Fujiyama Power Systems Shares Drop on Debut

New Delhi, Nov 20 (PTI) Shares of Fujiyama Power Systems Ltd, which provides solutions for the rooftop solar industry, ended with a discount of nearly 9 per cent on Thursday against the issue price of Rs 228.

The stock made its market debut at Rs 218.40, down 4.21 per cent from the issue price on the BSE. During the day, it fell by 9.93 per cent to Rs 205.35. Shares of the firm finally ended at Rs 208.35, a decline of 8.61 per cent.

At the NSE, the stock got listed at Rs 220, down 3.50 per cent. It ended 8.57 per cent lower at Rs 208.44.

The company's market valuation stood at Rs 6,384.07 crore.

The initial public offer of Fujiyama Power Systems was subscribed more than 2 times on the final day of the share sale on Monday.

The Rs 828-crore IPO had a price band of Rs 216-228 per share.

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

Greater Noida-based Fujiyama Power Systems is a manufacturer 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.