Noida-based Fujiyama Power Systems Limited, a leader in India’s rooftop solar industry, has refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO). The IPO consists of a fresh issue of shares worth ₹600 crore and an offer-for-sale (OFS) of up to 20 million shares by Promoter Selling Shareholders.
IPO Details
- Face Value: ₹1 per share
- Fresh Issue: ₹600 crore
- Offer for Sale (OFS):
- 10 million shares by Pawan Kumar Garg
- 10 million shares by Yogesh Dua
- Listing: The equity shares will be listed on NSE and BSE
- Book-Running Lead Managers:
- Motilal Oswal Investment Advisors Limited
- SBI Capital Markets Limited
- Registrar: MUFG Intime India Private Limited
The issue will follow a book-building process, where:
- 50% of the issue is reserved for Qualified Institutional Buyers (QIBs)
- 15% for Non-Institutional Bidders (NIBs)
- 35% for Retail Individual Investors (RIIs)
Utilization of IPO Proceeds
The net proceeds from the fresh issue will be used for:
- Setting up a new manufacturing facility in Ratlam, Madhya Pradesh
- Repayment or prepayment of outstanding borrowings
- General corporate purposes
Company Overview
Fujiyama Power Systems is a well-established manufacturer and solutions provider in the rooftop solar industry, producing:
- Solar panels
- On-grid, off-grid, and hybrid inverters
- Lead-acid and lithium-ion batteries
The company operates three manufacturing facilities and has strong R&D capabilities, making it one of the few Indian companies to develop Online UPS with single-card technology, Combo UPS with AVR, and high-frequency online UPS.
Market Presence and Distribution
- Pan-India network:
- 480 distributors
- 3,600 dealers
- 1,000 exclusive “Shoppe” franchisees
- Global presence: USA, UAE, and Bangladesh
- Service team: 400+ qualified engineers
Innovation & Achievements
- First Indian company to develop SMT-based inverters with a single card
- Developed Rapid Maximum Power Point Tracking (rMPPT) technology for enhanced solar efficiency
- Introduced solar-powered chargers for electric three-wheeler autorickshaws
- Awards:
- “India’s Largest Off-Grid Inverter Company” (2019)
- “Most Preferred Solar Energy Brand” (2020)
- “Renewable Energy Excellence Award – Solar Battery Manufacturing” by the Indian Chamber of Commerce
Government Certifications
- Ministry of New and Renewable Energy (MNRE)
- Bureau of Indian Standards (BIS)
- State Nodal Agencies (SNAs) (for government tenders and subsidies)
Conclusion
With strong brand recognition through UTL Solar and Fujiyama Solar, this IPO aims to expand manufacturing capabilities, enhance market reach, and strengthen financial stability. The company’s continued focus on technological advancements and sustainable energy solutions positions it as a key player in India’s growing solar power sector.
