Atlanta Electricals IPO Day 2: Check latest GMP, subscription status, other details. Apply or not?

Atlanta Electricals IPO: The initial public offer (IPO) of Atlanta Electricals opened on September 22 and will close for subscription on September 24.

The ₹687.34 crore IPO, had fixed a price band in the range of ₹718-754 apiece.

Atlanta Electricals IPO Subscription

By the end of Day 2, the issue was subscribed 3.15 times. It received bids for 2.01 crore shares as against 64 lakh on offer. The retail portion was subscribed 3.04 times while the non-institutional investors (NII) category was bid 5.72 times and the qualified institutional buyers (QIBs) quota was bid 1.48 times. Finally, the employee portion was booked 1.51 times.

Atlanta Electricals IPO GMP

Atlanta Electricals IPO is witnessing healthy interest in the grey market, with a grey market premium (GMP) of ₹95. This suggests that the shares are trading above the issue price. At the current premium, the stock is expected to list near ₹849, which would be about 12.60 percent higher than the upper end of the price band set at ₹754.

About Atlanta Electricals IPO

Atlanta Electricals’ IPO comprises a fresh issue of 0.53 crore shares aggregating to ₹400.00 crore and an offer for sale of 0.38 crore shares worth ₹287.34 crore.

For retail investors, the minimum bid size is 19 shares, requiring an investment of ₹14,326 at the upper end of the price band. The basis of allotment is expected to be finalised on September 25, with the stock scheduled to list on both NSE and BSE on September 29. The issue also includes a reservation of up to 73,099 shares for employees, offered at a discount of ₹70 per share.

Motilal Oswal Investment Advisors Ltd. is the book running lead manager, while MUFG Intime India Pvt. Ltd. is the registrar for the issue. The IPO received strong interest from anchor investors, raising ₹204.70 crore on September 19, 2025.

Atlanta Electricals intends to use the net proceeds from the issue for repayment or prepayment of certain outstanding borrowings, funding working capital requirements, and other general corporate purposes.

Incorporated in December 1988, Atlanta Electricals Limited manufactures power, auto, and inverter-duty transformers in India. As of March 31, 2025, its product portfolio included six types of transformers—power, inverter-duty, furnace, generator, and special-duty transformers—catering to customers across 19 states and three union territories, with 4,400 transformers totaling 94,000 MVA supplied to state and national grids, private players, and major renewable energy projects. The company operates five manufacturing facilities, four of which are functional, including two in Anand, Gujarat, one in Bengaluru, Karnataka, while the Vadodara unit commenced commercial production in July 2025.

Atlanta Electricals IPO: Apply or not?

Anand Rathi Research, in its IPO note, termed the issue as fully priced yet assigned a Subscribe – Long Term rating, highlighting the company’s strong order book, diversified product portfolio, and a favourable sector outlook.

Similarly, Geojit also assigned a subscribe rating to the issue. "At the upper price band of ₹754, AEL is available at a P/E ratio of 49x (FY25 diluted basis) and appears premium compared to its peers. AEL’s strong fundamentals, healthy return ratios, capacity expansion, robust order book, and strategic initiatives support its valuation, making it appealing for long-term investors in India’s power infrastructure growth. Hence, we recommend a ‘Subscribe’ rating with a long-term investment perspective," stated the brokerage.

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