Noida-based Fujiyama Power Systems, known for its solar inverters, panels, and batteries, is set to launch its initial public offering (IPO) on November 13, aiming to raise Rs 600 crore to fuel its next phase of growth. This makes Fujiyama the fifth company hitting Dalal Street next week, joining the IPO rush alongside PhysicsWallah, Emmvee Photovoltaic Power, Tenneco Clean Air, and Capillary Technologies.

What The IPO Includes

According to its Red Herring Prospectus (RHP) filed on November 7, Fujiyama will raise Rs 600 crore through a fresh issue of shares, while promoters Pawan Kumar Garg and Yogesh Dua will sell 1 crore equity shares through an offer-for-sale (OFS).

Interestingly, the company trimmed its OFS from 2 crore shares proposed earlier in the Draft RHP filed in March 2025. The updated papers received SEBI's approval in July 2025.

The anchor book will open on November 12, followed by the public issue from November 13 to November 17.

The share allotment will be finalised on November 18, and listing on the BSE and NSE is expected on November 20.

How Fujiyama Plans To Use The Funds

A chunk of the IPO proceeds - Rs 180 crore - will go into building a new manufacturing facility in Ratlam, Madhya Pradesh, dedicated to solar inverters, panels, and lithium-ion batteries.

The company also plans to repay Rs 275 crore worth of debt, while the remaining amount will be used for general corporate purposes.

A Solar Powerhouse On The Rise

Fujiyama Power Systems, which operates under the brands UTL Solar and Fujiyama Solar, has grown rapidly in India's clean energy space. It currently runs four manufacturing units and boasts strong R & D capabilities.

The company competes with industry leaders like Waaree Energies, Premier Energies, Exicom Tele Systems, and Insolation Energy.

Financially, Fujiyama's performance has been impressive. For the quarter ending June 2025, it posted a profit of Rs 67.6 crore on revenues of Rs 597.3 crore.

In FY25, its annual profit jumped 245% to Rs 156.4 crore, while revenue surged 66.6% to Rs 1,540.7 crore, compared to Rs 924.7 crore in the previous fiscal.

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