The largest anchor quota position was cornered by two funds of the Nippon India Mutual Fund. Nippon Life India Trustee Ltd – A/C Nippon India Small Cap was allotted 30% shares, while Nippon Life India Trustee Ltd – A/C Nippon Power & Infra was allotted 10.50% of the anchor quota. The four schemes of Tata Mutual Fund were collectively allotted 11.83% of the shares available in the anchor section.
Some of the major institutions that participated in the anchor offer included Societe Generale, Citigroup Global Markets Mauritius, Steptrade Revolution Fund, VQ Fastercap Fund II, BNP Paribas Funds Global Climate Solutions, BNP Paribas Funds Energy Transition and Astorne Capital VCC – Arven.
In an advertisement on November 12, in a pre-IPO round, Fujiyama Power Systems had raised Rs 75 crore from VQ FasterCap Fund II and ValueQuest India GIFT Fund, with the promoters selling nearly 1.2% stake in the company.
Fujiyama Power Systems IPO GMP:
The company did not claim any premium on Wednesday around 9 p.m.
Fujiyama Power Systems IPO details
The IPO, which will close on Monday, November 17, 2025, is a fresh issue worth Rs 600 crore and an offer-for-sale (OFS) for up to Rs 228 crore. The IPO will raise Rs 828 crore at the higher end of the price band.
Investors can bid for a minimum of 65 shares and then in multiples of 65 shares.
The Offer will be made through the book building process, whereby not more than 50% of the net offer will be allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer will be allocated to non-institutional bidders and retail private bidders, respectively.
About Fujiyama Power Systems
The company is a manufacturer of products and solutions for the rooftop solar industry, including on-grid, off-grid and hybrid solar systems. It is a leading player in the production of solar panels, the production of solar inverters (including on-grid, hybrid and off-grid solutions) and the production of both lead-acid and lithium-ion batteries. The company also supports R&D in inverter technology and offers a wide range of solar SKUs.
The company’s brands, UTL Solar, with a 29-year legacy, and Fujiyama Solar.
The company has four manufacturing facilities and R&D capabilities in India. The Red Herring Prospectus (RHP) states that the company has designed and developed an extensive product portfolio of more than 522 SKUs, including a full range of solar inverters, solar panels and batteries.
As of June 30, 2025, the company served its customers through a pan-India distribution network of 725 distributors, 5,546 dealers and 1,100 exclusive ‘Shoppe’ franchisees.
Financial data of Fujiyama Power Systems
Operating income from operations stood at Rs 597.3 crore in the June 2025 quarter, and net profit stood at Rs 67.6 crore. Revenue from operations stood at Rs 1,540.6 crore during FY25, compared to Rs 664 crore during FY23.
Net profit stood at Rs 156.3 crore during FY25, compared to Rs 24.3 crore during FY23.
IPO lead managers
Motilal Investment Advisors and SBI Capital Markets are the book-running lead manager and MUFG Intime India Private Limited is the registrar of the offer.
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