Atlanta Electricals Limited is coming up with its Initial Public Offering (IPO), and investors are keen to know whether this issue is worth subscribing to. The company operates in the power and transformer manufacturing space, supplying products to state grids, renewable energy projects, and private utilities. In this Atlanta Electricals IPO Review, we will cover Atlanta Electricals IPO Date, Price Band, IPO Size, Financials, Valuation, Grey Market Premium (GMP), reasons to invest, risk factors, and finally – whether you should subscribe or avoid.
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About Atlanta Electricals Ltd.
Incorporated in 1988, Atlanta Electricals Limited is engaged in the manufacturing of power transformers, inverter-duty transformers, furnace transformers, and generator transformers. The company operates five manufacturing facilities across Gujarat and Karnataka and has a strong domestic presence with exports to countries like the US, Kuwait, and Oman. It has supplied more than 4,400 transformers totalling 94,000 MVA to power utilities, private players, and renewable energy projects.
Prominent customers include GETCO, Adani Green Energy, Tata Power, and SMS India, showcasing its credibility and diversified client base.
Competitive Strengths
- Diverse product portfolio: Wide range of transformers catering to power, auto, inverter, and special-duty segments.
- Strong order book: Well-diversified customer base with repeat orders.
- Experienced management: Led by promoters with deep industry expertise.
- Manufacturing excellence: Facilities with modern equipment and compliance to global safety standards.
- Proven track record: Consistent revenue growth and profitability despite cyclical industry challenges.
Atlanta Electricals IPO Issue Details
- IPO Date: September 22, 2025 to September 24, 2025
- Listing Date: September 29, 2025 (Tentative)
- Face Value: ₹2 per share
- Price Band: ₹718 – ₹754 per share
- Lot Size: 19 Shares
- IPO Size: ₹687.34 Crores
- Fresh Issue: ₹400 Crores
- Offer for Sale: ₹287.34 Crores
- Minimum Investment (Retail): ₹14,326 (19 shares at upper band)
- Lead Managers: Motilal Oswal Investment Advisors & Axis Capital
- Registrar: MUFG Intime India Pvt Ltd
Company Financials
(₹ in Crores)
| Period | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total Income | 876.66 | 872.05 | 1,250.49 |
| EBITDA | 143.12 | 123.16 | 199.88 |
| PAT | 87.54 | 63.36 | 118.65 |
| Net Worth | 164.90 | 228.47 | 349.90 |
| Total Assets | 560.76 | 559.25 | 866.19 |
Key Ratios (FY2025):
- ROE: 33.9%
- ROCE: 39.4%
- EBITDA Margin: 16.1%
- PAT Margin: 9.5%
- Debt/Equity: 0.40
Objects of the Issue
- Repayment/Prepayment of certain borrowings – ₹79.12 Cr
- Funding working capital requirements – ₹210 Cr
- General corporate purposes
Valuation – P/E Ratio vs Peers
- EPS (FY2025): ₹16.57
- P/E at upper price band (₹754): 46.3x
Peer Comparison (as per RHP):
- Highest P/E: Transformer & Rectifier India – 52x
- Lowest P/E: Voltamp Transformers – 28x
- Industry Average: ~38x
At 46x, Atlanta Electricals is priced above industry average, but below the highest peer multiple.
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Reasons to Invest in Atlanta Electricals IPO
- Strong financial growth – Revenue up 43% and PAT up 87% in FY2025.
- High return ratios – ROE at 33.9% and ROCE at 39.4% show efficient capital use.
- Diversified customer base – Supplies to top players like Adani Green, Tata Power, and multiple state grids.
- Industry tailwinds – Rising demand for renewable and power infrastructure.
- Experienced promoters with over three decades of transformer manufacturing experience.
Risk Factors of Atlanta Electricals IPO
- High valuation – P/E is above industry average, making the issue expensive.
- Debt levels – Though manageable, debt has increased to ₹141 Cr in FY2025.
- Cyclical industry risk – Dependent on government spending and infrastructure growth.
- Export dependency – Global economic slowdown could impact international orders.
- Competitive industry – Faces competition from both domestic and global transformer manufacturers.
Grey Market Premium (GMP)
As per market observers, Atlanta Electricals IPO GMP is trading around ₹75 – ₹90 per share (as of Sep 17, 2025), indicating moderate listing gains of 10–12% over the issue price.
How to Apply for Atlanta Electricals IPO?
Investors can apply via:
- UPI through ASBA: Using net banking or broker apps like Zerodha, Upstox, Groww.
- Bank ASBA: Through your net banking IPO section.
- Demat account required: Ensure an active Demat account before applying.
Conclusion – Atlanta Electricals IPO: Subscribe or Avoid?
Atlanta Electricals has shown strong financial growth, high return ratios, and a diversified order book. The industry outlook is favorable with increasing renewable energy investments. However, the IPO is expensively priced compared to peers, and industry cyclicality poses risks.
- For Listing Gains: Likely positive due to strong GMP and investor interest.
- For Long-Term Investment: Suitable only for investors with high-risk appetite and belief in power sector growth.
👉 Verdict: Subscribe for listing gains, cautious approach for long-term.
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FAQs on Atlanta Electricals IPO
1. What is the Atlanta Electricals IPO Date?
The IPO opens on September 22, 2025, and closes on September 24, 2025.
2. What is the Atlanta Electricals IPO Price Band?
The price band is ₹718 to ₹754 per share.
3. What is the Atlanta Electricals IPO Size?
The IPO size is ₹687.34 Crores.
4. What is the minimum investment for retail investors?
Retail investors need to apply for at least 19 shares, costing ₹14,326.
5. When will Atlanta Electricals IPO allotment happen?
The tentative allotment date is September 25, 2025.
6. What is the Atlanta Electricals IPO GMP today?
The grey market premium is around ₹75–₹90 per share.
7. Should I invest in Atlanta Electricals IPO for the long term?
Good fundamentals, but high valuation. Suitable only if you believe in the long-term growth of the transformer and power sector.
Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Investing in IPOs and equities involves risk, including the possible loss of capital. Investors should carefully read the Red Herring Prospectus (RHP) and consult with their financial advisor before making any investment decision. The author and the website do not guarantee accuracy of GMP or listing performance. Apply at your own risk.
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