Fujiyama Power Systems shares debut below IPO price on BSE, NSE
Shares of Fujiyama Power Systems, a rooftop solar solutions provider, made a weak debut on India’s stock exchanges on Thursday. The stock listed at Rs 218.40 on the BSE, marking a 4.21% discount to the IPO price of Rs 228. On the NSE, it opened at Rs 220, down 3.51% from the IPO. The company’s market capitalization at listing was around Rs 6,692 crore.
Ahead of listing, unlisted shares had traded at a marginal grey market premium (GMP) of 0.22% over the IPO price, down from 1.32% on allotment day. The IPO, aimed at raising Rs 828 crore, was subscribed more than twice during its three-day public offer from November 13–17. The issue included a fresh equity issue of Rs 600 crore and an offer for sale of 10 lakh shares worth Rs 228 crore, News.Az reports, citing foreign media.
Proceeds from the IPO will fund a new manufacturing facility in Ratlam (Rs 180 crore), debt repayment (Rs 275 crore), and general corporate purposes.
Industry analyst Narendra Solanki of Anand Rathi noted that Fujiyama offers an integrated rooftop solar ecosystem, covering R&D, manufacturing, distribution, and customer service, and recommended investors hold the stock for the long term, depending on risk profile. The company’s valuation at the upper price band stood at 45 times FY25 earnings per share, with a post-issue market capitalization of Rs 69,862 million.
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