Fujiyama Power Systems IPO Date, Review, Price, Allotment Details
The 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. It is a book-built issue through which the company aims to raise around ₹828 crores, comprising a fresh issue of ₹600 crores and an offer for sale (OFS) of up to 1,00,00,000 equity shares with a face value of ₹1 each.
The price band for the issue is set at ₹216 to ₹228 per share. The IPO allocation includes 50% for Qualified Institutional Buyers (QIBs), 35% for retail investors, and 15% for High Net-Worth Individuals (HNIs). The shares are proposed to be listed on both BSE and NSE on November 20, 2025, with the IPO allotment date scheduled for November 18, 2025.
From a financial perspective, the company reported a revenue of ₹1,550.09 crores in FY 2025, up from ₹927.20 crores in FY 2024. Its net profit also surged to ₹156.34 crores in FY 2025, compared to ₹45.30 crores in FY 2024. Given the company’s strong financial growth and expansion potential, long-term investors may find this IPO a promising opportunity.
Fujiyama Power Systems IPO Details
IPO Open Date November 13, 2025 IPO Close Date November 17, 2025 Face Value ₹1 Per Equity Share IPO Price Band ₹216 to ₹228 Per Share Issue Size Approx ₹828 Crores Fresh Issue Approx ₹600 Crores Offer for Sale: Approx 10,000,000 Equity Shares Issue Type Book Built Issue IPO Listing BSE, NSE DRHP Draft Prospectus 
RHP Draft Prospectus
Fujiyama Power Systems IPO Market Lot
The Fujiyama Power Systems IPO minimum lot size is 65 shares, requiring a minimum investment of ₹14,820 per application. Retail investors can apply for up to 13 lots, totaling 845 shares, with a maximum investment amount of ₹1,92,660.
| Application | Lot Size | 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 Share Offered -% Shares Anchor Investor – Shares -% QIB (Ex. Anchor) – Shares 50% NII Shares Offered – Shares 15% Retail Shares Offered – Shares 35%
Fujiyama Power Systems IPO Anchor Investors
Anchor Bidding Date November 12, 2025 Anchor Investors List Shares Offered [.] Shares Anchor Size [.] Cr. lock-in period end date 50% shares (30 Days) December 18, 2025 lock-in period end date 50% shares (90 Days) February 16, 2026
Fujiyama Power Systems IPO Dates
The Fujiyama Power Systems IPO will open for subscription on November 13, 2025, and close on November 17, 2025. The IPO allotment is expected to be finalized on November 18, 2025, while the listing date is scheduled for November 20, 2025.
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 Account: November 19, 2025 IPO Listing Date: November 20, 2025 IPO Bidding Cut-off Time: November 17, 2025 – 5 PM
Promoters and Holding Pattern
The promoters of Fujiyama Power Systems Limited are Pawan Kumar Garg, Yogesh Dua, and Sunil Kumar.
Particular Shares % Share Promoter Holding Pre Issue 28,00,95,145 99.84% Promoter Holding Post Issue 30,64,10,934 87.88%
Objects of the Issue & Utilisation of Proceeds
Purpose Crores Financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, India(the“Project”); ₹180 Repayment and/ or prepayment of all or a portion of certain outstanding borrowings availed by the Company; and ₹275 General Corporate Purpose ₹-
About Fujiyama Power Systems IPO
Founded in 2017, Fujiyama Power Systems Limited operates in the rooftop solar industry, offering a comprehensive range of products and solutions that include on-grid, off-grid, and hybrid solar systems. The company has built a diverse product portfolio of over 522 SKUs, featuring solar inverters, panels, and batteries, aimed at minimizing customer dependence on external OEMs.
Fujiyama Power Systems reaches its customers through a robust distribution network comprising over 725 distributors, 5,546 dealers, and 1,100 exclusive “Shoppe” franchise outlets, each equipped to assess customer requirements and deliver customized solar solutions. The company is further supported by a team of 602+ qualified service engineers who provide reliable technical and maintenance support.
Its product range spans solar PCUs, off-grid, on-grid, and hybrid inverters, solar panels, PWM and other battery chargers, lithium-ion and tubular batteries, as well as online and offline UPS systems, solar management units, and charge controllers — reflecting Fujiyama’s strong presence across all major segments of solar power technology.
Fujiyama Power Systems IPO Company Financial Report
Amount ₹ in Crores
Period Ended Revenue Expense PAT Assets 2023 ₹665.33 ₹633.85 ₹24.37 ₹514.56 2024 ₹927.20 ₹864.60 ₹45.30 ₹609.64 2025 ₹1,550.09 ₹1,336.97 ₹156.34 ₹1,013.96 June 2025 ₹597.79 ₹507.85 ₹67.59 ₹1,243.88
Fujiyama Power Systems IPO Valuation – FY2025
Check Fujiyama Power Systems IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
KPI Values ROE: 39.40% ROCE: 41.01% EBITDA Margin: 16.13% PAT Margin: 10.15% Debt to equity ratio: 0.87 Earning Per Share (EPS): ₹5.59 (Basic) Price/Earning P/E Ratio: N/A Return on Net Worth (RoNW): 39.40% Net Asset Value (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 6518.75 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.
IPO Lead Managers aka Merchant Bankers
- 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, New Delhi, 110015
Phone: +91 1141055305
Email: investor@utlsolarfujiyama.com
Website: https://www.utlsolarfujiyama.com/
IPO Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: fujiyamapower.ipo@linkintime.co.in
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html