JSA Advocates & Solicitors acted as the company’s counsel on the Rs. 8,280 million IPO of Fujiyama Power Systems Limited. The IPO comprised of a fresh issue of Rs. 6,000 million and an offer for sale by the promoters of Rs. 2,280 million.
The Equity Shares of the company were listed on BSE and NSE on November 20, 2025. Motilal Oswal Investment Advisors Limited and SBI Capital Market Limited acted as the lead managers.
Fujiyama Power Systems, with its brand ‘UTL Solar’, is a manufacturer of wide variety of products (such as panels, inverters, batteries) and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems.
The transaction was led by Partner Madhurima Mukherjee Saha, supported by the Equity Capital Markets team comprising Partner Anuj Pethia, Senior Associate Ambuj Gupta, and Associates Kumar Shubham, Priyanshi Bajajand Adnan Danish.
Anuj has more than 16 years of experience and has acted on various Indian and international capital markets transactions including some of the sophisticated and pioneer offerings in the last two decades advising issuers, underwriters, promoters and selling shareholders across sectors.