Fujiyama Power Systems IPO Day 3 highlights: Issue booked 2.21x; GMP trades flat. Should you apply or not?

The initial public offering (IPO) of Fujiyama Power Systems received a muted response from investors during its three-day bidding, which ran from November 13 to 17.

Overall, the issue received bids for 5.63 crore shares against the 2.54 crore shares on offer, resulting in a subscription rate of 2.21 times.

Among investors, the qualified institutional buyers (QIB) portion was subscribed 5.54 times, as they placed bids for 3.78 crore shares compared with the allotted 72.19 lakh shares. The non-institutional buyers (NIB) segment was not fully subscribed, with a subscription of 0.92 times.

The retail quota also saw weak interest, being subscribed 1.05 times, while the employee portion was subscribed 1.55 times, according to exchange data.

Fujiyama Power Systems IPO Day 3 LIVE: Fujiyama Power IPO subscription status was 2.13x on day 3. The retail portion was subscribed 99%, and NII portion has been booked 88%, Qualified Institutional Buyers (QIBs) portion has received 5.15x bids. The employee portion has been subscribed 1.47x.

The company has received bids for 5,61,49,275 shares against 2,63,47,221 shares on offer, at 5:00 pm, according to data on BSE.

Fujiyama Power Systems IPO Day 3 LIVE: Ventura Securities gave a ‘subscribe’ rating to the Fujiyama Power Systems IPO, stating that the company was positioned for strong growth. It said the IPO proceeds would help set up a new Ratlam facility, boosting production of solar panels, inverters, and lithium-ion batteries and strengthening Fujiyama’s presence in western and southern India.

The brokerage added that the company’s patented rMPPT technology, expanding distribution network, and focus on clean energy supported its long-term prospects, justifying the subscribe recommendation.

Fujiyama Power Systems IPO Day 3 LIVE: BP Equities assigned a ‘subscribe for long-term’ rating to the Fujiyama Power Systems IPO, valuing the company at a P/E multiple of 41 times based on FY25 earnings. The brokerage said the valuation appeared justified in light of Fujiyama’s technological capabilities, financial strength, expanding margins, scalable business model, and the favourable growth outlook for the industry.

It stated that these factors collectively supported confidence in the company’s long-term prospects. Accordingly, BP Equities recommended a subscribe rating on the issue for investors with a medium to long-term horizon.

Fujiyama Power Systems IPO Day 3 LIVE: Swastika Investmart maintained a neutral stance on the Fujiyama IPO, noting the company’s strong positioning in the fast-expanding rooftop solar segment and its impressive financial performance, including a 245 per cent rise in PAT in FY25. The brokerage said the IPO had been priced at a P/E of around 40.85 times, a level it considered fully priced but still reasonable when compared with key industry peers.

"While the strong growth potential justifies the valuation for long-term holders, the full pricing may limit significant immediate listing gains for short-term investors. Overall, given the valuations and small market cap, 'neutral' rating is recommended for this IPO," it added.

Fujiyama Power IPO Day 3 LIVE: Fujiyama Power IPO GMP today or grey market premium was ₹1, which meant shares were trading at ₹229, just above their issue price of ₹228.

According to the recent 11 sessions of grey market activities, today's IPO GMP trend shows no significant changes, and experts anticipate this trend will continue until the listing day.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Fujiyama Power Systems IPO Day 3 LIVE: Fujiyama Power IPO subscription status was 2.02x on day 3. The retail portion was subscribed 79%, and NII portion has been booked 81%, Qualified Institutional Buyers (QIBs) portion has received 5.15x bids. The employee portion has been subscribed 1.39x.

The company has received bids for 5,31,02,920 shares against 2,63,47,221 shares on offer, at 15:54 IST, according to data on BSE.

1. Strong nationwide presence with 725 distributors, 5,546 dealers, 1,100 Solar Shoppes, and 602 service engineers.
2. Trusted brands UTL Solar and Fujiyama Solar, backed by 25-27-year panel warranties and 10-year inverter warranties.
3. Digital-enabled service via UTL MTL 2.5 app ensures efficient customer support and feedback tracking.
4. Expanding into new regions; states with ₹500M+ annual sales rose from 3 to 8 (FY22-FY25).
5. Scaling exports and manufacturing capacities to capture global solar demand.

