Atlanta Electricals Ltd IPO Sees Overwhelming Subscription on Second Day
Atlanta Electricals Ltd's IPO received strong interest, getting three times subscribed by the second day. Non-institutional investors showed significant interest with 5.55 times subscription, followed by retail investors at 2.93 times. The IPO aims to raise funds for debt reduction and corporate purposes, concluding on Wednesday.
- Country:
- India
The initial public offering (IPO) of Atlanta Electricals Ltd, a manufacturer of transformers for power and auto industries, witnessed overwhelming interest, reaching three times its subscription target on the second day of bidding.
Data from the National Stock Exchange (NSE) indicates that bids poured in for 2,00,94,134 shares, vastly surpassing the 65,38,439 shares initially offered. Non-institutional investors led the charge with a remarkable 5.55 times subscription rate, while the Retail Individual Investors followed closely at 2.93 times. The Qualified Institutional Buyers secured 1.48 times the shares available in their category.
On Friday, Atlanta Electricals Ltd announced it raised Rs 205 crore from anchor investors. The company, based in Gujarat, offers a Rs 687-crore IPO combining fresh equity shares worth Rs 400 crore and a Rs 287-crore offer for sale by promoters. The price band stands at Rs 718-754 per share, valuing the firm at about Rs 5,800 crore.
(With inputs from agencies.)
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