Proceeds from the fresh issue will be allocated as follows: Rs 2.5 billion for establishing a manufacturing facility in Ratlam, Madhya Pradesh, Rs 3 billion for debt repayment, and the remaining for general corporate purposes. The company may also raise Rs 1.4 billion through a pre-IPO placement, which would reduce the size of the fresh issue.

Motilal Oswal Investment Advisors and SBI Capital Markets will act as the book-running lead managers, while Link Intime India is the registrar for the IPO.

Fujiyama specialises in rooftop solar solutions and manufactures solar modules, inverters, and lithium-ion batteries. It also supplies chargers and batteries for electric rickshaws. The company operates three manufacturing facilities:

The company is expanding its capacity with a new 600 MW solar module facility in Dadri, Uttar Pradesh, and additional capacities of 600 MW each for solar modules and inverters, and 500 MWh for Li-ion batteries at Greater Noida.

To address rising demand in western and southern India, Fujiyama plans an integrated facility in Ratlam, Madhya Pradesh, capable of producing 2,000 MWh of Li-ion batteries and 2,000 MW each of solar modules and inverters. Under the Madhya Pradesh Industrial Promotion Policy, 2014, the company aims to secure a 40% subsidy of up to Rs 1.5 billion for this project.

Fujiyama's distribution network spans over 480 distributors, 3,600 dealers, and 1,000 exclusive franchisees across India.

In a similar development, Maharashtra-based agri-solar solutions provider GK Energy has filed a DRHP to raise Rs 5.01 billion through an IPO, comprising a fresh issue of Rs 5 billion and an offer-for-sale of Rs 16.8 million.

(Mercom)