Fujiyama Power Systems Makes Weak Listing: Shares Open Below IPO Price on November 20

Fujiyama Power Systems listed on the stock market on 20 November.

The stock opened at ₹218.40 on the BSE, which is a 4.21% discount from the IPO price of ₹228.

On the NSE, it listed at ₹220, a 3.51% discount.

The company’s market cap at listing was about ₹6,692 crore.

Grey Market Premium vs Listing Price

Before listing, the stock was trading with a very small GMP.

According to Investorgain, the GMP was 0.22% above the IPO price.

Earlier, on the day allotments were finalised, the GMP was 1.32%, so it has fallen.

IPO Watch showed a slightly higher GMP of 0.43%.

IPO Performance

The ₹828-crore IPO saw decent demand.

It was subscribed a little over 2 times between 13–17 November.

The issue included:

• Fresh issue: ₹600 crore
• Offer for sale: 10 lakh shares worth ₹228 crore (upper price band)
• The price band was ₹216–₹228.

The company plans to use the IPO money for:

• ₹180 crore for a new plant in Ratlam, Madhya Pradesh
• ₹275 crore to repay debt
• The rest for general corporate needs

Expert View: Hold for Long Term

According to market expert Narendra Solanki, the company offers a full rooftop solar setup.

Its products include solar inverters, panels, batteries, controllers, and EV products like E-rickshaw chargers and lithium-ion batteries.

The company sells mainly through a B2C distribution network and runs four manufacturing units with in-house R&D.

At the top price band, the company is valued at around 45 times FY25 earnings.

Solanki suggests holding the stock for the long term, depending on the investor’s risk level.