Atmastco IPO fully subscribed on first day: Issue size to price, check key details

The Atmastco IPO has received a strong response from the investors as the public issue was fully subscribed on Thursday, the first day of subscription. Atmastco Ltd's initial public offer (IPO) will remain open for subscription from February 15 to February 20.

The engineering, procurement and construction (EPC) firm aims to raise ₹56.25 crore through the public issue.

On the opening day of Atmastco IPO subscription, the share-sale was subscribed 1.36 times, according to the data available on NSE. The IPO received bids for 99.12 lakh shares compared to 73.05 lakh shares on offer, at the end of day 1.

Atmastco IPO allotment date

The company will finalise the IPO share allotment status after the end of the subscription period. Following the subscription process, the Atmastco IPO share allotment will be confirmed on February 21. The refunds to unsuccessful bidders will be initiated on February 22. The credit of shares to the demat account of the investors will also begin the same day. Atmastco shares are expected to be listed on NSE Emerge platform on February 23.

Atmastco Ltd IPO: Price, lot size and minimum investment

The Atmastco Ltd IPO consists of a fresh issue of 54.8 lakh equity and an Offer For Sale (OFS) of 18.25 lakh shares. The Atmastco IPO price band has been fixed at ₹77 apiece. At this price, the Bhilai-headquartered firm will raise ₹42.2 crore through the fresh issue and ₹14.06 crore by way of OFS. The entire OFS of 18.25 lakh shares will be by the promoter shareholders of the company.

Of the 73,05,600 shares on offer, Atmastco Ltd has reserved 34,69,600 for non-institutional investors (NIIs) and 34,69,600 shares for retail individual investors. The remaining 3,66,400 shares are reserved for the market makers’ segment. Asnani Stockbrokers Private Ltd will be the market maker of the issue. There’s no qualified institutional buyer (QIB) portion in the IPO.

The proceeds from the fresh issue in the IPO will be used to meet the company's working capital needs and general corporate purpose. Further, it may also be used for repayment of existing loans.

The key promoters of Atmastco Ltd are Subramaniam Swaminathan Iyer, Venkataraman Ganesan and Jayasudha Iyer. Through the OFS part of the public issue, promoters, Subramaniam Swaminathan Iyer offer 10.95 lakh shares while Venkataraman Ganesan will offer 7.302 lakh of equities owned by him.

The promoters of the company presently hold a 93.56% stake in the company which will be diluted to 65.47% post the public issue.

Retail investors can bid in the IPO for a minimum of 1600 equity shares amounting to ₹1,23,200 and in multiples thereof. The maximum subscription amount for retail investors is capped at ₹2 lakh.

The company has appointed Cameo Corporate Services Limited as the registrar for the IPO. Affinity Global Capital Market Private Limited is the sole book-running lead manager for the public issue.

About Atmastco Ltd

Established in 1994, Atmastco Ltd claims to be one of the fastest emerging steel conglomerates of Central India with a presence in industries including power and energy, water treatment plants, refinery and fertiliser plants, steel plants, and cement plants.

Atmastco Ltd presently serves over 100 clients including government PSUs. The company's clientele includes BHEL, Engineers India Limited, ISRO, TATA Projects, Vedanta Group, Adani Power, SAIL, and National Mineral Development Corporation (NMDC).

The company has ongoing projects worth ₹720 crore. The company witnessed a 156% hike in its revenue in FY23 compared to the previous financial year. Atmastco said that it remained consistently profitable over the last three financial years.

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