Fujiyama Power Systems Ltd.

Fujiyama Power Systems has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO is a combination of a fresh issue of equity shares worth up to Rs 700 crore and an offer-for-sale (OFS) of up to 2 crore shares by promoters.

The company may consider raising Rs 140 crore through a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. The net proceeds from the fresh issue are proposed to be utilised by the company towards financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, repayment of debt, and general corporate purposes. Motilal Oswal Investment Advisors and SBI Capital Markets are the book-running lead managers to the issue. The shares of the company are proposed to be listed on the NSE and BSE.

Fujiyama Power Systems is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems. The company has built a brand recall and reputation in the industry through its brands 'UTL Solar', which has a legacy of 28 years, and Fujiyama Solar.