The IPO of Atlanta Electricals, based in Gujarat, is set to open today and will remain available for subscription until September 24. The price range has been established at ₹718-754 per share, with investors required to apply in lots of 19 shares. This ₹687-crore IPO is comprised of a fresh issue amounting to ₹400 crore alongside an offer-for-sale (OFS) of 38.1 lakh equity shares valued at ₹287 crore, provided by a promoter and other selling shareholders. The allocation of shares is structured with up to 50% reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 35% designated for retail investors.
On Friday, Atlanta Electricals secured ₹205 crore from anchor investors, including prominent entities such as Kotak Mutual Fund, Axis Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, and Pinebridge Global Funds. The company allocated 27.15 lakh equity shares to 15 investment funds at the price of ₹754 each.
The proceeds from this issue are intended for debt repayment, working capital requirements, and general corporate purposes. Atlanta Electricals is recognized as one of India’s leading manufacturers of power, auto, and inverter duty transformers, ranked by production volume as of fiscal 2025. After acquiring BTW-Atlanta Transformers India Private Ltd and launching its Vadodara facility, the company has expanded its production capabilities, now manufacturing transformers with capacities of up to 500 MVA and voltage ratings reaching 765 kV, an enhancement from its previous capacity of 200 MVA and 220 kV.
The book-running lead managers for this IPO are Motilal Oswal Investment Advisors and Axis Capital. Shares are expected to debut on the stock market on September 29.
In a recent analysis, Anand Rathi highlighted that Atlanta Electricals Ltd is a notable player in the Indian transformer manufacturing industry, supported by its diversified product offerings and commitment to innovation. The company’s solutions are tailored to meet specific customer needs, ensuring adaptability and reliability. A solid order book enhances growth visibility and operational stability, while a diverse customer base across various sectors supports its market position. The company’s advanced manufacturing facilities underscore its dedication to quality, efficiency, and technological advancement.
At the upper end of the price band, Atlanta Electricals is valued at a price-to-earnings (P/E) ratio of 48.8 times its FY25 earnings, with an EV/EBITDA ratio of 30.1 times, resulting in a market capitalization of ₹57,975 million following the equity issuance. The recommendation is for investors to consider a “Subscribe-Long Term” rating for the IPO.
Published on September 22, 2025.
