Fujiyama Power Systems Limited
Promoters Pawan Kumar Garg · Yogesh Dua · Sunil Kumar
Against an issue price of ₹228. Split- and bonus-adjusted official closes — a past move, never a forecast.
Fujiyama Power Systems Limited raised ₹828 crore through a mainboard initial public offer.
The filing places it in Electrical Equipment and names three promoters: Pawan Kumar Garg, Yogesh Dua and Sunil Kumar.
The book was open from 13 November 2025 to 17 November 2025.
The issue was priced at ₹228 a share, from a band of ₹216 to ₹228.
Of the offer, ₹600 crore is a fresh issue of shares — money that goes to the company — and ₹228 crore is an offer for sale, which goes to existing shareholders selling down. Valued at the final issue price.
We did not poll this issue while its book was open. The exchange publishes only the current cumulative figure and no history, so a subscription series cannot be reconstructed after an issue closes.
The shares listed on 20 November 2025.
The last official close on file is ₹422 (21 September 2026), which is 85.1% above the issue price.
It now trades as UTLSOLAR, and its filed financials are on its company page.
Shares sold in the issue at ₹228 last closed at ₹422.05.
See UTLSOLAR’s filed financials and price history →Official exchange closes, restated for splits, bonuses and rights issues since listing. A record of past price movement, not a forecast.
Share counts converted at ₹228, the final issue price.
- Registrar
- Other RTA
- Lead managers
- Other LM / BRLM
- SBI Capital Markets Limited
- Bidding opens13 Nov 2025
- Bidding closes17 Nov 2025
- Basis of allotmentnot published
Not published in the exchange feeds we ingest — we do not estimate it.
- Listing20 Nov 2025
We did not poll this issue while its book was open. The exchange publishes only the current cumulative figure and no history, so a subscription series cannot be reconstructed after an issue closes.
We did not poll this issue while its book was open. The exchange publishes only the current cumulative figure and no history, so a subscription series cannot be reconstructed after an issue closes.
We have not extracted an anchor allotment list for this issue.
- Anchor investors — first trancheSEBI ICDR 2018 Reg. 32(5)(b) — 50% of the anchor allocation, 30 days from allotment20 Dec 202550% of this tranche
- Anchor investors — second trancheSEBI ICDR 2018 Reg. 32(5)(a) — the remaining 50% of the anchor allocation, 90 days from allotment18 Feb 202650% of this tranche
- All other pre-issue capitalSEBI ICDR 2018 Reg. 17 — all other pre-issue capital, 6 months from allotment20 May 2026already free
- Promoters' minimum contributionSEBI ICDR 2018 Reg. 16(1)(a) — promoters' minimum contribution, 18 months from allotment20 May 2027whole tranche releases on this date
Computed from the SEBI ICDR 2018 lock-in rules, not disclosed by the issuer or the exchange. The regulation counts from the date of allotment, which no feed we ingest publishes, so these are counted from the listing date and fall at most two to three business days later than the true expiry.
Every offer document must set out the reasoning behind its own price: what the company earned in the years before it came to market, and what multiple of those earnings it is asking for. This is that chapter — the issuer’s argument for its price, not our assessment of it.
| Year | Basic | Diluted | Weight |
|---|---|---|---|
| FY2023 | ₹0.87 | ₹0.87 | 1 |
| FY2024 | ₹1.62 | ₹1.61 | 2 |
| FY2025 | ₹5.59 | ₹5.56 | 3 |
Figures as printed in the offer document's "Basis for Offer Price" chapter. A record of the case the issuer made for its own price, not our valuation of it.
Everything we extracted from this issue's offer document is the pricing justification rather than the restated statements — it is shown under how the offer was priced. The restated financial statements themselves have not been extracted for this issue.
We have not extracted this section from the offer document for this issue yet. It is read from the abridged prospectus, and several offer documents are served as .zip archives or as scanned pages with no text layer.
The offer document must name the listed companies the issuer considers comparable, and print their valuation figures beside its own. This is that list — the issuer’s choice of comparison, not ours.
| Company | P/E | P/B | RoNW | EPS | Income |
|---|---|---|---|---|---|
| Exicom Tele-Systems Limited | — | — | -17.9% | -9.11 | ₹8,676 cr |
| Insolation Energy Limited | 31.7 | — | 20.5% | 5.95 | ₹13,338 cr |
| Premier Energies Limited | 47.9 | — | 33.2% | 21.35 | ₹65,187 cr |
| Waaree Energies Limited | 49.0 | — | 20.1% | 68.24 | ₹1,44,445 cr |
The issuer's own figures as printed at the head of the same table — its claim about itself, on the same basis as its claims about the companies below.
Figures as PRINTED by the issuer in its own offer document. The comparison set is the issuer's choice, not ours.
| Firm | Issues | Typical listing move | Below issue @30d | @90d | @180d |
|---|---|---|---|---|---|
SBI Capital Markets Limited 2022 – 2026 | 46 6 measurable | +5.4% | 3 of 5 | 0 of 1 | 0 of 1 |
| Firm | Issues | Typical listing move | Below issue @30d | @90d | @180d |
|---|---|---|---|---|---|
Other RTA 2023 – 2026 | 46 0 measurable | — | — | 0 of 1 | 1 of 4 |
A count of what happened to the other issues each firm was named on, computed from exchange closes. Not a rating, not a ranking, and not a view on the firm.
- Prospectus· PDF · exchange archive19 Nov 2025
- Draft red herring prospectus (DRHP)· PDF · exchange archive6 Mar 2025
- Draft red herring prospectus (DRHP)· ZIP · exchange archive30 Dec 2024
- Anchor investor allotment· ZIP · exchange archiveThis document is a scan with no text layer — readable by eye, not by machine.
- Financial ratios advertisement· ZIP · exchange archive
- In-principle approval (XBRL)· XML · exchange archive
- Listing filing (XBRL)· XML · exchange archive
Filed with SEBI and the exchanges by the issuer. These are the source for every figure on this page.
Compiled from NSE and SEBI offer documents and exchange feeds. A description of the issue and of the bids received — not investment advice, and not a view on whether to apply. No grey-market premium, no allotment lookup and no listing-gain estimate is published here.