UTL Solar Files DRHP with SEBI to Raise Funds via IPO
Greater-Noida-based Fujiyama Power Systems (UTL Solar) has filed its DRHP with SEBI for an IPO comprising a fresh issue of INR 700 crore and an OFS of 2 crore shares, aimed at funding new manufacturing facilities, debt repayment, and corporate purposes.
January 01, 2025. By Mrinmoy Dey
The proposed IPO comprises a fresh issue of equity shares worth up to INR 700 crore and an offer-for-sale (OFS) of up to 2 crore shares by promoters, as per the DRHP.
Under the OFS, promoters Pawan Kumar Garg and Yogesh Dua will each offload 1 crore shares. The company may raise INR 140 crore through a pre-IPO placement, reducing the fresh issue size accordingly.
Proceeds from the fresh issue will fund the establishment of a manufacturing facility in Ratlam, Madhya Pradesh (INR 250 crore, debt repayment (INR 300 crore), and general corporate purposes.
Motilal Oswal Investment Advisors Ltd. and SBI Capital Markets Ltd. are the book-running lead managers for the IPO. Link Intime India Pvt. Ltd. is the registrar.
The company operates in the Indian rooftop solar industry, manufacturing and supplying a comprehensive range of solar products including solar panels, inverters and batteries. It specialises in on-grid, off-grid, and hybrid solar solutions, with strong brand recognition through ‘UTL Solar’ and ‘Fujiyama Solar’. The company operates three manufacturing facilities domestically, with a focus on technological advancement and product innovation.
“In the last three financial years and six months ended September 30, 2024, we have sold 1,225,195 (458.14 MW) solar panels, 631,331 (1,065.83 MW) solar inverters and 852,757 (1,672.17 MWh) batteries and contributed to over 1 GW+ of off-grid, on-grid, and hybrid solar rooftop installations across India,” the company shared in the DRHP.
The company is in the process of developing a new facility for manufacturing solar panels in Dadri, Uttar Pradesh and installing another inverter line at its Greater Noida facility.
The company reported revenue of INR 924.68 crore in FY24 and a revenue of INR 721.7 crore in H1 of FY25. It reported a net profit of INR 45.30 crore in FY24 and a net profit of INR 75.09 crore in H1 of FY25.
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