Fujiyama Power IPO sees weak demand; subscription lags at 84%, GMP flat

The unlisted shares of Fujiyama Power Systems were trading flat at ₹228, the upper end of the price band of ₹216 to ₹228

Fujiyama Power Systems IPO subscription status Day 3: The subscription window to bid for the initial public offering (IPO) of Fujiyama Power Systems, a rooftop solar solutions provider, is set to close today, Monday, November 17, 2025, after a three-day bidding period that began on November 13, 2025. So far, the maiden public issue has received a lacklustre response from the investors. 

 

Data from the National Stock Exchange (NSE) shows that by 01:50 PM on the final day, bids had been placed for 22.03 million shares, compared to the 26.34 million shares available, resulting in an overall subscription rate of only 84 per cent.

 

Among investor categories, Non-Institutional Investors (NIIs) demonstrated the highest demand, oversubscribing their allocated quota by 1.72 times. However, Qualified Institutional Buyers (QIBs) showed muted interest, with their reserved portion subscribed 29 per cent, and the retail investors’ portion was booked at 57 per cent. 

Fujiyama Power IPO GMP

According to sources tracking unofficial markets. Fujiyama Power’s unlisted shares were trading flat at ₹228, the upper end of the price band of ₹216 to ₹228.

Fujiyama Power IPO review

According to analysts at Master Capital Services, with solar products becoming more affordable and government’s initiatives and subsidy, Fujiyama Power Systems will benefit from this market opportunity with wide product portfolio, advanced manufacturing and R&D capabilities, well recognised brands and pan India distribution, sales and service network, the company is well placed to capitalise on the growth of solar sector in India.

 

Anand Rathi Research has assigned a 'Subscribe-Long Term' rating to the issue, saying the issue appears fully priced. 

Fujiyama Power Systems IPO details

Fujiyama Power Systems aims to raise ₹828 crore through its public issue, comprising a fresh issuance of 26.3 million equity shares and an offer for sale (OFS) of 10 million equity shares. The public offering is available at a price band of ₹216 to ₹228, with a lot size of 65 shares. A retail investor can bid for a minimum of one lot with an investment amount of ₹14,820 (at the upper end of the IPO price) and in multiples thereof.

 

As the subscription window concludes today, the basis of allotment for Fujiyama Power Systems IPO shares is likely to be finalised on Tuesday, November 18, 2025. The successful allottees will receive the company's shares in their demat accounts by Wednesday, November 19, 2025.

 

Fujiyama Power shares are scheduled to list on the NSE and BSE, tentatively on Thursday, November 20, 2025.

 

MUFG Intime India is the registrar for the issue. Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers.

 

According to the red herring prospectus (RHP), the company proposes to utilise ₹180 crore from the net fresh issue proceeds to set up the manufacturing facility in Ratlam, Madhya Pradesh, India and ₹275 crore for prepayment or repayment of certain borrowings availed by the company. The remaining funds will be used for general corporate purposes.