Atlanta Electricals IPO opens today: Check brokerage reviews, issue details & latest GMP

The initial public offering (IPO) of Atlanta Electricals opens for bidding on Monday, September 22. The transformers manufacturer shall be offering its shares in the range of Rs 718-754 apiece. Investors can apply for a minimum of 19 equity shares and its multiples thereafter. The issue shall close for bidding on Wednesday, September 24.

Atlanta Electricals is looking to raise a total of Rs 687.34 crore via IPO, which includes a fresh share of Rs 400 crore and an offer-for-sale (OFS) of up to 38,10,895 equity shares worth Rs 287.34 crore. The net proceeds from the issue shall be utilized towards repayment of debt, funding the working capital requirements and general corporate purposes.

Incorporated in December 1988, Anand, Gujarat-based Atlanta Electricals manufactures power, auto and inverter duty transformers in India. Its portfolio comprises six products including power transformers, inverter-duty transformers, furnace transformers, generator transformers, and special-duty transformers as of March 31, 2025.

Atlanta Electricals raised Rs 204.7 crore from 11 anchor investors as it finalized allocation of 27,14,885 shares at Rs 754 apiece. Its anchor book included names like Pinebridge Global Funds, Valuequest India, Ashoka Whiteoak, Allianz Global Investors Fund, Kotak AMC, Axis Mutual Fund, HSBC MF, Nippon India, HDFC Mutual Fund, ICICI Prudential Life Insurance and others.

For the financial year ended on March 31, 2025, Atlanta Electrical reported a net profit of 118.65 crore, while revenue stood at Rs 1,250.49 crore. The net profit came in at Rs 63.36 crore with a revenue of Rs 872.05 crore for the year 2023-24. At current valuations, the company commands a market capitalization of Rs 5,797.49 crore.

The company has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get 35 per cent in the IPO. Retail investors have an allocation of 35 per cent for the investors. Last heard, the company is commanding a grey market premium of Rs 140-145 apiece, suggesting upside potential of 18-19 per cent for the investors.

Motilal Oswal Investment Advisors and Axis Capital are the book running lead managers for Atlanta Electricals IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Monday, September 29. Here is what a host of brokerage firms have to say about the IPO of Atlanta Electricals IPO:

Chola Securities
Rating: Subscribe
Atlanta has over 30 years of operating history and is among the few Indian manufacturers capable of producing transformers up to 500 MVA/765 kV. Order book of Rs 1,642.9 crore as of March 2025 provides execution visibility. Customer base rose from 137 in FY23 to 208 in FY25, with PSU approvals, enabling access to high-value tenders and strengthening competitive positioning, said Chola Securities.

“Industry tailwinds are robust, with CEA projecting 162,646 ckm of new transmission lines and 1,159,805 MVA of substation capacity by FY2032, and the Indian transformer market forecast to grow at 6–7 per cent CAGR over FY24–30 to $3.5 billion by FY2030. We have issued a subscribe’ rating for Atlanta Electricals IPO for listing gains,” it added.

Anand Rathi Shares & Stock Brokers
Rating: Subscribe for long-term
Atlanta Electricals has a wide ranging and diversified product portfolio supported by continuous innovation and focused product development. Solutions are designed to align with specific customer requirements, ensuring flexibility and reliability. A robust order book provides strong visibility for future growth and operational stability, said Anand Rathi.

“It benefits from a well-spread customer base across multiple industries and regions. Its advanced manufacturing facilities emphasize superior quality, efficiency, and technological excellence. The company is valuing at P/E of 48.8 times to its FY25 earnings, with EV/EBITDA of 30.1 times. We believe that the IPO is fully priced and recommend a 'subscribe for long term' rating," it said.
 

SBI Securities
Rating: Subscribe
Atlanta has expanded its manufacturing capacity by 2.8 times over FY25 and will further increase by 33 per cent soon. This will help it to cater to the continuing robust demand for transformers. The overall demand-supply balance in the transformer industry continues to remain skewed in favour of demand due to the robust infrastructure expansion currently underway in the power transmission and distribution sector, said SBI Securities.

"It however has high exposure to state utilities compared to peers which can lead to higher working capital requirement. Lack of backward integration currently is also likely to keep a lid on the margins. We recommend investors to 'subscribe' to the issue from a long term perspective considering the benefits of expanded capacity to flow during the next 2-3 years," it added.
 

Ventura Securities
Rating: Subscribe
Atlanta posted a significant revenue increase of 43% year-on-year, driven by robust demand across key sectors and enhanced operational efficiency in FY25. It has a strong focus on expanding its international footprint, particularly through strategic acquisitions like the 90 per cent stake in BTW-Atlanta Transformers India in early 2025, said Ventura Securities.

"Looking ahead, Atlanta aims to capitalize on its diverse product offerings, expanding into new international markets and further enhancing its technological edge. With a strong leadership team and a commitment to sustainability, it is well-positioned for long-term growth, targeting substantial market share in the global transformer industry," it said with a 'subscribe' rating.
 

BP Equities
Rating: Subscribe
Atlanta Electricals is valued at a P/E multiple of 45.5 times based on FY25 earnings, which is comparatively higher than its peers, said BP Equities. “Given its expanding margins, robust order book, scalable business model and industry growth potential, we believe the valuation, although at a premium, is justified. Thus, we recommend a ‘subscribe’ rating for this issue,” it added.