Atlanta Electricals IPO garners 3 times subscription on 2nd day

New Delhi, Sep 23 (PTI) The initial public offer of Atlanta Electricals Ltd, manufacturer of power, auto and inverter duty transformers, garnered 3 times subscription on the second day of bidding on Tuesday.

The share sale received bids for 2,00,94,134 shares against 65,38,439 shares on offer, as per NSE data.

The category for non-institutional investors attracted 5.55 times subscription, while the quota for Retail Individual Investors (RIIs) received 2.93 times subscription. The Qualified Institutional Buyers (QIBs) portion got subscribed 1.48 times.

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 Wednesday. 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. PTI SUM SUM SHW