Smart fan maker Atomberg picks bankers for Rs 2,000-crore IPO

The IPO will consist of both: a fresh issue of shares and an offer-for-sale (OFS) component.

Atomberg, a startup that makes smart fans, mixer grinders, water purifiers and more, has picked three bankers for an initial public offering (IPO) of over Rs 2,000 crore (around $220 million) slated to go live around the January-March quarter of 2026, people familiar with the developments told Moneycontrol.

“Atomberg has engaged with Avendus Capital, IIFL Capital, Axis Capital and ICICI Securities for its IPO,” one of the persons cited above said. “While Avendus and IIFL are finalised, the company will choose one between Axis and ICICI Securities as its third and final banker,” the person added.

The IPO will consist of both: a fresh issue of shares and an offer-for-sale (OFS) component.

Investors and other stakeholders together usually dilute around 10 percent of the total equity in companies during an IPO process. If Atomberg raises around Rs 2,000 crore, it would translate to a valuation of about Rs 20,000 crore ($2.2 billion). A deal, however, has not been finalised yet and the IPO details may change slightly as talks progress, especially the valuation as the pricing comes at a much later stage.

“Atomberg will look to file its draft IPO papers, likely under the confidential  route, in January and will aim to list by around March or April of 2026,” a second person aware of the developments said.

Atomberg, Avendus Capital, IIFL Capital, Axis Capital and ICICI Securities did not reply to Moneycontrol’s queries.

Started in 2012 by Manoj Meena and Sibabrata (Shibam) Das, Atomberg has so far raised over $150 million (around Rs 1,700 crore) from Temasek, A91 Partners, Steadview Capital, Jungle Ventures and more. It was last valued at around $450 million when it raised $86 million in 2023.

The company has consistently grown at over 30 percent in the last few years and ended FY24 with revenues of Rs 865 crore and incurred losses of Rs 203 crore, as per Tracxn, a private markets data provider.

IPO frenzy

Mumbai-based Atomberg is the latest among a growing list of companies, especially new-age technology firms, looking to tap India’s buoyant IPO market. So far this year, BlueStone, Meesho, Lenskart, Groww, Pine Labs, Urban Company and several others have already gone public.

Together, firms have raised around $19.6 billion via IPOs so far this year, following a record $21 billion in 2024, according to data compiled by Bloomberg.

Several other new-age companies, like PhonePe, Boat, Oyo and more are also slated to go public in 2026 as firms look to cash in on the growing appetite for tech companies among investors.