Fujiyama Power Systems IPO Day 3 LIVE: The company’s possess robust R&D capabilities, with a consistent focus on technological development and product innovation, having strong track record of being one of the few companies in India to develop Online UPS with single card, Combo UPS along with automatic voltage regulation (“AVR”), high frequency online UPS and single card surface mount technology (“SMT”) inverter in India.

Fujiyama Power Systems IPO Day 3 LIVE: The Indian government continues a strong push to advance solar energy and provides several initiatives and allocations to this sector. With solar products becoming more affordable and government’s initiatives and subsidy, Fujiyama Power Systems Limited will benefit from this market opportunity with wide product portfolio, advanced manufacturing and R&D capabilities, well recognized brands and pan India distribution, sales and service network, the company is well placed to capitalize on the growth of solar sector in India.

Fujiyama Power Systems IPO Day 3 LIVE: The rooftop solar market in India is projected to grow at a CAGR of 40-43% from FY25 to FY30, driven by favorable government policies, rising awareness, and a focus on energy independence. Initiatives like the National Solar Mission and incentives for various sectors are fueling adoption, while declining costs of solar panels and inverters, along with advancements in energy storage, support this growth. The sector is expected to expand from 17 GW in FY25 to around 90-100 GW by FY30, aligning with India’s broader solar energy targets and carbon reduction commitments.

Fujiyama Power Systems IPO Day 3 LIVE: In the electric vehicle (EV) segment, company cater specifically to the three-wheeler E-Rickshaw market, offering chargers and lithium-ion batteries tailored to this fast-growing mobility segment. Across these categories, they offer over 522 Stock Keeping Units (SKUs), which can be customized to align with the specific preferences, requirements, and regional conditions of their customers. Fujiyama Power operate four state-of-the-art manufacturing facilities strategically located across India, enabling to maintain quality, scalability, and responsiveness to regional demand.

1. Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India (the “Project”);
2. Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the company; and
3. General corporate purposes.

Fujiyama Power Systems IPO Day 3 LIVE: According to Marwadi Shares and Finance, considering the Annualised EPS – June 2025 of ₹8.82 on a post issue basis, the company is set to list at a P/E of approximately ~25.8x with a market cap of ₹6,986 Cr whereas its peers namely Waaree Energies Ltd, Premier Energies Ltd and Insolation Energy Ltd is trading at P/E ratio of approximately ~35.5x, ~38.7x and ~30.5x.

“We assign “Subscribe” rating to this IPO as the company is wellrounded leader in the rooftop solar industry with diversified portfolio of solar products and solutions. Also, valuations are reasonable as compared to its peers,” said the brokerage.

Fujiyama Power Systems IPO Day 3 LIVE:

1. Import of Raw Material
2. Sales from Uttar Pradesh
3. Geographical concentration of manufacturing facilities
4. Decline in the price of products

Fujiyama Power Systems IPO Day 3 LIVE: Competitive Strengths

1. Diversified portfolio of solar products and solutions which distinguishes the company as a well-rounded leader in the rooftop solar industry.
2. Track record of technological development and product innovation.
3. Robust distribution network, and post-sale service capabilities driving strong brand recognition.
4. Quality-centric and precision-driven large scale manufacturing infrastructure driving production efficiency.
5. Experienced Promoters and Senior Management and a committed employee base.
6. Robust financial performance and growth.

Fujiyama Power Systems IPO Day 3 LIVE: As of FY25, the manufacturing facility in Greater Noida, Uttar Pradesh has an available installed capacity of manufacturing 656,547 solar panels, 387,504 solar inverters and UPS, 309,504 e-Rickshaw chargers and 7,488 lithium-ion batteries.

The manufacturing facility located in Parwanoo, Himachal Pradesh has an available installed capacity of manufacturing 51,917 solar PCUs and UPS. The battery plant in Bawal, Haryana has an available installed capacity of manufacturing 439,296 tubular batteries and 195,669 solar panels. The manufacturing facility at Dadri, Uttar Pradesh has an available installed capacity of manufacturing 20,060 solar panels

Fujiyama Power Systems IPO Day 3 LIVE:

1. Expand the manufacturing base for solar panels, inverters and batteries and strengthen back-end integration in solar panels.
2. Further strengthening domestic distribution and retail network and increase export sales.
3. Address market opportunities with a focus on continuously developing more efficient products and using innovative marketing tools and sales strategies, such as actionable influence.

