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

The issue comprised both a fresh issue of equity shares of Rs 1 face value, aggregating Rs 600 crore, and an 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 intends to spend Rs 180 crore towards partially 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 the balance for general corporate purposes.

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

Fujiyama Power Systems is a manufacturer of products and a solution provider in the rooftop solar industry, including on-grid, off-grid, and hybrid solar systems. It manufactures solar panels, solar inverters(covering on-grid, hybrid, and off-grid solutions), and both lead-acid and lithium-ion batteries.

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 the balance of 6.63% from services and other operating income.

As of June 30, 2025, the company had an extensive pan-India distribution network of 725 distributors, 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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