Atlanta Electricals IPO Subscribed 97% on Day 1

New Delhi, Sep 22 (PTI) The initial public offer of Atlanta Electricals Ltd, manufacturer of power, auto and inverter duty transformers, got subscribed 97 per cent on the first day of bidding on Monday.

The received bids for 63,51,928 shares against 65,38,439 shares on offer, as per NSE data.

The categories for Qualified Institutional Buyers (QIBs) and non-institutional investors got full subscription. Retail Individual Investors (RIIs) quota got subscribed 95 per cent.

Atlanta Electricals Ltd on Friday said it has raised Rs 205 crore from anchor investors.

The company's Rs 687-crore initial public offering (IPO) will conclude on September 24. The price band of Rs 718-754 per share values the company at roughly Rs 5,800 crore at the upper end.

The Gujarat-based company's IPO is a combination of a fresh issue of equity shares worth Rs 400 crore and an offer for sale (OFS) of 38.1 lakh equity shares valued at Rs 287 crore at the upper end of the price band, by a promoter and other selling shareholders.

The company proposes to utilise the proceeds from the issue for payment of debt, supporting working capital requirements of the company and for general corporate purposes.

Motilal Oswal Investment Advisors and Axis Capital are the book-running lead managers to the issue.