Fujiyama Power Systems, a Noida-based manufacturer of solar inverters, panels, and batteries, is all set to launch its Initial Public Offering (IPO) on November 13, 2025.
The company will be the fifth to hit Dalal Street next week, joining PhysicsWallah, Emmvee Photovoltaic Power, Tenneco Clean Air, and Capillary Technologies.
According to its Red Herring Prospectus (RHP) filed on November 7, the company plans to raise Rs 600 crore through the issue of new shares.
In addition, promoters Pawan Kumar Garg and Yogesh Dua will sell 1 crore equity shares via an offer-for-sale (OFS).
Interestingly, this OFS was reduced from 2 crore shares that were initially planned in the earlier draft filed in March 2025.
SEBI approved the updated draft papers in July 2025.
Key IPO Dates and Details
The anchor book — where institutional investors subscribe before the public issue — will open on November 12, followed by the public issue that will remain open until November 17.
Here’s a quick timeline of important dates:
IPO Open Date: November 13, 2025
IPO Close Date: November 17, 2025
Allotment Finalisation: November 18, 2025
Listing Date (BSE & NSE): November 20, 2025
Out of the fresh issue, Rs 180 crore will go toward setting up new manufacturing facilities in Ratlam, Madhya Pradesh, for solar inverters, panels, and lithium-ion batteries.
Another Rs 275 crore will be used to repay existing debt, with the remaining funds allocated for general corporate purposes.
Company Performance and Growth
Fujiyama Power Systems operates under the brands UTL Solar and Fujiyama Solar, offering rooftop solar solutions.
The company currently runs four manufacturing units and has a strong R&D base.
Financially, it’s been performing impressively:
Profit (Q1 FY2025–26): Rs 67.6 crore on revenue of Rs 597.3 crore
Profit (FY2024–25): Rs 156.4 crore — up 245% from Rs 45.3 crore in the previous year
Revenue (FY2024–25): Rs 1,540.7 crore — up 66.6% from Rs 924.7 crore last year
With these numbers, Fujiyama has established itself as a fast-growing player in the solar energy sector, competing with big names like Waaree Energies, Premier Energies, Exicom Tele Systems, and Insolation Energy.
IPO Managed by Leading Firms
The merchant bankers managing the Fujiyama Power Systems IPO are Motilal Oswal Investment Advisors and SBI Capital Markets.
Given the company’s strong financials and growing presence in the renewable energy sector, investors will be closely watching this IPO as it opens next week.
