Fujiyama Power Systems' Solar IPO Sparks Interest on First Day

Fujiyama Power Systems' initial public offering (IPO) attracted a 9% subscription on its first day, primarily from retail investors. The IPO aims to raise Rs 828 crore with a price range of Rs 216-228 per share. Funds will be used for manufacturing expansion and debt repayment.

Fujiyama Power Systems' IPO, targeting enhancements in the rooftop solar industry, commenced its public offering by securing a 9% subscription on day one, mostly from retail segments.

The company, based in Greater Noida, seeks to raise Rs 828 crore in total, with share pricing between Rs 216 to Rs 228 and plans to channel proceeds into manufacturing facilities and debt clearance.

The brand, renowned for its legacy in solar technology under 'UTL Solar', has already raised Rs 247 crore from anchor investors and aims to utilize fresh funds significantly towards operational expansion.

(With inputs from agencies.)