India’s IPO market continues to see robust activity in 2025, with companies in niche industrial sectors raising capital to fuel growth. Atlanta Electricals Limited, a leading manufacturer of transformers, is set to open its IPO on September 22, 2025, providing investors an opportunity to participate in its expansion and operations.
About Atlanta Electricals Ltd.
Incorporated in December 1988, Atlanta Electricals Limited manufactures power, auto, and inverter-duty transformers in India. Its product portfolio as of March 31, 2025, includes power transformers, inverter-duty transformers, furnace transformers, generator transformers, and special-duty transformers.
The company serves 208 customers across 19 states and 3 union territories, supplying 4,400 transformers totaling 94,000 MVA to state and national grids, private players, and renewable energy projects. Atlanta Electricals has exported its products to countries such as the USA, Kuwait, and Oman.
Manufacturing Facilities:
- 5 manufacturing units, 4 operational (2 in Anand, Gujarat, 1 in Bengaluru, Karnataka, and Vadod Unit commenced commercial production in July 2025)
Competitive Strengths:
- Diversified product portfolio with tailored solutions for customers
- Strong order book and well-diversified customer base
- Experienced management and qualified personnel
- Focus on quality, regulatory compliance, and health & safety
- Consistent profitability and financial performance in a sector with high entry barriers
Atlanta Electricals IPO Details
The Atlanta Electricals IPO is a book building issue of ₹687.34 crore, comprising a fresh issue of 0.53 crore shares (₹400.00 Cr) and an offer for sale of 0.38 crore shares (₹287.34 Cr). The IPO will list on BSE and NSE.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 22, 2025 |
| IPO Close Date | Sep 24, 2025 |
| Tentative Allotment | Sep 25, 2025 |
| Initiation of Refunds | Sep 26, 2025 |
| Credit of Shares to Demat | Sep 26, 2025 |
| Tentative Listing Date | Sep 29, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Sep 24, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹2 per share |
| Issue Price Band | ₹718 – ₹754 per share |
| Lot Size | 19 shares |
| Total Issue Size | 91,15,934 shares (₹687.34 Cr) |
| Fresh Issue | 53,05,039 shares (₹400.00 Cr) |
| Offer for Sale | 38,10,895 shares (₹287.34 Cr) |
| Employee Discount | ₹70 per share |
| Issue Type | Bookbuilding IPO |
| Shareholding Pre-Issue | 7,15,84,800 shares |
| Shareholding Post-Issue | 7,68,89,839 shares |
Investor Category Reservation:
- QIB: Not more than 50%
- Retail: Not less than 35%
- NII: Not less than 15%
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 19 | ₹14,326 |
| Retail (Max) | 13 | 247 | ₹1,86,238 |
| S-HNI (Min) | 14 | 266 | ₹2,00,564 |
| S-HNI (Max) | 69 | 1,311 | ₹9,88,494 |
| B-HNI (Min) | 70 | 1,330 | ₹10,02,820 |
Promoter Holding:
The promoters are Krupeshbhai Narharibhai Patel, Niral Krupeshbhai Patel, Amish Krupeshbhai Patel, Tanmay Surendrabhai Patel, Patel Family Trustee Private Limited, and Atlanta UHV Transformers LLP.
- Pre-IPO: 94.36%
- Post-IPO: 86.97%
Book Running Lead Manager: Motilal Oswal Investment Advisors Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
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Atlanta Electricals Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 866.19 | 559.25 | 560.76 |
| Total Income | 1,250.49 | 872.05 | 876.66 |
| Profit After Tax | 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 |
Key Performance Indicators (FY2025):
- Market Cap: ₹5,797.49 Cr
- ROE: 33.91%
- ROCE: 39.43%
- Debt/Equity: 0.40
- RoNW: 33.91%
- PAT Margin: 9.54%
- EBITDA Margin: 16.07%
- Price to Book Value: 23.62
- EPS Pre-IPO: ₹16.57
- P/E Pre-IPO: 46.33x
Atlanta Electricals IPO Objectives
The IPO proceeds are proposed to be utilised as follows:
| Object | Amount (₹ Cr) |
| Repayment/prepayment of certain borrowings | 79.12 |
| Funding working capital requirements | 210.00 |
| General corporate purposes | Balance |
Industry Outlook
The transformer and electrical equipment sector in India is witnessing robust growth due to:
- Rising demand for power infrastructure, including renewable energy integration
- Expansion of transmission and distribution networks
- Industrial and urban development requiring high-quality transformers
- Increasing adoption of specialized transformers for industrial, renewable, and commercial applications
Atlanta Electricals’ diversified product portfolio, strong order book, and manufacturing capabilities position it well to leverage this growth.
Conclusion
Atlanta Electricals Ltd presents a promising investment opportunity in the electrical equipment manufacturing sector, backed by consistent revenue growth, profitability, and a diversified customer base. Investors should consider the risks, including dependence on key clients, capital-intensive operations, and fluctuations in raw material costs, while evaluating the IPO.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
