Temasek-backed Atomberg is said to plan $200 million India IPO

Founded in 2012 by Manoj Meena and Sibabrata Das, the Mumbai-based company began by manufacturing fans (File image)

Temasek Holdings Pte-backed Atomberg Technologies Pvt. is weighing an initial public offering in Mumbai that may raise around $200 million, according to people familiar with the matter.

The Indian consumer electronics firm, which also counts Steadview Capital Management LLC and Jungle Ventures Pte among its backers — has held discussions with investment banks recently about a potential listing and is expected to appoint advisers in the coming weeks, the people said, asking not to be identified as the information is private.

The IPO is likely to comprise a mix of new share issuance and secondary sales by existing investors, and could come as early as next year, they said.

A representative for Atomberg didn’t respond to a request for comment.

Atomberg is among a growing number of companies seeking to tap India’s buoyant IPO market, where firms have raised about $19.6 billion so far this year, following a record $21 billion in 2024, according to data compiled by Bloomberg.

Founded in 2012 by Manoj Meena and Sibabrata Das, the Mumbai-based company began by manufacturing fans and has since broadened its portfolio to include mixer grinders, water purifiers and smart locks, according to its website.

In 2023, Atomberg raised $86 million from investors including Temasek, Steadview Capital, Jungle Ventures and Inflexor Ventures through a mix of primary and secondary transactions, according to Avendus Capital Pvt., which advised on the deal.