Atlanta Electricals IPO: Order Book at ₹1,643 Cr, Focus on Renewables and Expansion

Atlanta Electricals IPO Opens Sept 22; CMD Niral Patel Confident of Strong Growth

Transformer Maker Atlanta Electricals to Raise up to ₹687 Cr via IPO

Bilkul Bazaar

Ahmedabad: Atlanta Electricals Limited, one of India’s leading transformer manufacturers with over three decades of industry presence, is set to launch its Initial Public Offering (IPO) on September 22, 2025. The issue will close on September 24, with listing scheduled for September 29 on both BSE and NSE.

The announcement was made at a media interaction in Ahmedabad on Thursday, where Niral Krupeshbhai Patel, Chairman & Managing Director of Atlanta Electricals, addressed the press along with his senior leadership team – Anand Sharma, COO; Akshay Kumar Mathur, CEO; Mehul Mehta, CFO; and Dipanshu Jain, Senior Manager at Motilal Oswal Investment Advisors.

“We have built Atlanta Electricals brick by brick with a focus on quality, reliability, and innovation in transformer manufacturing. With the IPO, we are strengthening our foundation to cater to India’s growing power and renewable energy needs. The expansion of our Vadod and Ankhi facilities will unlock significant capacity and help us meet the rising demand for high-voltage transformers,” said Niral Krupeshbhai Patel, expressing confidence in the company’s growth trajectory.

IPO Details

The IPO comprises a fresh issue of INR 400 crore and an offer for sale (OFS) of 3,810,895 shares, aggregating up to INR 674–687 crore. The price band has been fixed at INR 718–754 per share, with a minimum lot size of 19 shares. Retail investors will have a 35% quota, and employees are being offered a discount of INR 70 per share. Motilal Oswal Investment Advisors and Axis Capital are acting as the Book Running Lead Managers, while MUFG Intime India is the registrar to the issue.

Use of Proceeds

According to Mehul Mehta, CFO, “The net proceeds from the fresh issue will be primarily used for repayment of certain borrowings worth INR 79.12 crore, funding working capital requirements of INR 210 crore, and for general corporate purposes. This will strengthen our balance sheet and provide us with the necessary flexibility for future growth.”

Growth Drivers

Atlanta Electricals has a strong order book of INR 1,642.96 crore as of March 31, 2025, with over 82% orders from public sector undertakings and the remainder from private players. The company has already supplied 4,400 transformers aggregating 94,000 MVA across 19 states and 3 UTs, with marquee clients such as Gujarat Energy Transmission Corporation (GETCO), Adani Green Energy, Tata Power, and O2 Power.

“Our focus on renewable energy has already started yielding results – revenue contribution from renewables grew from 6% in FY23 to over 21% in FY25. We are committed to supporting India’s target of 500 GW non-fossil capacity by 2030,” said Anand Sharma, COO, highlighting the company’s role in the green energy transition.

Future Outlook

Echoing the sentiment, Akshay Kumar Mathur, CEO, added: “Atlanta Electricals is not just expanding capacity but also developing niche solutions such as eco-friendly ester-oil-based transformers and high-altitude solutions for projects in Leh. These innovations position us strongly against competition and open up opportunities in international markets as well.”

The IPO has drawn attention from investors looking at the power, infrastructure, and renewable energy sectors, especially given the company’s strong return ratios – FY25 RoNW at 33.91% and RoCE at 39.43% – among the best in the industry.

“Our premium valuation reflects the strength of our order book, superior return ratios, and long-term visibility in the transformer market. We are confident this IPO will create value for all stakeholders,” concluded Niral Patel.

Disclaimer: This news is for informational purposes only. Please refer to official offer documents and consult a financial advisor before investing.