09 crores in 2025. Profit also rose significantly, reaching ₹156.34 crores in 2025 compared to ₹45.30 crores in 2024. Based on the financials, long-term investors may consider this IPO.
Contents
Fujiyama Power Systems IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | November 13, 2025 |
| IPO Close Date | November 17, 2025 |
| Face Value | ₹1 per equity share |
| Price Band | ₹216 to ₹228 |
| Issue Size | ₹828 crores approx |
| Fresh Issue | ₹600 crores approx |
| Offer for Sale | 1,00,00,000 equity shares |
| Issue Type | Book Built Issue |
| Listing | BSE, NSE |
| DRHP | View PDF |
| RHP | View PDF |
- Also Read: Capillary Technologies IPO
Fujiyama Power Systems IPO Review
Fujiyama Power Systems shows strong revenue growth, rising profits, and a solid position in the solar power solutions market. With a large distributor network and improving margins, the business looks structurally strong.
However, investors should note the competitive sector and upcoming capacity expansion risks. Overall, it appears suitable for long-term investors, while short-term listing gains may depend on market sentiment.
Fujiyama Power IPO
Open: 13-17 Nov 2025
Issue Size: ₹828 Cr.
Objective: Build a new factory, clear some loans, and for regular company needs.
Exchange: BSE NSE
Market Lot
| Application Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 65 | ₹14,820 |
| Retail Maximum | 13 | 845 | ₹1,92,660 |
| S-HNI Minimum | 14 | 910 | ₹2,07,480 |
| S-HNI Maximum | 67 | 4,355 | ₹9,92,940 |
| B-HNI Minimum | 68 | 4,420 | ₹10,07,760 |
IPO Reservation
| Investor Category | Shares Offered | % Share |
|---|---|---|
| Anchor Investor | 1,08,28,947 | 29.82% |
| QIB (Ex-Anchor) | 72,19,298 | 19.88% |
| NII | 54,14,474 | 14.91% |
| Retail | 1,26,33,772 | 34.79% |
| Employees | 2,19,298 | 0.60% |
Fujiyama Power Systems IPO Anchor Investor Details
| Particular | Details |
|---|---|
| Anchor Bidding Date | November 12, 2025 |
| Anchor Investors List | View PDF |
| Shares Offered | 1,08,28,947 |
| Anchor Size | ₹246.90 crores |
| Lock-in end (50% – 30 days) | December 18, 2025 |
| Lock-in end (50% – 90 days) | February 16, 2026 |
Fujiyama Power Systems IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | November 13, 2025 |
| IPO Close Date | November 17, 2025 |
| Basis of Allotment | November 18, 2025 |
| Refunds | November 19, 2025 |
| Credit to Demat | November 19, 2025 |
| Listing Date | November 20, 2025 |
| Cut-off Time | November 17, 2025 – 5 PM |
Promoters and Shareholding
| Particular | Shares | % Share |
|---|---|---|
| Pre-Issue Promoter Holding | 28,00,95,145 | 99.67% |
| Post-Issue Promoter Holding | 30,64,10,934 | 87.88% |
Objects of the Issue
| Purpose | Amount (₹ crores) |
|---|---|
| Establishing manufacturing facility in Ratlam | 180 |
| Repayment/prepayment of borrowings | 275 |
| General Corporate Purpose | – |
About Fujiyama Power Systems
Fujiyama Power Systems Limited, established in 2017, is a leading name in the rooftop solar solutions segment. The company manufactures solar inverters for on-grid, off-grid, and hybrid systems under the well-known brands UTL Solar and Fujiyama Solar. Their products are also exported to several countries, including the USA, Bangladesh, and the UAE.
The company offers a wide range of products such as single-card online UPS, combo UPS with AVR, high-frequency online UPS, and advanced SMT inverters. Fujiyama has a strong distribution network with over 725 distributors, 5,546 dealers, and 1,100 exclusive partners. It also employs more than 602 trained service engineers to offer customised solar solutions.
Fujiyama Power Systems Financial Report
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹665.33 cr | ₹633.85 cr | ₹24.37 cr | ₹514.56 cr |
| 2024 | ₹927.20 cr | ₹864.60 cr | ₹45.30 cr | ₹609.64 cr |
| 2025 | ₹1,550.09 cr | ₹1,336.97 cr | ₹156.34 cr | ₹1,013.96 cr |
| June 2025 | ₹597.79 cr | ₹507.85 cr | ₹67.59 cr | ₹1,243.88 cr |
Fujiyama Power Systems IPO Valuation
| KPI | Value |
|---|---|
| ROE | 39.40% |
| ROCE | 41.01% |
| EBITDA Margin | 16.13% |
| PAT Margin | 10.15% |
| Debt-to-Equity | 0.87 |
| EPS | ₹5.59 |
| P/E Ratio | N/A |
| RoNW | 39.40% |
| NAV | ₹14.17 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Waaree Energies | 48.05 | 66.32 | 30.82% | 157.26 | ₹14,444.50 cr |
| Premier Energies | 6.93 | 242.56 | 36.69% | 23.94 | ₹6,518.75 cr |
| Exicom Tele Systems | 6.70 | 41.35 | 8.86% | 59.72 | ₹867.61 cr |
| Insolation Energy | 26.63 | 149.54 | 51.20% | 52.00 | ₹1,333.76 cr |
Lead Managers
Motilal Oswal Investment Advisors Ltd.
SBI Capital Markets Ltd.
Company Address
Fujiyama Power Systems Ltd.
53A/6, Near NDPL Grid Office,
Near Metro Station, Sat Guru Ram Singh Marg,
Delhi, 110015
Phone: +91 1141055305
Email: investor@utlsolarfujiyama.com
Website: utlsolarfujiyama.com
Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: fujiyamapower.ipo@linkintime.co.in
Website: in.mpms.mufg.com
Fujiyama Power Systems IPO FAQs
What is Fujiyama Power Systems IPO?
A mainboard IPO to raise about ₹828 crores via fresh issue and OFS.
When does the IPO open and close?
Opens on November 13, 2025 and closes on November 17, 2025.
What is the IPO price band?
₹216 to ₹228 per share.
What is the lot size?
65 shares per lot; minimum investment is ₹14,820.
When is the allotment and listing?
Allotment on November 18; listing on November 20, 2025.
How much is reserved for retail investors?
Retail quota is 35%.
How to apply?
Apply via ASBA or UPI through your broker or bank.
What is Fujiyama Power Systems’ business?
A leading solar inverter and power systems manufacturer.
Should you apply?
Long-term investors may consider; evaluate risk before applying.
Expert Comment
Fujiyama Power Systems has shown strong growth, a wide distribution network, and rising profitability. With demand for solar products increasing in India, long-term investors may find this IPO worth considering. However, it is wise to assess your risk profile before applying.