Fujiyama Power Systems IPO Day 3 LIVE: Fujiyama Power operate four state-of-the-art manufacturing facilities strategically located across India, enabling to maintain quality, scalability, and responsiveness to regional demand. Company is a technology-driven company with a strong focus on research and development (R&D) and continuous product innovation aimed at enhancing energy efficiency, reliability, and customer value

Fujiyama Power Systems IPO Day 3 LIVE: According to Anand Rathi Research, Fujiyama Power System could be one of the biggest beneficiary due to government initiative like Rooftop Solar Scheme Phase II, PM-KUSUM, PM Surya Ghar-Muft Bijli yojna, solar park development, and the National Wind-Solar Hybrid Policy. The company aims to expand its reach through a curated distribution model and gradually scaling their UTL Solar Shoppe network to meet growing demand.

“At the upper price band, the company is valued at P/E of 45x FY25 EPS, implying a post-issue market capitalization of Rs.69,862 million post issue of equity shares. Considering these factors, the IPO appears fully priced and is rated “Subscribe – Long Term,” said Anand Rathi Research.

Fujiyama Power Systems IPO Day 3 LIVE:

1. Expand the manufacturing base for solar panels, inverters and batteries and strengthen back-end integration in solar panels.

2. Further strengthening domestic distribution and retail network and increase export sales.

3. Address market opportunities with a focus on continuously developing more efficient products and using innovative marketing tools and sales strategies, such as actionable influence.

Fujiyama Power Systems IPO Day 3 LIVE:

1. Import of Raw Material
2. Sales from Uttar Pradesh
3. Geographical concentration of manufacturing facilities
4. Decline in the price of products

Fujiyama Power Systems IPO Day 3 LIVE:

1. Diversified portfolio of solar products and solutions
2. Track record of technological development and product innovation
3. Robust distribution network and post-sale service capabilities
4. Experienced Promoters and Senior Management
5. Robust financial performance and growth

Fujiyama Power Systems IPO Day 3 LIVE: According to Adroit Financial Services, the Company intends to utilize the capital towards part financing the cost of establishment of their facility, which uponcommencement will more than double their current capacity. They are also allocating the capital towards reducing their debt which will significantly reduce their finance costs and improve their bottom line.

“Therefore, it is recommended to “Subscribe” to the IPO for long-term investment, considering its growth potential,” said the brokerage.

Fujiyama Power Systems IPO Day 3 LIVE: Fujiyama Power Systems Limited creates products and offers solutions within the rooftop solar sector, which includes on-grid, off-grid, and hybrid solar systems. The company has developed a wide product range consisting of more than 522 SKUs, such as solar inverters, panels, and batteries, aimed at decreasing customer dependence on other OEMs.

Fujiyama Power Systems IPO Day 3 LIVE: Fujiyama Power Systems IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The employee portion has been reserved equity shares aggregating upto ₹50 million.

Fujiyama Power Systems IPO Day 3 LIVE: Tentatively, Fujiyama Power Systems IPO basis of allotment of shares will be finalised on Tuesday, November 18 and the company will initiate refunds on Wednesday, November 19 while the shares will be credited to the demat account of allottees on the same day following refund. Fujiyama Power Systems share price is likely to be listed on BSE and NSE on Thursday, November 20.

Fujiyama Power Systems IPO Day 3 LIVE: Fujiyama Power Systems IPO saw a 40% subscription rate by the second day of bidding on Friday. It attracted bids for 1,04,26,585 shares out of 2,63,47,221 shares available, based on data from the BSE.

The Qualified Institutional Buyers segment achieved an 81% subscription, whereas the Retail Individual Investors category saw a 28% subscription. The Non-Institutional Investors section garnered a 10% subscription.

Fujiyama Power IPO Day 3 LIVE: Fujiyama Power IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹228 with no premium or discount in the grey market according to investorgain.com

According to the recent 11 sessions of grey market activities, today's IPO GMP trend shows no significant changes, and experts anticipate this trend will continue until the listing day.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.