Fujiyama Power Systems collects Rs 247 cr from anchor investors ahead of IPO

New Delhi, Nov 12 (PTI) Fujiyama Power Systems, which provides solutions for the rooftop solar industry, on Wednesday said it has raised Rs 247 crore from anchor investors just a day before opening of its initial share sale for public subscription.

The anchor book saw participation from 15 entities, including Nippon India Mutual Fund (MF), Tata MF, BNP Paribas, ValueQuest -- Investment Advisors, Societe Generale, LC Pharos Multi Strategy Fund, Astorne Capital, and Citigroup Global Markets Mauritius, according to a circular uploaded on the BSE website.

As per the circular, the company allocated over 1.08 crore equity shares at an anchor investor offer price of Rs 228 per equity share, raising Rs 246.89 crore.

Among these, a little over 56.66 lakh equity shares, or 52.33 per cent, were allocated to two domestic mutual funds, which have applied through six schemes.

In a public announcement on Wednesday, Fujiyama Power Systems (UTL Solar) said it raised Rs 75 crore in a pre-IPO round from VQ FasterCap Fund II and ValueQuest India GIFT Fund with promoters selling nearly a 1.2 per cent stake in the company.

The Rs 828-crore IPO will be open on November 13 and conclude on November 17. The company said its maiden public offering comes with a price band of Rs 216-228 per share.

The IPO is a combination of a fresh issue of equity shares worth up to Rs 600 crore and an offer for sale of 10 lakh shares, valued Rs 228 crore at the upper end, by promoters.

Proceeds from the fresh issue to the tune of Rs 180 crore would be utilised by the company towards financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, Rs 275 crore for payment of debt, and the rest for general corporate purposes.

Greater Noida-based Fujiyama Power Systems is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems.

The company has built a brand recall and reputation in the industry through its brands 'UTL Solar', which has a legacy of 28 years, and Fujiyama Solar.

It has developed three manufacturing facilities and R&D capabilities domestically, with a consistent focus on technological development and product innovation.

Financially, the company's revenue from operations stood at Rs 1,540.67 crore during FY25 as against Rs 664.08 crore during FY23.

Its net profit was at Rs 156.33 crore in FY25 as against Rs 24.36 crore during FY23.

Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers for the IPO. PTI HG TRB