Atlanta Electricals, a manufacturer of power and distribution transformers, has submitted a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offer (IPO).
IPO Structure And Key Details
An offer for sale (OFS) of up to 3,810,895 equity shares along with new issuance of equity shares worth Rs 400 crore, with a face value of Rs 2, are the components of the IPO, according to the DRHP.
Also, a portion of the issue will be reserved for eligible employees, with potential discounts on the final price. Before the IPO launch, Atlanta Electricals is likely to consider a pre-IPO placement of up to Rs 80 crore, which, if undertaken, would reduce the size of the fresh issue accordingly.
Company Overview
Atlanta Electricals is one of the few companies in India that makes transformers with a maximum capacity of 200 Mega Volt-Amp (MVA) and a voltage of 220 kilovolts (kV), according to a Crisil report. With transformers ranging from 5 MVA/11 kV to 200 MVA/220 kV, the firm serves major power distribution companies and infrastructure projects throughout India.
Lead Managers And Listing Plans
The IPO is being managed by Motilal Oswal Investment Advisors, with Axis Capital serving as the Book Running Lead Managers (BRLMs). After regulatory clearance, the company intends to float its shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). If a pre-IPO placement is undertaken, it will be at a price determined by the company, in consultation with the BRLMs.
The promoters of Atlanta Electricals include Krupeshbhai Narharibhai Patel, Niral Krupeshbhai Patel, Amish Krupeshbhai Patel, Tanmay Surendrabhai Patel, the Narharibhai S. Patel Family Trust, Patel Family Trustee, Niral Patel Family Trust, Amish Patel Family Trust, Tanmay Patel Family Trust, and Atlanta UHV Transformers LLP.
