The IPO, which comprised a fresh issue of Rs 400 crore and an offer for sale of Rs 287.34 crore, was priced at the upper end of the Rs 718–754 band. The issue drew strong demand, with overall subscription at 72.16 times, led by QIBs (194.77x) and robust interest from NIIs and retail.
With over 30 years of industry presence and a pan-India footprint, Atlanta Electrical supplies a wide transformers range. As of March 2025, the company serves a customer base across 19 states and three union territories, delivering 4,400 transformers with a cumulative capacity of 94,000 MVA to national and state electricity grids, private sector entities, and major renewable energy and construction companies.
The order book as of the same date stood at Rs 1643 crore, with 82% coming from public sector undertakings and 18% from private players.
The company operates five manufacturing facilities across Gujarat and Karnataka, with a combined installed capacity of 63,060 MVA, serving marquee clients such as GETCO, Adani Green, and Tata Power.
Proceeds from the issue will be used for working capital requirements, repayment of borrowings, and general corporate purposes. Promoter holding will drop from 94.36% pre-issue to 86.97% post-listing.Analysts are cautiously positive on the company even post listing. A note by Master Capital Services states that the company is well-positioned to capitalize on sectoral momentum in power transmission and renewable projects.”With a diversified portfolio, marquee clients, and a strong order book, investors may consider the IPO as a potential long-term investment opportunity,” the brokerage said.
The Indian power sector presents substantial growth opportunities, driven by surging demand from high-growth segments including data centers and electric vehicle (EV) charging infrastructure, which intensify the need for grid capacity and resilience, according to a CRISIL report.
Additionally, India’s railway network modernization towards high- speed trains has increased demand for transformers operating at 66 kV to 133 kV voltage levels.
While the 15% GMP indicates a moderate premium, final listing gains will depend on broader market sentiment and investor appetite for capital goods and power equipment plays.
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