Atlanta Electricals has filed its draft papers with market regulator SEBI for its initial public offer (IPO). As per the draft red herring prospectus (DRHP), the IPO would comprise a fresh issue of shares worth Rs 400 crore and an offer-for-sale of up to 38.11 lakh equity shares.
The company, which manufactures power, auto and inverter duty transformers, proposed to utilize the net proceeds from the IPO towards repayment or prepayment in full or in part of certain outstanding dues, funding working capital requirements and general corporate purposes.
Atlanta UHV Transformers LLP, Hemang Harendra Shah, Nimish Harendra Shah, Dhaval Harshadbhai Mehta, Gitaben Harshadbhai and Jignesh Suryakant Patel are set to sell some of their stake in the company through the offer-for-sale component of the IPO.
Motilal Oswal Investment Advisors Limited and Axis Capital Limited are the book-running lead managers to the issue.
"We are one of the leading manufacturers of power, auto and inverter duty transformers in India, in terms of production volume as of Fiscal 2024 (Source: CRISIL Report). We are also one of the few companies in India, manufacturing transformers up to and including 200 Mega Volt-Amp (“MVA”) capacity and with 220 kilovolts voltage (Source: CRISIL Report). With a pan India presence and operations spanning over 30 years in the transformer manufacturing industry, we supply a wide range of transformers starting from 5 MVA/11 kV up to 200 MVA/220 Kv," the company said.
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During the quarter which ended on September 30, 2024, the company had a net worth of Rs 283 crore. Its revenue from operations stood at Rs 570 crore.
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