The shares of Fujiyama Power Systems made a weak stock market debut on November 20, listing at Rs 218.40 apiece on BSE. This marks a discount of 4.21 percent over the IPO price of Rs 228 apiece.

The company's market capitalization during debut stood at around Rs 6,692 crore.

The stock then dropped another 5 percent to close at Rs 208.35 apiece. This marks a fall of nearly 9 percent from the IPO price. The company's market capitalisation at the end of the debut day stood at Rs 6,384 crore.

Ahead of listing, the unlisted shares of the company were trading with marginal premium of 0.22 percent grey market premium (GMP) over the IPO price, according to data on Investorgain. The GMP quoted by the site has fallen from the 1.32 percent earlier quoted on the day allotments were finalized (November 18).

This comes after the Rs 828-crore IPO of the rooftop solar solutions provider saw decent investor interest during its three days of public bidding, being subscribed more than two times its offer size between November 13 and November 17.

Fujiyama Power Systems launched its IPO to raise Rs 828 crore through a fresh issue of equity shares worth up to Rs 600 crore and an offer for sale of 10 lakh shares, valued Rs 228 crore at the upper end, by promoters.

The price band for the IPO was set at Rs 216-228 per share. Proceeds from the fresh issue to the tune of Rs 180 crore would be utilised by the company towards financing the cost of establishing the manufacturing facility in Ratlam, Madhya Pradesh, Rs 275 crore for payment of debt, and the rest for general corporate purposes.