The stock opened at ₹218.40 on the BSE, a 4.2 per cent discount to the issue price of ₹228. On the NSE, it began trading at ₹220, marking a 3.5 per cent discount.
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Fujiyama Power Systems made a subdued debut on the stock exchanges on Thursday, listing at a discount despite strong demand during its initial public offering.
The stock opened at ₹218.40 on the BSE, a 4.2 per cent discount to the issue price of ₹228. On the NSE, it began trading at ₹220, marking a 3.5 per cent discount. The muted listing reflected cautious market sentiment even as the broader indices remained stable.
The company’s ₹828-crore IPO had attracted solid investor interest, garnering with 2.14 times subscription on the final day of the offer. Demand was driven largely by qualified institutional buyers, whose quota was subscribed 5.15 times, while retail investors fully subscribed their portion. The non-institutional investor category saw more moderate interest at 88 per cent subscription. Ahead of the public offering, the company mobilised ₹247 crore from anchor investors.
The public issue comprised a fresh issue of equity shares worth up to ₹600 crore and an offer for sale of 10 lakh shares valued at ₹228 crore. The company had set a price range of ₹216–228 per share.
Analysts noted that while the IPO received steady traction due to the company’s growth profile and expanding presence in the rooftop solar segment, listing-day performance was likely tempered by valuation concerns and recent market volatility.
Market watchers believe the company’s long-term prospects remain intact given sectoral tailwinds, but the stock may take time to find direction as investors reassess valuations post-listing.
Fujiyama Power Systems delivered financial growth, with revenue rising to ₹1,540.67 crore in FY25 from ₹664.08 crore in FY23, and net profit climbing to ₹156.33 crore from ₹24.36 crore over the same period.
Headquartered in Greater Noida, the company manufactures on-grid, off-grid and hybrid solar systems, catering to a growing market for clean-energy solutions.
Published on November 20, 2025
