Fujiyama Power Systems Shines Bright with ₹6 Billion IPO Plan

Noida-headquartered rooftop solar company Fujiyama Power Systems has filed its draft red herring prospectus (DRHP) with SEBI to raise capital via an initial public offering (IPO). The IPO involves an issue of shares worth as much as ₹6 billion, which is more than the initially reported ₹700 crore. In addition to that, existing promoters Pawan Kumar Garg and Yogesh Dua will be offering as many as 20 million shares for sale. The proceeds will be utilized by the company to set up a manufacturing unit in Ratlam, Madhya Pradesh, to repay overdues and for general corporate purposes. Fujiyama Power Systems deals in the manufacture and supply of solar products, such as panels, inverters, and batteries.
Source: Reuters