Fujiyama Power Systems IPO Opens: GMP, Price Band, Subscription Numbers & Expert Review — Should You Invest?
The manufacturer of solar solutions has launched its IPO at ₹216–₹228 a share with the intention of raising ₹828 crore; early subscription trends and grey-market signals are subdued
Key Takeaways from Day 1 of the IPO
The public issue of Fujiyama Power Systems Ltd. opened for bidding on 13 November 2025 and will remain open for investors until 17 November. The company has fixed its price range between ₹216 and ₹228 per share. The overall fundraising target stands at ₹828 crore, comprising a fresh issue of ₹600 crore and an Offer-for-Sale of ₹228 crore by existing shareholders. A day before the issue opened, anchor investors infused ₹246.9 crore and promoters also divested a small portion of their holdings to ValueQuest.
On the first day, the IPO saw overall subscription of 9%, while retail investors were leading with 15%. The NII portion subscribed 5%. Institutional investors were yet to join. In the grey market, the stock commanded no premium, and the GMP stood at ₹ 0, indicating neutral sentiment ahead of the listing.
On the financial side, Fujiyama has performed well. Revenue almost doubled from FY23 to FY25 and reached ₹ 15,407 million. PAT rose to ₹ 1,563 million with an expanded margin of 10.2%. Strong levels of ROE and ROCE at 39.4% and 41%, respectively, coupled with manageable debt, further strengthen its profile. The valuation, however, around 40.85 times earnings, seems on the higher side. Brokerage firms say the company has long-term potential, but listing gains in the near term could be capped, hence mixed recommendations.
