Fujiyama Power Systems IPO Share Price Highlights: Stock ends 9% below issue price

Fujiyama Power share price ended at ₹208.10 on the BSE today, down 8.7% from its IPO price of ₹228. Meanwhile, from its listing price of ₹218.40, the stock dipped 4.72%.

Fujiyama Power Systems listed at around ₹220 on the National Stock Exchange, about 3.5–4% below its issue price of ₹228, marking a sluggish debut. The company had earlier raised about ₹828 crore through an IPO priced in the ₹216-228 band, with fresh funds of around ₹600 crore used for capacity expansion and partial debt repayment.

Despite its notable credentials—revenues rising 67% to ₹1,550 crore in FY25 and PAT surging 245% to ₹156 crore—investor enthusiasm appeared muted. Key factors: limited grey-market premium before listing, a competitive rooftop solar equipment space, and execution risks tied to planned capacity ramp-up. While the long-term structural solar-transition story remains in place, the weak listing suggests markets expect proof of scale and margin delivery. Going forward, attention will centre on how effectively Fujiyama executes its expansion plans, broadens its product mix and sustains profitability amid cyclical pressures in the renewables ecosystem.

— Kalp Jain, Research Analyst, INVasset PMS

• Diversified portfolio of solar products and solutions, which distinguishes the Company as a well-rounded leader in the rooftop solar industry.

• Track record of technological development and product innovation.

• Robust distribution network and post-sale service capabilities driving strong brand recognition.

• Quality-centric and precision-driven large-scale manufacturing infrastructure driving production efficiency.

• Experienced promoters and senior management, supported by a committed employee base.

The company services customers through an extensive pan-India distribution network of 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” franchisees, who are trained in understanding the customer’s needs and in planning, evaluating, and supplying customized solar systems and solutions.

The company exports products and solutions to the USA, and a few countries in Asia, including Bangladesh and the UAE. With the global demand for batteries expected to grow significantly, the Indian solar manufacturing market flourishing, and the company’s solar panels meeting international standards, there is an opportunity to expand exports to existing and new geographies.

Greater Noida-based Fujiyama Power Systems is a manufacturer and solutions provider in the rooftop solar sector, offering on-grid, off-grid, and hybrid solar systems.

The company has established strong brand recognition through its 28-year-old legacy brand UTL Solar and Fujiyama Solar.

It operates three domestic manufacturing facilities and in-house R&D centers, maintaining a consistent focus on technological advancement and product innovation.

Fujiyama Power Systems plans to use the funds raised from fresh share sale for the following purposes:

1. Part financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India

2. Repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by our Company

3. General corporate purposes

Fujiyama Power Systems said it has raised ₹247 crore from anchor investors. The anchor book saw participation from 15 entities, including Nippon India Mutual Fund (MF), Tata MF, BNP Paribas, ValueQuest -- Investment Advisors, Societe Generale, LC Pharos Multi Strategy Fund, Astorne Capital, and Citigroup Global Markets Mauritius, according to a circular uploaded on the BSE website.

Fujiyama share price rebounded from opening lows. The stock rose to a high of ₹231 on the BSE. It was higher than its IPO price of ₹228. As of 10.40 am, the stock was trading at ₹244, a premium of 2.6% over the listing price but 1.75% below IPO price.

Shares of Fujiyama Power Systems listed 4.21% lower at ₹218.40 on the BSE, as against its IPO price of ₹228. Meanwhile, on NSE, the stock opened at ₹220, a discount of nearly 3.5%.

The initial public offer of Fujiyama Power Systems, which provides solutions for the rooftop solar industry, was subscribed to more than 2 times on the final day of share sale.

The ₹828-crore IPO received bids for 5,63,26,400 shares as against 2,63,47,221 shares on offer, translating to 2.14 times subscription, according to data available with the NSE.

The qualified institutional buyers' category received 5.15 times subscription while the quota for non-institutional investors subscribed 88 per cent. The retail individual investors part was also subscribed fully.

The latest grey market premium (GMP) for the Fujiyama Power Systems IPO stands at ₹0.5, as of November 20, 2025. With an IPO price band of ₹228.00, the estimated listing price is ₹228.5 (cap price + today’s GMP). This reflects an expected gain of 0.22% per share.

We track GMP trends daily, and based on activity over the past 14 sessions, the current GMP of ₹0.5 suggests a weaker sentiment. During this period, the GMP has ranged from a low of ₹0.00 to a high of ₹3.00.

“Trading Members of the Exchange are hereby informed that effective from Thursday, November 20, 2025, the equity shares of Fujiyama Power Systems Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” said a notice on the BSE.