Market Performance
Atlanta Electricals continued to grab attention in the capital markets on Wednesday, September 24. On the final day of public bidding, the IPO saw subscriptions soar to more than eight times the issue size.
By mid-day, the company received bids for over 5 crore shares against an offer of 65 lakh shares, according to NSE data. The subscription details were:
- Retail Investors (RII): nearly 6x subscription of their reserved portion
- Non-Institutional Investors (NII): 21x subscription
- Qualified Institutional Buyers (QIB): over 3x subscription
This momentum reflects strong investor interest in the Gujarat-based transformer manufacturer and highlights the IPO’s appeal across investor segments.
Main News: IPO Details and Subscription
Atlanta Electricals opened its first public offering to raise funds via a fresh issue of Rs 400 crore, along with an Offer For Sale (OFS) worth Rs 287.3 crore from existing promoters. The IPO was priced between Rs 718 and Rs 754 per share.
Investors could bid for a minimum of 19 shares, which meant an investment of Rs 14,326 at the upper price band, with additional shares available in multiples of 19. The IPO closed on September 24, with allotment results expected by September 25, and the shares are set to debut on stock exchanges on September 29.
Anchor Investor Book
Before opening to public investors, Atlanta Electricals secured Rs 204.7 crore from 11 anchor investors on September 19. Participants included major asset management companies like Kotak AMC, Axis Mutual Fund, HSBC MF, Nippon India, and Allianz Global Investors.
This early anchor support set a strong foundation for the IPO and reflected confidence in the company’s fundamentals.
Company Details
Founded in Gujarat, Atlanta Electricals is one of India’s leading manufacturers of power, auto, and inverter duty transformers by production volume as of FY25. The company operates five strategically located manufacturing facilities and NABL-accredited testing infrastructure.
Key highlights:
- Healthy Order Book: Rs 16,429.58 million as of March 31, 2025
- Major Clients: GETCO, Adani Green, Tata Power
- Product Portfolio: Utilities, renewable projects, industrial applications
- R&D and Custom Solutions: Focus on in-house innovation and tailored offerings
The Indian transformer components market also plays a significant global role, with India ranking 6th largest exporter in 2022, shipping components valued at USD 468 million to the US, Kuwait, and Oman, while importing USD 538 million from China, Germany, and Vietnam.
Summary
Atlanta Electricals’ IPO concluded with strong oversubscription, 8x in total, demonstrating robust investor interest across retail, non-institutional, and institutional segments. The company’s healthy order book, strategic manufacturing presence, and long-standing client relationships position it as a key player in India’s transformer industry. With listing scheduled for September 29, the IPO reflects both investor confidence and market appetite for industrial growth stories.
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