Fujiyama Power Systems IPO Subscribed 40% on Day 2

New Delhi, Nov 14 (PTI) The initial public offering (IPO) of Fujiyama Power Systems, which provides solutions for the rooftop solar industry, received 40 per cent subscription on the second day of bidding on Friday.

The IPO received bids for 1,04,25,935 shares as against 2,63,47,221 shares on offer, according to the data available with the NSE.

The Qualified institutional buyers part fetched 81 per cent subscription, while Retail individual investors segment subscribed 28 per cent. The non-institutional investors portion received 10 per cent subscription.

On Thursday, the public issue of Fujiyama Power Systems received 9 per cent subscription on the first day of bidding.

Fujiyama Power Systems said it has raised Rs 247 crore from anchor investors.

In a public announcement on Wednesday, Fujiyama Power Systems (UTL Solar) said it raised Rs 75 crore in a pre-IPO round from VQ FasterCap Fund II and ValueQuest India GIFT Fund with promoters selling nearly a 1.2 per cent stake in the company.

The Rs 828-crore IPO opened on November 13 and will conclude on November 17. The company said its maiden public offering comes with a price band of Rs 216-228 per share.

The IPO is a combination of a fresh issue of equity shares worth up to Rs 600 crore and an offer for sale of 10 lakh shares, valued Rs 228 crore at the upper end, by promoters.

Greater Noida-based Fujiyama Power Systems is a manufacturer of products and solution provider in the rooftop solar industry, including on-grid, off-grid and hybrid solar systems.

The company has built a brand recall and reputation in the industry through its brands 'UTL Solar', which has a legacy of 28 years, and Fujiyama Solar.

Financially, the company's revenue from operations stood at Rs 1,540.67 crore during FY25 as against Rs 664.08 crore during FY23.

It posted a net profit of Rs 156.33 crore in FY25 as against Rs 24.36 crore in FY23.