Noida-based rooftop solar solutions and products company Fujiyama Power Systems debuted on the stock exchanges after its initial public offering (IPO) of ₹8.28 billion (~$93.5 million)was oversubscribed 2.14 times.

The price band was set at ₹216(~$2.4) to ₹228(~$2.6) per equity share, with a face value of ₹1(~$0.11).

The IPO saw bids for 56 million shares, exceeding the 26 million shares on offer.

Qualified institutional buyers led the demand, with a subscription rate of 5.15 times, followed by the employee-reserved portion at 1.47 times, and retail individual investors at 100%.

The portion allocated to the non-institutional investors was subscribed 0.88 times.

The company filed its draft red herring prospectus for its IPO in December 2024.

The IPO comprised a fresh issue of shares worth up to ₹7 billion (~$81.77 million) and an offer-for-sale of up to 20 million shares.

Fujiyama plans to use the proceeds from the fresh issue amounting to ₹2.5 billion (~$29.20 million) to establish a module manufacturing facility in Ratlam, Madhya Pradesh, ₹3 billion (~$35.05 million) to repay outstanding borrowings, and the rest for general corporate purposes.

The company operates three manufacturing facilities. In the Greater Noida facility in Uttar Pradesh, the company produces solar modules (439 MW), inverters and electronics (1,143 MW), e-rickshaw chargers and lithium-ion (Li-ion) batteries (45 MWh).

Its Parwanoo facility in Himachal Pradesh produces solar power conditioning units and uninterruptible power supplies, and its Bawal facility in Haryana produces tubular batteries (1,318 MWh).

In its DRHP filing, the company disclosed plans to expand its production capacity with a 600 MW solar module manufacturing facility in Dadri, Uttar Pradesh. It also plans to add 600 MW of solar module manufacturing capacity, 600 MW of solar inverter manufacturing capacity, and 500 MWh of Li-ion battery manufacturing capacity at its Greater Noida facility.

The company’s offerings include rooftop solar solutions and the manufacture of solar modules, inverters, and Li-ion batteries. In the electric vehicles segment, the company provides chargers for electric rickshaws and lithium-ion batteries.

It also manufactures solar management units, home power conditioning units, and solar charge controllers.

In September, another Maharashtra-based renewable energy company, GK Energy, listed on stock exchanges with its IPO oversubscribed 89.62 times at the end of the bidding window on September 23, 2025.