Fujiyama Power Systems makes weak debut, lists 4% below issue price

Fujiyama Power Systems IPO listing: Fujiyama Power Systems, a rooftop solar solutions provider, shares made a weak debut on the bourses on November 20, 2025, following the completion of its initial public offering (IPO). Fujiyama Power Systems shares opened at ₹220 per share on the National Stock Exchange (NSE), reflecting a discount of ₹8 or 3.51 per cent below the issue price of ₹228 per share.

 

On the BSE, Fujiyama Power Systems' share price was listed at ₹218.4 per share. The IPO listing was lower than grey market expectations, where shares of the company had been trading at ₹228.5, reflecting a premium of ₹0.5 or 0.22 per cent over the issue price.  However, post listing the stock recovered and was trading 3.85 per cent higher at ₹226.8 per share on BSE. Similarly, on NSE, Fujiyama Power Systems share price was trading 3.25 per cent higher at ₹227 per share on NSE.   CATCH STOCK MARKET UPDATES LIVE

Fujiyama Power Systems IPO subscription details

Fujiyama Power IPO saw a muted start amid cautious market sentiment, but demand picked up on the final day, driven by qualified institutional buyers (QIBs), enabling the issue to be fully subscribed.

 

QIBs subscribed 5.15 times their allotted quota, while non-institutional investors (NIIs) bid for 0.88 times the shares reserved for them. Retail investors subscribed to their portion fully at 1x, according to NSE data.

Fujiyama Power Systems IPO overview

Fujiyama Power Systems plans to raise ₹828 crore through its IPO, comprising a fresh issue of 26.3 million equity shares and an offer for sale (OFS) of 10 million shares. The IPO was priced in the range of ₹216–₹228 per share, with a lot size of 65 shares. At the upper end of the price band, a retail investor can apply for a minimum of one lot for ₹14,820, and in multiples thereof.

 

With the subscription window closing on November 17, 2025, the basis of allotment for Fujiyama Power Systems’ IPO was finalised on November 18, 2025. 

 

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

 

As per the red herring prospectus (RHP), the company plans to use ₹180 crore from the fresh issue proceeds to establish a manufacturing facility in Ratlam, Madhya Pradesh, and ₹275 crore to prepay or repay certain borrowings. The balance will be allocated for general corporate purposes.