From UTL Legacy to Stock Market Star — Fujiyama Power IPO at ₹216–₹228 per Share
Invest in the Sun! Fujiyama’s ₹600 Cr IPO to Fund Ratlam Expansion, Listing on Nov 20
Bilkul Bazaar | Ahmedabad | 12 Nov 2025
UTL Fujiyama Power Systems Limited, one of India’s leading manufacturers and solution providers in the rooftop solar industry, announced the launch of its Initial Public Offering (IPO), opening for subscription on Thursday, November 13, 2025, and closing on Monday, November 17, 2025.
The price band has been fixed at ₹216–₹228 per equity share of face value ₹1 each. The issue comprises a fresh issue of ₹6,000 million and an offer-for-sale (OFS) of up to 10 million equity shares. Anchor investor bidding opens on Wednesday, November 12, while listing is scheduled for November 20, 2025.
Investors can bid for a minimum of 65 equity shares and in multiples thereof. The company currently has 280.09 million equity shares outstanding.
Expansion and Financial Growth
Proceeds from the fresh issue will be utilized to:
Part-finance the upcoming Ratlam manufacturing facility in Madhya Pradesh (₹1,800 million),
Repay and/or prepay borrowings (₹2,750 million), and Support general corporate purposes.
Fujiyama reported strong financial performance, with revenue from operations at ₹15,406.77 million in FY25, up from ₹6,640.83 million in FY23. Net profit rose sharply to ₹1,563.35 million in FY25 from ₹243.66 million in FY23. For the quarter ended June 30, 2025, the company reported ₹5,973.49 million in revenue and ₹675.87 million in net profit.
A Legacy Rooted in UTL’s Innovation
Since its inception in 1996, UTL has evolved into a renowned name in power electronics, offering world-class R&D and high-quality energy solutions. Building upon this legacy, UTL Fujiyama Power Systems, incorporated in 2017, continues to advance the UTL brand’s vision through innovation in solar energy, battery storage, and e-mobility technologies.
The company manufactures solar panels, inverters, batteries (lead-acid and lithium-ion), and e-mobility equipment, operating four advanced facilities across Greater Noida, Dadri (Uttar Pradesh), Parwanoo (Himachal Pradesh), and Bawal (Haryana).
Its wide-reaching distribution network includes 725 distributors, 5,546 dealers, 1,100 exclusive ‘UTL Solar Shoppe’ outlets, and 602 service engineers across India.
UTL Fujiyama also holds patents in breakthrough solar technologies such as rapid maximum power point tracking (rMPPT) and has pioneered products like single-card SMT inverters, combo UPS with automatic voltage regulation (AVR), and high-frequency online UPS systems.
Management Speaks
Yogesh Dua, CEO & Joint Managing Director, said, “Since our inception in 1996, we at UTL have strived to bring excellence in power electronics. Fujiyama Power Systems builds on this legacy of innovation and quality. The upcoming Ratlam facility will significantly boost our capacity to meet the growing demand for solar and e-mobility solutions in India and beyond.”
Pawan Kumar Garg, Chairman & Joint Managing Director, added, “Our financial strength reflects the trust of our customers and the scalability of our UTL ecosystem. This IPO is a major step forward, enabling us to expand manufacturing, reduce debt, and strengthen R&D.”
CA Ashu Bansal, Vice President – Finance & Accounts, stated, “With this IPO, UTL Fujiyama aims to optimize its capital structure and enhance stakeholder value while accelerating our clean energy vision.”
Nimit Kumar, Assistant Vice President, SBI Capital Markets Limited, commented, “UTL Fujiyama Power Systems’ strong performance and deep industry roots make it a compelling investment opportunity, well-aligned with India’s renewable energy ambitions.”
Offer Details
The IPO will be conducted through the Book Building Process under SEBI regulations, with allocation as follows:
Not more than 50% to Qualified Institutional Buyers (QIBs)
Not less than 15% to Non-Institutional Investors (NIIs)
Not less than 35% to Retail Individual Investors (RIIs)
Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the Book Running Lead Managers (BRLMs) to the issue, while MUFG Intime India Private Limited (formerly Link Intime India Pvt. Ltd.) serves as the Registrar.
Disclaimer: This news is for informational purposes only. Please refer to official offer documents and consult a financial advisor before investing.
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