Strong Debut for Atlanta Electricals Ltd: IPO Almost Fully Subscribed

Atlanta Electricals Ltd's IPO saw strong interest, with 97% subscription on the first day. The offering includes fresh equity worth Rs 400 crore and an additional Rs 287 crore through an offer for sale. The company plans to use the proceeds for debt repayment and other corporate needs.

On Monday, the initial public offering (IPO) of Atlanta Electricals Ltd, known for manufacturing power, auto, and inverter duty transformers, garnered a robust response with 97% subscription on its first day.

NSE data revealed bids for 63,51,928 shares against the 65,38,439 shares available. Both Qualified Institutional Buyers (QIBs) and non-institutional investors filled their respective quotas, while Retail Individual Investors (RIIs) subscribed to 95% of their allotment.

The Gujarat-based company raised Rs 205 crore from anchor investors prior to its Rs 687-crore IPO conclusion on September 24. With a price band between Rs 718 and Rs 754 per share, Atlanta Electricals is valued at approximately Rs 5,800 crore at the higher limit. The IPO combines a fresh issue of Rs 400 crore in equity shares and a Rs 287 crore offer for sale by promoters and other shareholders. The funds will be utilized for debt repayment, working capital, and other corporate objectives, with Motilal Oswal Investment Advisors and Axis Capital serving as lead managers for this issue.

(With inputs from agencies.)