Atlanta Electricals IPO Day 3: Issue closes today. Here's GMP, subscription status - apply or not?

The initial public offering (IPO) of Atlanta Electricals will close for subscription on Wednesday, September 24. The mainboard issue had opened for bidding on Monday, September 22.

Prior to its IPO opening for public subscription, the company announced on September 19 that it had raised ₹204.7 crore from 11 anchor investors, including five asset management companies. The anchor book comprised names such as 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.

Established in 1988, Gujarat-based Atlanta Electricals manufactures a diverse range of transformers, including power, inverter duty, furnace, generator, and special duty variants. The company has an installed production capacity of 500 Mega Volt-Amps (MVA) and operates five manufacturing facilities, four of which are currently active, situated in Anand, Bengaluru, Vadod, and Ankhi.

Atlanta Electricals IPO subscription status

On the last day of bidding, Atlanta Electricals IPO has been subscribed 70.63 times.

Investors applied for 46,17,85,899 shares as against 65,38,439 on offer. The retail category has received 10.42 times subscription, whereas Non Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs) have been subscribed 54.20 times and 194.92 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 ₹135. This indicates that the stock is trading above its issue price. Based on the current GMP, the listing price is projected to be around ₹889 — approximately 17.90 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.