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2 Big IPOs This Week! Tenneco Clean Air vs Fujiyama Power Systems | Analyst View & Verdict
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Key Takeaways
- Fujiyama Power Systems and Tenneco Clean Air India IPOs open this week.
- Fujiyama is a fast-growing solar and EV components firm; Tenneco specializes in auto emission control systems.
- Fujiyama IPO: ₹828 cr issue (₹600 cr fresh, ₹228 cr OFS), price band ₹216–₹228.
- Tenneco IPO: Backed by a global clean-air giant, strong in automotive OEM supply.
- Swastika Investmart assigns a Neutral rating on Fujiyama due to full valuations despite strong growth.
The IPO market is heating up again with two buzzing issues — Tenneco Clean Air India and Fujiyama Power Systems Limited. Both cater to India’s clean-tech evolution but in distinct ways: one ensures cleaner automobile emissions, while the other powers homes and EVs through renewable energy.
For investors deciding where to park funds this week, here’s an expert comparison backed by Swastika Investmart’s research insights.
Fujiyama Power Systems IPO — Solar and EV Synergy in Action
Fujiyama Power Systems Ltd., part of the UTL Group, manufactures solar panels, inverters, lithium-ion batteries, and hybrid rooftop systems. With operations spanning Greater Noida, Parwanoo, Bawal, and Dadri, the company has built a strong domestic and export presence.
IPO Details
- Issue Size: ₹828 crore (₹600 crore fresh + ₹228 crore OFS)
- Price Band: ₹216 – ₹228 per share
- Face Value: ₹1
- Market Lot: 65 shares
- Issue Opens: 13 Nov 2025 | Closes: 17 Nov 2025
- Listing: BSE & NSE on 20 Nov 2025
- Market Cap (Post-Issue): ₹6,986 crore
- Allocation: QIB 50% | NII 35% | Retail 15%
- Rating: Neutral – Swastika Investmart View
Objects of the Issue
- Part-financing a new manufacturing facility at Ratlam (M.P.)
- Repayment of borrowings
- General corporate purposes
Business Strengths
- Over 522 SKUs across solar and battery products — a one-stop clean energy shop.
- 725 distributors, 5,546 dealers, 1,100 exclusive outlets, and 600+ service engineers.
- Exports to the USA, Bangladesh, and UAE.
- ISO-certified facilities with high manufacturing efficiency.
Key Risks
- Heavy dependence on North India plants.
- High raw-material imports from China expose supply-chain risk.
- Price volatility in solar components.
- Competitive industry pressure on margins.
Analyst View:
Fujiyama’s growth trajectory is impressive, supported by a strong brand network and rising solar adoption. However, at a P/E of ~40×, the issue appears fully priced. While long-term investors may find value in its clean-energy positioning, listing-gain seekers should temper expectations.
Tenneco Clean Air India IPO — A Global Emission Leader Hits Dalal Street
Tenneco Clean Air India, a subsidiary of the US-based Tenneco Inc., is a leading manufacturer of automotive emission control and after-treatment systems. It supplies to OEMs like Tata Motors, Ashok Leyland, and Hyundai.
Highlights (as per industry sources)
- Focused on clean-air and catalytic converter systems that meet BS-VI and Euro standards.
- Benefits from India’s push toward low-emission mobility.
- Backed by global R&D capabilities and technical collaboration from Tenneco’s network.
Analyst Outlook:
Tenneco Clean Air offers steady growth and technological credibility in the auto component space. While its OFS-based IPO won’t fund new projects, investors seeking stability and diversified auto exposure may find it appealing.
Analyst Verdict
Both IPOs reflect India’s transition toward clean and sustainable technologies.
- Tenneco Clean Air India offers stability through global parentage and consistent earnings.
- Fujiyama Power Systems brings aggressive growth from the EV and solar boom but is priced to perfection.
Swastika Investmart’s Verdict: Neutral on Fujiyama; Positive on Tenneco for long-term holders.
Investor Takeaway
As markets continue to reward quality IPOs, investors should evaluate sectoral trends, fundamentals, and valuation comfort before subscribing. Platforms like Swastika Investmart offer registered research, AI-enabled screeners, and dedicated support to help you make informed decisions.
FAQs
1. What is the Fujiyama Power Systems IPO price band and size?
It is priced at ₹216 – ₹228 per share with a total issue size of ₹828 crore (₹600 crore fresh + ₹228 crore OFS).
2. What is Swastika Investmart’s rating for the Fujiyama IPO?
Swastika Investmart has assigned a Neutral rating, citing robust growth but fully priced valuations.
3. What is the listing date for Fujiyama Power Systems?
The shares are scheduled to list on 20 November 2025 on BSE and NSE.
4. Which IPO is better — Fujiyama or Tenneco?
Tenneco offers steady auto sector exposure; Fujiyama offers high growth in clean energy with higher risk. Choice depends on your investment horizon and risk profile.
5. How can investors apply for these IPOs?
You can apply through your Swastika Investmart trading account online using UPI or net-banking.
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