Two initial public offerings (IPOs) are currently open for subscription, showcasing contrasting performances in the grey market. Tenneco Clean Air and Fujiyama Power Systems, from different sectors, are experiencing varied investor interest.

Tenneco Clean Air IPO: Riding High

Tenneco Clean Air, a subsidiary of a global automotive emission control technology manufacturer, opened its IPO on November 12. The company's grey market performance indicates strong investor interest:

• Grey Market Premium: Rs 85 per share
• Expected Listing Gain: 21.41% (based on upper price band)
• IPO Size: Rs 3,600 crore (offer-for-sale)
• Price Band: Upper limit of Rs 397
• Subscription Status: 0.86 times (as of Thursday morning)

Fujiyama Power Systems IPO: A Tepid Response

In contrast, Fujiyama Power Systems, which manufactures rooftop solar solutions, opened its IPO on November 13 and is facing a lukewarm response:

• Grey Market Premium: Zero
• Expected Listing: Flat (based on upper price band)
• IPO Size: Rs 828 crore (combination of fresh issue and offer-for-sale)
• Price Band: Upper limit of Rs 228
• Subscription Status: 0.04 times

Comparative Analysis

Company Profiles

Tenneco Clean Air

• Subsidiary of a global automotive emission control technology manufacturer
• Focuses on emission control solutions for the automotive industry

Fujiyama Power Systems

• Manufactures rooftop solar solutions
• Offers over 522 product variants in the renewable energy sector

The contrasting performance of these IPOs in the grey market could be attributed to various factors, including sector outlook, company financials, and overall market sentiment. Investors are advised to conduct thorough research and consider their risk appetite before making investment decisions.

Fujiyama Power Systems, a prominent player in the solar power industry, has launched its Initial Public Offering (IPO) to raise Rs 828 crore. The company, known for its rooftop solar products under the UTL Solar and Fujiyama Solar brands, is offering shares at a price band of Rs 215-228.

IPO Details

Anchor Investment

Fujiyama Power Systems has already secured a strong start by raising Rs 246.89 crore from 15 anchor investors. Notable participants include:

• Nippon India Mutual Fund
• Tata Mutual Fund
• BNP Paribas

These anchor investors have been allocated shares at Rs 228 per share, which is at the upper end of the price band.

Utilization of Funds

The net proceeds from the IPO will be strategically allocated as follows:

Company Overview

Fujiyama Power Systems operates four manufacturing facilities in Northern India, specializing in rooftop solar products. The company has shown impressive growth in recent years:

The company's financial performance demonstrates substantial growth in both revenue and profitability over the past two years.

Market Implications

This IPO comes at a time when the renewable energy sector, particularly solar power, is gaining significant traction in India. Fujiyama Power Systems' public offering could be seen as a strategic move to capitalize on the growing demand for solar solutions and to strengthen its position in the market.

Investors interested in the renewable energy sector and looking for exposure to the solar power industry might find this IPO worth considering. However, as with any investment decision, it's crucial to conduct thorough research and consider one's risk appetite before participating.

The success of this IPO could potentially pave the way for more companies in the renewable energy sector to go public, further boosting India's green energy initiatives.