New Delhi, November 17, 2025 — On the final day of bidding for Fujiyama Power Systems’ ₹828‑crore IPO, demand accelerated sharply in the afternoon after a slow start. As of 3:54 pm IST, exchange data cited by Upstox showed the issue subscribed 2.01x overall, led by QIBs at ~5.15x, while retail and NII portions were ~0.78x and ~0.80x, respectively. Earlier through the day, multiple trackers had reported a far more muted run‑rate, underscoring a familiar late‑day surge from institutions. Meanwhile, the grey market premium (GMP) stays at ₹0, implying no unofficial listing premium over the upper end of the price band. 1
What changed today (Nov 17)
- Morning → noon: At 11:18 am, Groww pegged total subscription around 0.50x (QIB 0.81x; Retail 0.44x). By 12:35 pm, Mint’s mid‑session update showed 0.68x overall (QIB 1.32x; Retail 0.51x; NII 0.25x). 2
- Early afternoon: Around 1:30 pm, Financial Express reported 0.85x overall, with Retail 0.58x and QIB 1.74x; at 2:23 pm, Business Standard still had the book at ~0.84x. 3
- Late afternoon kick: By 3:54 pm, Upstox (quoting NSE) said 2.01x overall as QIB bids jumped to ~5.15x. Mint’s live blog also flagged the issue as “~2x” booked late in the session, though final exchange totals will reflect post‑close reconciliations. 1
Bottom line: A classic “back‑ended” QIB rush transformed midday under‑subscription into afternoon oversubscription, even as retail demand remained below full coverage at last check. 1
GMP today: still flat
Across trackers, the GMP is at ₹0, with unlisted shares hovering around ₹228—i.e., no premium to the upper band. GMP is unofficial and can change, but as of today it does not signal listing gains. 4
IPO at a glance
- Issue size:₹828 crore (Fresh issue ₹600 crore + OFS ₹228 crore). 5
- Price band & lot:₹216–₹228 per share; 65 shares per lot (min investment ₹14,040–₹14,820 depending on price selection; “cut‑off” implies ₹14,820). 6
- Investor reservation: Up to 50% QIB, at least 15% NII, at least 35% retail; employee quota up to ₹5 crore. 7
- Timeline: Bidding Nov 13–17; basis of allotment likely Nov 18; tentative listing Nov 20 on BSE & NSE. (Check exchange/registrar for final confirmation.) 7
What the company does
Fujiyama Power Systems is a rooftop‑solar and power‑backup player selling panels, inverters (on‑grid/off‑grid/hybrid) and lead‑acid/Li‑ion batteries. It markets under ‘Fujiyama Solar’ and ‘UTL Solar’, with a broad SKU catalog and national distribution footprint. 1
Manufacturing & R&D: The company highlights four facilities today and strong in‑house R&D; expansion plans include capacity additions (including a Ratlam plant funded from the IPO). 7
Use of proceeds
Per disclosures and coverage: ~₹180 crore to set up the Ratlam, Madhya Pradesh facility; ~₹275 crore towards debt prepayment/repayment; balance for general corporate purposes. 6
Anchor book & lead managers
Ahead of the offer, the company raised ₹246.9 crore from 15 anchor investors on Nov 12. Motilal Oswal Investment Advisors and SBI Capital Markets are the book‑running lead managers; MUFG Intime India is the registrar. 5
Street views (today)
- Anand Rathi:‘Subscribe – Long Term’, noting the issue appears fully priced but backed by secular rooftop‑solar tailwinds and distribution breadth. 6
- Mint’s brokerage roundup: Similar long‑term‑biased opinions appear in today’s coverage, but with repeated emphasis that valuations are not cheap and execution on capacity expansion is key. 4
Valuation context & key risks
Independent reviews peg the stock at ~45x FY25 P/E (upper band), with an annualised P/E near ~25–26x—lower on forward metrics, but not a bargain versus domestic solar peers. ROE and growth are strong, yet debt and pricing pressure in panels temper the case. 8
Concentration & supply risk: INDmoney flags ~42% of retail sales from Uttar Pradesh and heavy import dependence (notably from China) for inputs—both are material risk factors if policy, currency or supply chains turn adverse. 8
Should you apply?
- Momentum vs. valuation: The late QIB‑driven oversubscription signals institutional comfort with the story, but retail/NII were under 1x by late afternoon. With GMP at ₹0, near‑term listing pop is uncertain; this looks more like a fundamentals‑and‑execution bet than a quick‑flip trade. 1
- What to watch next: Final subscription mix after close (especially QIBs), anchor quality disclosures, and post‑listing margin trajectory as panel/inverter pricing remains under pressure. 6
This article is for information only, not investment advice. Invest only after reading the RHP and consulting a professional.
How to check your allotment (once finalized)
- Registrar (MUFG Intime India): Use the IPO allotment page, select Fujiyama Power Systems, and enter PAN/Application/DP details to view status. 1
- BSE status page: Choose Equity, select the issue name, and submit PAN or application number. 9
Quick reference: key offer terms
- Price band: ₹216–₹228 | Lot: 65 shares | Min investment: ₹14,040–₹14,820 | Issue size: ₹828 crore (Fresh ₹600 cr + OFS ₹228 cr) | Listing: BSE & NSE (tentative Nov 20) | Lead managers: Motilal Oswal, SBI Capital | Registrar: MUFG Intime India. 6
Sources used today (Nov 17, 2025)
- Live Mint (Day 3 live & midday recap) for subscription snapshots and GMP today, plus timeline and key dates. 4
- Upstox (3:54 pm) for the latest near‑close subscription mix (overall 2.01x; QIB ~5.15x). 1
- Financial Express (1:30 pm) and Business Standard (2:23 pm) for midday subscription reads and GMP (flat). 3
- Groww (11:18 am) for early Day‑3 run‑rate. 2
- INDmoney review for business model, growth/ROE, and key risks. 8
FAQ
What is Fujiyama Power Systems’ IPO price band and lot size?
₹216–₹228 per share; 65 shares per lot. 6
What is the GMP today?
₹0 (flat), indicating no implied premium to the upper band. 4
When will allotment be finalized and when is listing?
Tentatively Nov 18 (allotment) and Nov 20 (listing) — confirm with registrar/exchanges. 7
Who are the intermediaries?
BRLMs: Motilal Oswal Investment Advisors and SBI Capital Markets; Registrar: MUFG Intime India. 6
What are the headline risks?
High import dependence, regional sales concentration, and pricing pressure in solar hardware; valuations are not cheap on trailing metrics. 8
Editor’s note: Final subscription totals and category‑wise splits will be confirmed after the exchange posts end‑of‑day figures.
