Fujiyama Power Systems made a lackluster debut on the stock market Thursday, opening below its issue price despite strong demand during its initial public offering (IPO).
The stock commenced trading at ₹218.40 on the Bombay Stock Exchange (BSE), reflecting a 4.2 percent discount from the issue price of ₹228. On the National Stock Exchange (NSE), it opened at ₹220, marking a 3.5 percent discount. This subdued listing is indicative of cautious investor sentiment, even as the broader market indices remained stable.
The company’s ₹828-crore IPO attracted significant interest, achieving a subscription rate of 2.14 times by the final day of bidding. This demand was largely driven by qualified institutional buyers, whose share of the IPO was subscribed 5.15 times, while retail investors fully subscribed to their allocated portion. The non-institutional segment, however, saw a more modest subscription rate of 88 percent. Prior to the public offering, the company raised ₹247 crore from anchor investors.
The public offering consisted of a fresh issue of equity shares amounting to ₹600 crore and an offer for sale of 10 lakh shares worth ₹228 crore. The price band was set between ₹216 and ₹228 per share.
Analysts observed that while the IPO’s subscription levels illustrated solid investor interest due to the company’s growth trajectory and increasing presence in the rooftop solar market, the less favorable listing performance was likely influenced by concerns around valuations and recent market fluctuations.
Market observers maintain that the long-term outlook for the company remains positive, bolstered by favorable industry dynamics. However, they caution that the stock may take time to stabilize as investors reassess its valuation in the aftermath of its market entry.
Fujiyama Power Systems reported significant financial growth, with revenues increasing to ₹1,540.67 crore in FY25, up from ₹664.08 crore in FY23, and net profits rising to ₹156.33 crore from ₹24.36 crore during the same period.
Based in Greater Noida, the company specializes in the manufacturing of on-grid, off-grid, and hybrid solar systems, addressing a growing market demand for clean energy solutions.
Published on November 20, 2025.
