Fujiyama Power Systems IPO
Fujiyama Power Systems Limited (UTLSOLAR) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 20 November 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -2.7% (likely range -4% to -1%), day's high +0.3%, chance of a gain 20%. Actual: -3.5% at the open, +1.3% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 73,42,591 | 3,78,22,200 | 5.15x | |
| NII (HNI) total | 56,31,945 | 49,78,545 | 0.88x | |
| Big NII (above ₹10 lakh) | 37,54,630 | 20,28,325 | 0.54x | |
| Small NII (₹2-10 lakh) | 18,77,315 | 29,50,220 | 1.57x | |
| Retail | 1,31,41,204 | 1,31,85,965 | 1.00x | |
| Employees | 2,31,481 | 3,39,885 | 1.47x | |
| Total | 2,63,47,221 | 5,63,26,595 | 2.14x |
Bids on NSE and BSE together, as published by NSE, as of 17 Nov 2025, 07:00 PM. Shares offered exclude the anchor portion. 20% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Fujiyama Power Systems's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Updater ServicesSep 2023 | 4.48x | 0.85x | 1.39x | 2.90x | ₹649 Cr | -5.0% | -0.5% |
| Varun BeveragesOct 2016 | 4.94x | 0.42x | 0.82x | 1.86x | ₹1,112 Cr | -3.4% | +6.0% |
| L&T Technology ServicesSep 2016 | 5.01x | 1.03x | 1.75x | 2.53x | ₹894 Cr | +7.0% | +8.3% |
| Avalon TechnologiesApr 2023 | 3.57x | 0.41x | 0.84x | 2.21x | ₹909 Cr | 0.0% | 0.0% |
| Sula VineyardsDec 2022 | 4.13x | 1.51x | 1.65x | 2.33x | ₹960 Cr | +1.1% | +1.8% |
| BlueStone Jewellery and LifestyleAug 2025 | 4.28x | 0.55x | 1.35x | 2.70x | ₹1,541 Cr | -1.4% | +9.1% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Motilal Oswal Investment Advisors | 47 | +15.0% | 72% |
| SBI Capital Markets | 56 | +16.7% | 61% |
Offer documents (NSE)
Frequently asked
What is the Fujiyama Power Systems IPO price band and lot size? ₹216–228 per share, with a lot of 65 shares, so the smallest retail bid is ₹14,820.
How many times has it been subscribed? 2.14x overall: QIB 5.15x, NII 0.88x, retail 1.00x, employees 1.47x.
How did it list? It opened at ₹220, -3.5% against the issue price of ₹228, and closed its first day -8.6%.
