Atlanta Electricals has filed its draft papers for an IPO with SEBI, aiming to raise ₹400 crore. The company manufactures high-capacity transformers and has over 30 years of experience in the sector.
Atlanta Electricals Limited, a prominent manufacturer of high-capacity transformers, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The company aims to raise ₹400 crore through the public offering to strengthen its operations and repay existing borrowings.
Founded over 30 years ago, Atlanta Electricals is one of the few companies in India capable of manufacturing transformers with a capacity of up to 200 Mega Volt-Amp (MVA) and voltage levels of 220 kilovolts (kV). The company provides a wide range of transformers, including models ranging from 5 MVA/11 kV to 200 MVA/220 kV. It has a significant footprint across India, with its transformers used in various industrial and infrastructure projects.
In 2021, Atlanta Electricals made a substantial contribution to India’s green energy sector by securing a large order for the supply of transformers to the Ultra Mega Solar Park in Andhra Pradesh. The company delivered eight 80 MVA, 220/33 kV power transformers to support the country’s renewable energy ambitions.
The IPO will consist of a new issuance of equity shares worth ₹400 crore, along with the sale of 3,810,895 existing shares. The company also plans to offer shares reserved for eligible employees. The funds raised through the IPO will be utilized for repaying existing borrowings, funding working capital needs, and general corporate purposes.
In a move to streamline its operations further, Atlanta Electricals may raise up to ₹80 crore through a pre-IPO placement before filing its Red Herring Prospectus. The Book Running Lead Managers (BRLMs) for the issue are Motilal Oswal Investment Advisors Ltd and Axis Capital Ltd.
With strong experience in manufacturing transformers, Atlanta Electricals is poised to make a significant impact in the Indian market as it moves forward with its public offering.
The IPO’s timing and pricing details will be revealed once the final prospectus is filed.
