IPO
Transformers maker Atlanta Electricals’ Rs.687-Cr IPO subscribed 70.6 times
The initial share sale of Anand, Gujarat-based Atlanta Electricals Ltd , maker of power, auto and inverter duty transformers, fetched a 70.63 times subscription. The IPO received bids for 46,17,87,742 shares against 65,38,439 shares on offer. The IPO had a price band of INR 718-754 per share, valuing the company at roughly INR 5,800 crore at the upper end.The Qualified Institutional Buyers (QIBs) portion received 194.92 times subscription. The quota for non-institutional investors attracted 54.20 times subscription, and the category for Retail Individual Investors (RIIs) got subscribed 10.42 times.Atlanta Electricals Ltd has raised INR 205 crore from anchor investors.The IPO is a combination of a fresh issue of equity shares worth INR 400 crore and an offer for sale (OFS) of 38.1 lakh equity shares valued at INR 287 crore at the upper end of the price band by a promoter and other selling shareholders.The company would use the proceeds to repay debt and for working capital requirements.Motilal Oswal Investment Advisors and Axis Capital are the book-running lead managers to the issue.
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