Fujiyama Power Systems Limited, founded in 2017, is a key player in the rooftop solar industry, providing on-grid, off-grid, and hybrid solar solutions. With a vast portfolio of over 522 products including inverters, panels, and batteries, the company reduces reliance on other manufacturers. It operates through an extensive network of 725+ distributors, 5,546+ dealers, and 1,100+ franchise “Shoppes,” supported by 602+ service engineers. Products are manufactured across four facilities in North India, all ISO-certified for quality, environmental, and safety standards. The company also exports to markets like the USA, Bangladesh, and the UAE.
Fujiyama Power Systems Limited, also known as UTL Solar, is launching a Book Built Initial Public Offering (IPO) to raise approximately ₹828 crores. The issue comprises a fresh issue of ₹600 crores and an offer for sale of up to 1 crore equity shares with a face value of ₹1 each. The IPO opens on November 13, 2025, and closes on November 17, 2025, with a price band of ₹216 to ₹228 per share.
The allotment is scheduled for November 18, 2025, and the shares are set to list on both BSE and NSE on November 20, 2025. The investor allocation is divided as 35% for retail investors, 50% for Qualified Institutional Buyers (QIB), and 15% for High Net-worth Individuals (HNI). The company has demonstrated strong financial performance, with revenue increasing significantly from ₹927.20 crores in 2024 to ₹1,550.09 crores in 2025, while profits grew substantially from ₹45.30 crores to ₹156.34 crores during the same period.
Fujiyama Power Systems IPO Details
| IPO Date | November 13, 2025 to November 17, 2025 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Issue Price Band | ₹216 to ₹228 per share |
| Issue Price Final | ₹228 per share |
| Lot Size | 65 Shares |
| Total Issue Size | Approx ₹828 Crores |
| Fresh Issue | Approx ₹600 Crores |
| Offer for Sale | Approx 1,00,00,000 Equity Shares |
| Issue Type | Book building IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 28,00,95,145 shares |
| Share Holding Post Issue | 30,64,10,934 shares |
Fujiyama Power Systems IPO Dates
The Fujiyama Power Systems IPO is set to launch on November 13, 2025, and will remain open until November 17, 2025.
| IPO Open Date | Thu, Nov 13, 2025 |
| IPO Close Date | Mon, Nov 17, 2025 |
| Tentative Allotment | Tue, Nov 18, 2025 |
| Refunds | Wed, Nov 19, 2025 |
| Credit of Shares to Demat | Wed, Nov 19, 2025 |
| Tentative Listing Date | Thu, Nov 20, 2025 |
| UPI Mandate Confirmation Deadline | 5 PM on Mon, Nov 17, 2025 |
Fujiyama Power Systems IPO Market Lot
The public offering stipulates a market lot of 65 shares, requiring a minimum application amount of ₹14,820. Eligible retail investors are permitted to subscribe to a maximum of 13 such lots, translating to 845 shares and a cumulative investment of ₹1,92,660.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 65 | ₹14,820 |
| Retail Maximum | 13 | 845 | ₹1,92,660 |
| S-HNI Minimum | 14 | 910 | ₹2,07,480 |
| S-HNI Maximum | 67 | 4,355 | ₹9,92,940 |
| B-HNI Minimum | 68 | 4,420 | ₹10,07,760 |
