Fujiyama Power Systems Refiles DRHP for IPO to Raise Funds

IPO Structure and Fund Utilization

Fujiyama Power Systems Limited, a leading rooftop solar company based in Greater Noida, has refiled its draft red herring prospectus (DRHP) with SEBI for an initial public offering (IPO). The IPO consists of:

• Fresh issue of shares up to ₹600 crore
• Offer-for-sale (OFS) of up to 20 million shares by promoters Pawan Kumar Garg and Yogesh Dua (10 million shares each)

Additionally, the company is considering a pre-IPO placement of up to ₹120 crore, which will be deducted from the fresh issue if completed.

Planned fund allocation from IPO proceeds:

• ₹180 crore – Part financing of a new manufacturing facility in Ratlam, Madhya Pradesh
• ₹275 crore – Repayment/prepayment of outstanding borrowings
• Remaining funds – General corporate purposes

Employee Reservation and Book-Building Process

The IPO includes a reservation for eligible employees who will receive a discount on their bids.

The issue will be made through the book-building process, with the following allocation:

• 50% to Qualified Institutional Buyers (QIBs)
• 15% to Non-Institutional Investors (NIIs)
• 35% to Retail Individual Investors (RIIs)

Lead Managers and Listing Details

• Book Running Lead Managers (BRLMs):
  • Motilal Oswal Investment Advisors Limited
  • SBI Capital Markets Limited
• Registrar: MUFG Intime India Private Limited
• Listing Exchanges: BSE and NSE

Fujiyama Power Systems: Company Overview

Company History and Operations

Founded in 1996 as UTL Electronics (India), Fujiyama Power Systems transitioned from a proprietorship to a partnership firm in 2008 and was incorporated in 2017. The company focuses on solar energy solutions, including:
✅ On-grid, off-grid, and hybrid solar systems
✅ Solar panels, inverters, and batteries
✅ Electric vehicle (EV) chargers

Fujiyama was the first Indian company to develop an SMT-based inverter with a single card (2000) and has since introduced multiple solar innovations.

Manufacturing and Expansion Plans

Fujiyama operates three manufacturing plants in:

• Greater Noida, Uttar Pradesh
• Parwanoo, Himachal Pradesh
• Bawal, Haryana

To meet rising demand, the company is expanding with:

• A new solar panel facility in Dadri, Uttar Pradesh
• Additional production lines in Greater Noida

It is also setting up a manufacturing unit in Ratlam, Madhya Pradesh, using IPO funds.

Market Presence and Product Portfolio

Fujiyama Power Systems serves both domestic and international markets, including USA, Bangladesh, and UAE. Its key brands include:

• UTL Solar
• Fujiyama Solar

Its product range spans over 500 SKUs, covering:

• Solar inverters, batteries, and panels
• Hybrid solar systems
• EV chargers, including solutions for three-wheeler autorickshaws

Sales, Distribution, and Digital Initiatives

• Distribution network: 480+ distributors, 3,600+ dealers, and 1,000+ exclusive UTL Solar “Shoppe” franchisees
• Service team: 400+ engineers providing maintenance and support
• Digital marketing: AI-powered strategies and referral programs for customer engagement

Financial Performance

Sales and Market Growth

Between FY22 and FY24, Fujiyama sold:

• 12,25,195 solar panels (458.14 MW)
• 6,31,331 solar inverters (1,065.83 MW)
• 8,52,757 batteries (1,672.17 MWh)

This contributed to over 1 GW+ of solar rooftop installations across India.

Revenue and Profit Growth

• FY23 Revenue: ₹664.08 crore → FY24 Revenue: ₹924.69 crore (+39.24% YoY)
• FY23 Net Profit: ₹24.37 crore → FY24 Net Profit: ₹45.30 crore (+85.93% YoY)
• H1 FY25 Revenue: ₹721.74 crore
• H1 FY25 Net Profit: ₹75.09 crore

Why Fujiyama Power Systems IPO Matters

✅ Opportunities

✔ Strong position in India’s rooftop solar market
✔ Diverse product portfolio spanning solar and EV charging
✔ Innovative R&D-driven growth strategy
✔ Aggressive manufacturing expansion and AI-driven marketing
✔ Growing revenue and profitability

❌ Challenges

❌ Dependent on government policies for solar incentives
❌ Highly competitive renewable energy market
❌ Price fluctuations in raw materials (solar panels, lithium batteries, etc.)

The Upcoming IPOs in this week and coming weeks are Super Iron Foundry, PDP Shipping & Projects, Paradeep Parivahan.

The Closed IPOs are NAPS Global.

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