Atlanta Electricals Shares Jump on Market Debut

New Delhi, Sep 29 (PTI) Shares of Atlanta Electricals Ltd listed on Monday with a premium of nearly 14 per cent against the issue price of Rs 754.

The stock started trading at Rs 858.10, recording a 13.80 per cent jump from the issue price on the BSE. Later, it surged 14.54 per cent to Rs 863.70.

At the NSE, the stock listed at Rs 857, a premium of 13.66 per cent.

The company's market valuation stood at Rs 6,323.21 crore.

The initial share sale of Atlanta Electricals Ltd, a manufacturer of power, auto, and inverter duty transformers, fetched 70.63 times subscription on the final day of bidding last Wednesday.

The company's Rs 687-crore initial public offering (IPO) had a price band of Rs 718-754 per share.

The Gujarat-based company's IPO comprised 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, to support the working capital requirements of the company and for general corporate purposes.