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4h ago

Fujiyama Power Systems’ Rs 828-Crore IPO Opens to Weak Start as First-Day Bids Trail

Muted first-day interest with a flat grey market signals cautious investor sentiment.

New Delhi-based Fujiyama Power Systems manufactures products and provides solutions in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems.
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Overview

  • By the end of day one, the issue was 9% subscribed on the NSE, with no bids yet from qualified institutional buyers.
  • Retail investors bid for 15% of their quota while non-institutional investors reached 5%, according to exchange data.
  • The offer totals Rs 828 crore, including a Rs 600 crore fresh issue and a Rs 228 crore OFS, priced at Rs 216–228 with a lot size of 65; bidding runs Nov 13–17 with a planned Nov 20 listing.
  • Pre-IPO, the company raised about Rs 246.9 crore from 15 anchor investors, drawing names such as Nippon India MF, Tata MF, BNP Paribas, Societe Generale, ValueQuest and Citigroup Global Markets Mauritius.
  • Proceeds are slated for a Ratlam manufacturing facility and debt reduction, with the prospectus showing FY25 revenue of about Rs 1,540.7 crore and net profit of Rs 156.3 crore.