Fujiyama Power Systems, a rooftop solar solutions company, made its market debut on November 20, 2025, with a subdued listing. Shares opened at ₹218.40 on the BSE and ₹220 on the NSE, approximately 4% below the IPO price of ₹228, signaling muted investor enthusiasm.
The company raised ₹828 crore through the initial public offering. This included ₹600 crore from new shares issued to raise fresh capital and ₹228 crore through an offer-for-sale by existing shareholders. The funds are planned for building a new manufacturing facility in Ratlam, Madhya Pradesh, repaying around ₹275 crore of debt, and supporting general corporate purposes.
The IPO saw strong participation from qualified institutional buyers (QIBs), which were oversubscribed by 5.2 times, reflecting healthy institutional interest. Non-institutional investors and retail participants were moderately active, with retail investors filling their quotas, while non-institutional subscription remained below expectations.
Ahead of the listing, the grey market premium was marginal at ₹0.50, indicating limited pre-listing excitement. Market experts note that while the initial listing was weak, Fujiyama’s robust distribution network, integrated solar product portfolio, including panels, inverters, and batteries, and manufacturing capabilities position it well for long-term growth in the expanding rooftop solar segment.
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