Atlanta Electricals IPO Day 1: Issue opens today. Here's GMP, subscription status - apply or not?

The initial public offering (IPO) of Atlanta Electricals opened for subscription today, Monday, September 22. The mainboard IPO will remain open for subscription till Wednesday, September 24.

Ahead of its IPO launch for public subscription, the company said on September 19 that it had secured ₹204.7 crore from 11 anchor investors, which included five asset management firms. The anchor book featured Kotak AMC, Axis Mutual Fund, Pinebridge Global Funds, HSBC MF, Nippon India, Allianz Global Investors Fund, Ashoka Whiteoak, HDFC Mutual Fund, ICICI Prudential Life Insurance, and Valuequest India.

Founded in 1988, Gujarat-based Atlanta Electricals produces a wide range of transformers, such as power, inverter duty, furnace, generator, and special duty types. The company has an installed production capacity of 500 Mega Volt-Amps (MVA). It operates five manufacturing units, of which four are currently active, located in Anand, Bengaluru, Vadod, and Ankhi.

Atlanta Electricals IPO subscription status

On the first day of bidding, Atlanta Electricals IPO has been subscribed over 1.00 times, as of 5:00 pm.

Investors received bids for 64.01 lakh shares as against 64.01 lakh on offer. The retail category has received 0.99 times subscription, whereas, Non Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs) are subscribed 1.03 times and 1.0 times.

Atlanta Electricals IPO Review

Brokerage firm Anand Rathi, while giving ‘Subscribe for Long-term’ tag, said that a robust order book provides strong visibility for future growth and operational stability. The company also benefits from a well-spread customer base across multiple industries and regions. Its advanced manufacturing facilities emphasize superior quality, efficiency, and technological excellence.

“Atlanta Electricals Limited is among the prominent manufacturers of power, auto, and inverter duty transformers in India. Its wide- ranging and diversified product portfolio is supported by continuous innovation and focused product development. Solutions are designed to align with specific customer requirements, ensuring flexibility and reliability. We believe that the IPO is fully priced and recommend a “Subscribe- Long Term” rating to the IPO,” the firm said in a note.

Atlanta Electricals IPO Details

Gujarat-based power transformer maker Atlanta Electricals IPO is a fresh share issue worth ₹400 crore, along with an offer for sale of ₹287.3 crore by existing promoters, at a price band of ₹718–754 per share.

Atlanta Electricals IPO price band is set at ₹718 to ₹754, with a face value of ₹2 per share.

Investors can apply for a minimum lot of 19 shares, translating to ₹14,326 at the upper price band, with bids allowed in multiples thereafter. The share allotment is expected to be finalized by September 25, and the listing is scheduled for September 29 on the stock exchanges.

Motilal Oswal Investment Advisors, and Axis Capital are acting as the merchant bankers for the Atlanta Electricals IPO.

Atlanta Electricals IPO GMP today

Atlanta Electricals IPO is attracting strong demand in the grey market, where it is commanding a premium of ₹142. This indicates that the stock is trading above its issue price. Based on the current GMP, the listing price is projected to be around ₹896 — approximately 18.83 per cent higher than the upper end of the price band of ₹153.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.