Atlanta Electricals Ltd. made its debut on the stock market at a premium of 14% over the IPO price. The scrip opened at Rs 858.1 on the BSE and Rs 857 on the NSE, compared to the issue price of Rs 754.
The issue was oversubscribed 70.63 times. The IPO received bids for 46,17,87,742 shares against 65,38,439 offered.
The Atlanta Electricals IPO was a book build issue of Rs 687.34 crore. It comprised a fresh issue of 53 lakh shares amounting to Rs 400 crore and an offer-for-sale (OFS) of 38 lakh shares worth Rs 287.34 crores. Six existing shareholders, which includes one promoter entity, sold their shares through the OFS.
The company will use proceeds from the fresh issue to clear debt, fund working capital requirements and for general corporate purposes.
Atlanta Electricals manufactures transformers and is based in Gujarat. The company has over three decades of experience in designing and producing power, auto, and inverter duty transformers. The company operates multiple manufacturing facilities in Gujarat and Karnataka.
It supplies to a wide range of public and private sector clients across 19 states and three union territories.
