Atlanta Electricals IPO Soars with Extraordinary Demand

Atlanta Electricals Ltd's IPO was massively oversubscribed, achieving a 70.63 times subscription rate. The offering included a fresh issue and an offer for sale, aiming to raise Rs 687 crore. The funds will address debt payment, working capital, and corporate needs.

Atlanta Electricals Ltd made a significant impact in the stock market with its initial public offering (IPO) massively oversubscribed, recording a 70.63 times subscription by the final bidding day.

The offering received a notable response, especially from Qualified Institutional Buyers (QIBs) who showed an overwhelming interest with a 194.92 times subscription. Non-institutional investors contributed to a 54.20 times oversubscription, while retail investors showed their support with a 10.42 times subscription.

Atlanta Electricals intends to channel the Rs 687-crore proceeds towards debt repayment, bolstering working capital, and other corporate purposes. The Gujarat-based company entrusted Motilal Oswal Investment Advisors and Axis Capital as lead managers for the issue.

(With inputs from agencies.)