India’s renewable-energy IPO wave in recent months has largely been dominated by companies such as Vikram Solar, Saatvik Green and Emmvee that make solar modules and supply them to power developers or EPC contractors. Fujiyama Power Systems, whose ₹828-crore public issue opened on November 13 and shall close on November 17, is less of a solar manufacturer and more of an emerging consumer-energy brand. That distinction matters, as it is a retailer in the distributed-energy market which is an ecosystem that straddles consumer electronics, batteries, and rooftop solar installations. Understanding that difference is essential before interpreting its financials or valuation.

The IPO is a combination of fresh issue of 2.63 crore shares aggregating to ₹600 crore and offer for sale of 1 crore sha

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