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Atmastco Ltd IPO - Review, Valuation, Opening Date & GMP

  


Atmastco Limited IPO  - Complete Overview

 Atmastco Ltd, founded in April 1994, specialises in turnkey and EPC(Engineering, procurement and construction) contracts for various industries. Their products are extensively utilised in various industries such as power plants, refineries, steel plants, railways, cement plants, industrial and infrastructure projects, chemicals, pharmaceuticals, petrochemicals, and oil and gas exploration. 

They help different kinds of customers with their specific needs in three main areas: EPC projects (like building projects), manufacturing, and defence.

They have 14 ongoing projects as of January 31st, 2024, and their revenue has increased significantly from FY 2021-22 to FY 2022-23. Atmastco operates two manufacturing facilities in Chhattisgarh.

They've formed a separate defence subsidiary, Atmastco Defence Systems Pvt. Ltd., focusing on military equipment. With 276 employees, Atmastco aims to strengthen its position in steel fabrication and EPC projects across various sectors.

 

Atmastco Limited IPO Overview

Atmastco Limited IPO date is slated to be open for subscription from February 15, 2024, to February 20, 2024. This NSE SME IPO follows a Fixed Price Issue IPO.

 Atmastco Limited IPO price is fixed at Rs. 77 per share. 

The total issue size of this IPO amounts to Rs.56.25 CR. The company has reserved 50% for the retail investors and 50% for the other investors.

 

 

Atmastco Limited IPO timetable (Tentative)

Events

Date

IPO Opening Date

15 February 2024

IPO Closing Date

20 February 2024

IPO Allotment Date

21 February 2024

Refund initiation

22 February 2024

IPO Listing Date

23 February 2024

 

Atmastco Limited IPO Details:

IPO opening & closing date

15 February to 20 February2024

Face value

Rs.10 per share

Issue Price

Rs.77 per share

Lot Size

1600  Shares

Price of 1 lot

Rs.1,23,200

Total Issue Size

7,305,600 shares (aggregating up to Rs.56.25 Cr)

Offer for sale

1,825,600 shares of Rs.10 (aggregating up to Rs.14.06 Cr)

Fresh issue

5,480,000 shares (aggregating up to Rs.42.20 Cr)

Listing at

NSE SME

Issue Type

Fixed Price Issue IPO

Registrar

Cameo Corporate Services Limited

 

Atmastco Limited IPO Lot Details:

Application

Lot

Shares

Amount

Minimum Lot Investment (Retail)

1 lot

1,600

Rs.1,23,200

Maximum Lot Investment (Retail)

1 lot

1,600

Rs.1,23,200

Minimum Lot Investment (HNI)

lot

3,200

Rs.2,46,400

 

Atmastco Limited IPO Reservation

Retail Shares Offered

50%

Other Shares Offered

50%

 

 

Company Financial

Company financials show a significant increase from FY 22 to FY 23.

(Amount in Lakhs)

Period

Aug 30, FY 23

Mar 31, FY 23

Mar 31, FY 22

Total Assets

24,391.56

23,620.72

13,273.94

Total Revenue

6,700.16

24,278.76

9,468.14

PAT

628.74

1,277.75

323.00

Net worth

6,259.03

5,520.33

4,235.23

Reserve & Surplus

4,763.72

4,039.20

2,754.10

Total Borrowings

7,317.46

7,125.68

5,155.92

 

Revenue by Operations

Revenue from operations experienced a significant surge, reaching a new peak in March FY 23 compared to the previous fiscal year.

(Amount in Lakhs)

Particulars

Aug 31, FY 23

Mar 31, FY 23

Mar 31, FY 22

Revenue from operations

665,74.42

2,419,50.59

936,12.32

Other Operating Income

4,27.15

8,369.71

10,69.09

Total Revenue from operations

670,01.58

2,427,87.56

946,81.42

 

The Objective of the Issue

The company intends to use the net proceeds for the following objectives.

  • Meeting working capital requirements

  • Prepayment and repayment of secured and unsecured loans

  • General corporate purposes

  • Covering offer expenses

 

 

Promoters and Management of Atmastco Limited IPO

1. Mr. Subramaniam Swaminathan Iyer.

2. Mr. Venkataraman Ganesan.

3. Mrs. Jayasudha Iyer .

4. Apex Steel & Technology (India) Private Limited.

Pre-issue Promoter Shareholding

97.39%

Post-issue Promoter Shareholding

68.43%

 

Atmastco Limited IPO Lead Managers

  •  Affinity Global Capital Market Private Limited

 

Peers of Atmastco Limited IPO

No listed Indian companies do what they do in EPC for Ferrous & Non-Ferrous sectors and fabricating structural items for core industries, so peer comparison isn't possible.

 

Evaluation

The IPO is priced within the range of Rs. 77 per share.

 

Evaluation of P/E Ratio:

  • Before IPO: Based on the FY23 EPS of Rs 6.64, the P/E ratio stands at 11.6x.

  • After IPO: With an EPS of Rs 6.1 over the past three years, the P/E ratio rises to 12.62x.

    

Comparative Analysis with Listed Peers:

Since the company hasn't identified any peers, evaluating it within this analysis isn't possible.

 

Dividend Policy

The company hasn't paid dividends in past fiscal years. Whether we can pay them in the future depends on factors like profits, past dividend trends, capital needs, legal restrictions, and other relevant considerations evaluated by our Board.

 

IPO's Strengths

  • Over 20 years of experience in design, manufacturing, and supplying precision equipment and heavy fabrication structures for diverse industries and EPC.

  • Trading activities encompass steel, iron, chemical alloys, metals, grinding wheels, welding electrodes, abrasives, and industrial helmets tailored for industrial applications.

  • Diversified business model featuring a wide product portfolio and unwavering commitment to quality.

  • Well-established distribution network and enduring relationships with clientele.

  • Equipped with an integrated manufacturing facility to ensure the delivery of top-notch products.

 

IPO's Weaknesses

  • Economic and business conditions in our markets and local/regional economies.

  • Government policies leading to high taxes.

  • Inflation, deflation, interest rate fluctuations.

  • Environmental issues and uninsured losses.

 

 

IPO GMP Today

The Latest GMP of Atmastco Limited IPO is Rs.6.

 

Conclusion

The Atmastco Limited IPO presents an opportunity for investors to participate in a company with over two decades of experience in providing turnkey solutions and EPC contracts across various industries.

While the IPO is priced reasonably at Rs. 77 per share and exhibits promising financials with a significant increase in revenue from FY 22 to FY 23, investors should carefully evaluate the risks associated with economic conditions, government policies, and other external factors mentioned in the weaknesses section.

 

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.

 

 

 

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Frequently Asked Questions

+

The Atmastco Limited IPO is scheduled to open for subscription from February 15, 2024, to February 20, 2024.

 

+

The issue price of Atmastco Limited IPO is fixed at Rs. 77 per share.

+

The total issue size of Atmastco Limited IPO amounts to Rs. 56.25 crore.

 

+

The lot size for Atmastco Limited IPO is 1600 shares, with 1 lot costing Rs. 1,23,200.

 

+

Atmastco Limited boasts over 20 years of industry experience, a diversified business model, a wide product portfolio, and an integrated manufacturing facility, among other strengths.

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