The issue opened for bidding on 13 November 2025 and it will close on 17 November 2025. The price band of the IPO is fixed between Rs 216 and 228 per share.

The issue comprises both fresh issue of equity shares of Rs 1 face value, aggregating Rs 600 crore, and offer for sale of 1,00,00,000 equity shares by promoters (50,00,000 equity shares each by Pawan K Garg & Yogesh Dua).

Of the net proceeds from the fresh issue, the company intend to spend Rs 180 crore towards part financing the cost of establishing the manufacturing facility at Ratlam and Rs 275 crore towards repayment and/or prepayment of all or a portion of certain outstanding borrowings availed by the company and balance for general corporate purposes.

Outstanding borrowing as on 30 September 2025 stood at Rs 687.654 crore.

Fujiyama Power Systems is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems. It manufactures solar panel manufacturing, solar inverter manufacturing (covering on-grid, hybrid, and off-grid solutions), and both lead acid and lithium-ion battery production.

UTL Solar and Fujiyama Solar, the two brands of the company, have strong brand recall. UTL Solar has a legacy of 29 years.

The company offers over 522 SKUs with various combinations that can be tailored to meet the specific preferences and requirements of the customer and their location About 42.96% of the revenue from operations in FY 2025 was accounted for by solar panels, 20.58% from batteries, 29.83% from inverter chargers and UPS and balance 6.63% from services and other operating income.

As on June 30, 2025, the company had an extensive pan-India distribution network of 725 distributors and 5,546 dealers and 1,100 exclusive UTL solar `Shoppe' franchisees. The company also exports its products and solutions to the USA and a few countries in Asia, including Bangladesh and the UAE. Export sales account for 2.45% and 4.19% in FY2025 and FY2024, respectively.

Ahead of the IPO, on 12 November 2025, the company raised Rs 246.89 crore from anchor investors, by allotting 1.08 crore shares at Rs 228 each to 15 anchor investors.

For the quarter ended 30 June 2025, Fujiyama Power Systems reported a consolidated net profit of Rs 67.59 crore on sales of Rs 597.35 crore.

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