Atlanta Electricals garners Rs 205 cr from investors ahead of IPO

New Delhi, Sep 19 (PTI) Atlanta Electricals Ltd, manufacturer of power, auto and inverter duty transformers, on Friday said it has raised Rs 205 crore from anchor investors, days before its initial share-sale opening for public subscription.

Kotak Mutual Fund (MF), Axis MF, HDFC MF, ICICI Prudential MF and Pinebridge Global Funds are among the anchor investors, according to a circular uploaded on the BSE website.

As per the circular, Atlanta Electricals has allotted 27.15 lakh equity shares to 15 funds at Rs 754 apiece, aggregating the transaction size to Rs 205 crore.

The company's Rs 687-crore initial public offering (IPO) will open on September 22 and 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. Atlanta Electricals is expected to make its stock market debut on September 29. PTI SP TRB