Atlanta Electricals Surges with IPO Success

Atlanta Electricals Ltd shares soared over 9% on their market debut, trading well above the issue price. The IPO, which was oversubscribed 70.63 times, raised Rs 687 crore. The company aims to use the funds to pay debt, support working capital, and address corporate needs.

On Monday, Atlanta Electricals Ltd enjoyed a triumphant market debut with shares closing over 9% higher than the issue price of Rs 754. The stock opened at Rs 858.10 on the BSE, representing a 13.80% increase, and reached an intraday high of Rs 863.70 before settling at Rs 823.35.

The National Stock Exchange recorded a similar performance, with the stock initiating trade at Rs 857 and ending the day up by 9.19% at Rs 823.35. Atlanta Electricals now boasts a market valuation of Rs 6,331.28 crore.

The Gujarat-based company's IPO, offering a fresh issue of equity shares worth Rs 400 crore alongside an offer-for-sale by promoters, achieved a subscription rate of 70.63 times. Proceeds will target debt repayment, working capital, and general corporate expenses, marking a successful leap forward for this transformer manufacturer.

(With inputs from agencies.)