Atlanta Electricals IPO: Price Band, Analysis, Allotment And GMP

Atlanta Electricals IPO - Company Analysis

Atlanta Electricals IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 687.34 Cr (~0.91 Cr Shares) by Atlanta Electricals Ltd., which was incorporated in 1988 and produces Power, auto, and inverter duty transformers in India.

As of March 31, 2025, the company supplies 4,400 transformers with a combined capacity of 94,000 MVA to state and national grids, private companies, and significant renewable energy projects in 19 Indian states and three union territories.

The company has five manufacturing facilities, out of which four are functional, two located at Anand, Gujarat, and one in Bengaluru, Karnataka.

Atlanta Electricals IPO Details

The Atlanta IPO open date is from Sep 22 to Sep 24, with IPO allotment on Sep 25, refund initiation on Sep 26, 2025.

The Rs. 687.34 Cr mainline IPO comprises a combination of fresh issue of 0.53 crore shares (Rs. 400 Cr) and offer for sale of 0.38 crore shares (Rs. 287.34 Cr). 

The Atlanta Electricals IPO listing date might be on Monday, 29 September 2025, and it will be listed at the BSE and NSE. The Atlanta Electricals IPO price band is Rs. 718 to Rs. 754 for each Share. 

Events	Date
IPO Opening Date	Sep 22, 2025
IPO Closing Date	Sep 24, 2025
IPO Allotment Date	Sep 25, 2025
Refund Initiation	Sep 26, 2025
Tentative IPO Listing Date	Sep 29, 2025

 

Atlanta Electricals IPO- Hidden Facts

• A civil lawsuit alleging that AEL improperly purchased land for its Vadod Unit is currently underway in Anand Court. The plaintiff wants to halt Rs. 55.62 million worth of construction and partition rights.

• For BTW-Atlanta Transformers to pay back its previous Chinese joint venture partner Baoding's debt, AEL provided a loan of Rs. 804.59 Cr to the very subsidiary it was purchasing.
  
  In effect, funds flowed in a circle: AEL borrowed or raised money, lent it to BTW, and BTW used it to pay off its debts, which ultimately resulted in AEL's acquisition. This is out of the norm and increases the risk of debt-equity.

Industry Outlook

The domestic transformer market grew 10.4% between 2019 and 2023 and is projected to increase at a CAGR of ~ 6-7% between 2024 and 2030.

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial 

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	866.19	559.25	560.76
Total Revenue	1,250.49	872.05	876.66
PAT	118.65	63.36	87.54
EBITDA	199.88	123.16	143.12
Net Worth	349.90	228.47	164.90
Total Borrowing	141.03	48.60	73.09

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	835.76	883.11	519.75
Net Cash Flow Investing Activities	(1,407.12)	(356.53)	(178.16)
Net Cash Flow Financing Activities	572.83	(555.69)	(312.73)

Revenue Bifurcation 

Exports Revenue Breakdown

Product-wise Revenue Breakdown

(Source RHP)

The Objective of The Issue

• Repayment or partial prepayment of some existing loans obtained by the business. ~ Rs. 79.12 Cr.

• Meeting the business's operating capital needs. ~ Rs. 210 Cr.

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Atlanta Electricals Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Voltamp Transformers Limited	10	321.65	22.15
Transformers and Rectifiers India Limited	1	7.21	69.97
Danish Power Limited	10	34.55	25.80

Valuation

Metric	Value
ROE	33.91%
ROCE	39.43%
Debt/Equity	0.40
RoNW	33.91%
PAT Margin	9.54%
EBITDA	16.07%
Price to Book Value	23.62

 

 

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 16.57 from the last year, the resulting P/E ratio is 45.50x. When compared with the industry’s average P/E of 39.30x, it indicates a higher price bid (on a P/E ratio basis only). Hence, the price of the Share seems aggressively priced for the investors.

Explore the Ivalue Infosolutions IPO.

IPO's Strengths 

• Broad and varied product line with an emphasis on product creation that is adapted to the needs of the client.

• A well-diversified clientele and a robust order book.

• A skilled management group and skilled employees with a wealth of industry knowledge.

• Historical profitability and steady financial results in a sector with high barriers to entry.

 

IPO’s Weaknesses 

• High acquisition financing debt.

• A heavy balance sheet of intangibles and goodwill.

• The Vadod plant land litigation.

• Stress on working capital in subsidiaries.
  
  

Atlanta Electricals IPO GMP 

Atlanta Electricals IPO GMP today has not started yet as of 17 Sep 2025, while writing this information.

 

Atlanta Electricals Limited IPO Summary

IPO Opening & Closing Date	Sep 22, 2025 to Sep 24, 2025
Face Value	Rs. 2 per Share
Issue Price	Rs. 718 to Rs. 754
Lot Size	19 Shares
Issue Size	91,15,934 Shares (Rs. 687.34 Cr)
Offer for Sale	38,10,895 Shares (Rs. 287.34 Cr)
Fresh Issue	53,05,039 Shares (Rs. 400 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Pvt. Ltd.

 

 

Atlanta Electricals IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (19 Shares) amounting to Rs. 14326 and 13 Lots (247 Shares) amounting to Rs. 1,86,238, respectively, while for S-HNI investors, the minimum Lot is 14 (266 Shares) amounting to Rs. 2,00,564.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	69 Lots
BHNI (Minimum)	70 Lots

Atlanta Electricals IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

Atlanta Electricals IPO Allotment Status

To check the Atlanta Electricals IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Atlanta Electricals Ltd.

• Krupeshbhai Narharibhai Patel

• Niral Krupeshbhai Patel

• Amish Krupeshbhai Patel

• Tanmay Surendrabhai Patel

• Patel Family Trustee Private Limited

• Atlanta UHV Transformers LLP.
  
  

Pre-Issue Promoter Shareholding	94.36%
Post-Issue Promoter Shareholding	86.97%

 

Atlanta Electricals IPO Lead Managers

• Motilal Oswal Investment Advisors Ltd.

Dividend Policy

The company has not paid a dividend during the last three years.

Conclusion

Atlanta Electricals IPO offers two advantages: strong financial development and a wide clientele. However, dangers such as a debt-heavy acquisition, goodwill burden, and ongoing litigation cannot be ignored.

Although the IPO seems aggressively priced in comparison to peers, the outlook for the transformer sector is bright. Growth potential must be carefully weighed against legal and financial obstacles by investors.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.