Fujiyama Power Systems Secures Rs 247 Crore Ahead of IPO Launch

Fujiyama Power Systems raised Rs 247 crore from anchor investors before its IPO. The anchor book included notable participants like Nippon India MF and Tata MF. The IPO, opening on November 13, aims to raise Rs 828 crore, with funds allocated for facility development, debt, and corporate needs.

Fujiyama Power Systems, a key player in the rooftop solar industry, announced on Wednesday that it has successfully raised Rs 247 crore from anchor investors, one day before the opening of its initial public offering (IPO).

According to a BSE circular, the anchor book saw participation from 15 significant investors, including Nippon India Mutual Fund, Tata Mutual Fund, and BNP Paribas. The allocation of over 1.08 crore equity shares was made at Rs 228 per share, contributing Rs 246.89 crore to the company's coffers.

The upcoming IPO, scheduled from November 13 to November 17, aims to raise Rs 828 crore. The proceeds from the fresh issue will be used to establish a manufacturing facility in Ratlam, Madhya Pradesh, settle debt, and support general corporate purposes.

(With inputs from agencies.)