The initial public offering (IPO) of Atlanta Electricals Ltd, a manufacturer of power, auto, and inverter-duty transformers, was 97% subscribed on the first day of bidding on Monday, according to NSE data.
Bidders placed orders for 63,51,928 shares against the 65,38,439 shares on offer. The Qualified Institutional Buyers (QIBs) and non-institutional investors categories were fully subscribed, while the Retail Individual Investors (RIIs) segment recorded 95% subscription.
The company had earlier raised ₹205 crore from anchor investors. Atlanta Electricals’ ₹687-crore IPO is set to close on September 24, with a price band of ₹718–₹754 per share, valuing the company at roughly ₹5,800 crore at the upper end.
The IPO comprises a fresh equity issue of ₹400 crore and an offer-for-sale (OFS) of 38.1 lakh shares worth ₹287 crore by promoters and other selling shareholders.
Proceeds from the fresh issue are intended for repayment of debt, meeting working capital requirements, and general corporate purposes.
Motilal Oswal Investment Advisors and Axis Capital are serving as the book-running lead managers for the issue.
