Greater-Noida-based Fujiyama Power Systems has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The IPO is a combination of a fresh issue of equity shares worth up to ₹700 crore and an offer-for-sale (OFS) of up to 2 crore shares by promoters, according to Draft Red Herring Prospectus (DRHP) filed on December 28.
Under the OFS, one crore equity shares each will be offloaded by Pawan Kumar Garg and Yogesh Dua.
The company may consider raising ₹140 crore through a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.
The net proceeds from the fresh issue are proposed to be utilised by the company towards financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, repayment of debt, and general corporate purposes.
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.
In the last three financial years and six months ended September 30, 2024, Fujiyama Power Systems have sold 12.25 lakh solar panels (458.14 MW), 6.31 lakh solar inverters (1,065.83 MW), and 8.52 lakh batteries (1,672.17 MWh).
The firm is also in the process of developing a new facility for manufacturing solar panels in Dadri, Uttar Pradesh and installing another inverter line at its Greater Noida facility.
For the six months ended September, Fujiyama clocked a net profit of ₹75.1 crore against revenue of ₹721.7 crore.
Motilal Oswal Investment Advisors Ltd and SBI Capital Markets Ltd are the book-running lead managers, while Link Intime India Pvt Ltd is the registrar of the issue.
The shares of the company are proposed to be listed on the National Stock Exchange (NSE) and BSE.
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