November has been a hectic month for IPOs. There is another one now added to the list. Fujiyama Power System’s IPO will open for subscription on November 13 and close on November 17.
Fujiyama’s IPO is a book-built issue of Rs 838 crore. It comprises a fresh issue and offer for sale. Via the IPO the company aims to finance its manufacturing facilities, repay its borrowing and use the raised capital for other corporate purposes.
Here are the relevant details pertaining to the IPO
Fujiyama IPO: Issue details
Fujiyama IPO will open for subscription on November 13. The issue will bid for three days and close on November 17. The company has fixed a price band of Rs 216-228 per share. Investors can bid for a maximum of 65 equity shares in multiples of 65 thereafter.
As per the company’s red herring prospectus, filed on November 7, the company plans on raising Rs 600 crore via fresh issue. This includes fresh issue of 2.63 crore shares and an offer for sale (OFS) of 1 crore shares worth Rs 228 crore. Motilal Oswal Investment Advisors and SBI Capital Markets are managing the Fujiyama Power Systems IPO, while MUFG is the registrar to the offer.
Fujiyama IPO Structure
Up to 50% of the net offer shall be available to the Qualified institutional buyers, However the investment bank may allocate up to 60% of the QIB portion to the anchor investors on a discretionary basis, in accordance with the SEBI guidelines.
Further, up to 15% of the offer shall be allocated to non-institutional bidders and 35% of the offer shall be made available to retail individual bidders.
Retail institutional investors may bid up to shares worth Rs 2 lakh, while employees may bid up to shares worth Rs 5 lakhs. In certain cases, employees will be given a discount if the bidding goes up to the amount of Rs 2 lakhs.
Fujiyama IPO: Key dates to watch
The tentative allotment of shares would be finalised by November 18 and by November 19 the shares are likely to be credited to the demat account of the subscribers. The initiation of refunds is also likely to take place on November 19. The listing of the shares on NSE and BSE is expected by November 20.