Fujiyama Power Systems Shares Listed at 4% Discount on NSE and BSE

On Thursday, November 20, 2025, Fujiyama Power Systems shares made a subdued entry into the stock market by listing at a 4% discount to its IPO price. Fujiyama Power Systems shares opened at ₹218.40 on the BSE and ₹220 on the NSE, compared with the issue price of ₹228.

The ₹828 crore Fujiyama Power Systems IPO, held from November 13 to 17, was subscribed just over 2x. Prior to that, Fujiyama Power Systems raised ₹247 crore from anchor investors, including major names such as Nippon India MF, Tata MF, BNP Paribas, ValueQuest Investment Advisors, Societe Generale, LC Pharos Multi Strategy Fund, Astorne Capital, and Citigroup Global Markets Mauritius.

In an earlier pre-IPO round, the company secured ₹75 crore from VQ FasterCap Fund II and ValueQuest India GIFT Fund, during which promoters offloaded nearly 1.2% of their stake. Motilal Oswal Investment Advisors and SBI Capital Markets served as the book-running lead managers for the IPO.

Use of IPO Funds

From the fresh capital raised, Fujiyama aims to allocate ₹180 crore for establishing a new manufacturing plant in Ratlam, Madhya Pradesh, ₹275 crore towards debt repayment, and the remainder for general corporate purposes.

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About Fujiyama Power Systems Limited

Headquartered in Greater Noida, the company specialises in rooftop solar solutions, spanning on-grid, off-grid, and hybrid systems—under long-standing brands such as UTL Solar, which boasts a 28-year legacy, and Fujiyama Solar. Fujiyama operates three manufacturing units, supported by in-house R&D and a strong emphasis on technological innovation.

The company has shown robust financial growth, with revenue surging to ₹1,540.67 crore in FY25 from ₹664.08 crore in FY23, while net profit jumped to ₹156.33 crore in FY25 from ₹24.36 crore in FY23.

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