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  1. Atmastco IPO subscribed 16 times on final day, check key details

Atmastco IPO subscribed 16 times on final day, check key details

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3 min read • Updated: February 21, 2024, 12:58 AM

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The retail individual investors category received highest bids with applications for 6.32 crore shares compared to 34.69 lakh equity shares on offer, reflecting a total subscription of 17.23 times. The Atmastco IPO share listing is expected on February 23.

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Atmastco IPO saw highest response from the retail segment

Atmastco IPO subscription closed with a good response from the investors as the maiden public issue was subscribed 16 times on the final day on Tuesday, February 20. According to the NSE data, total bids for more than 11.99 crore shares were received as against 73.05 lakh shares on offer.

As per the latest Atmastco IPO subscription status, the retail segment received the highest bidding for shares. The retail individual investors category received bids for more than 6.32 crore shares compared to 34.69 lakh equity shares reserved for the segment, reflecting a total subscription of 17.23 times.

The non-institutional investors (NIIs) category received bids for 4.5 crore equity shares as against 34,69,600 equity shares reserved for them. The NIIs segment was oversubscribed 11.26 times. The qualified institutional buyers(QIBs) portion received bids for 71.36 lakh shares, as per the NSE data.

Atmastco IPO: Subscription dates, price band, issue size and minimum investment

Atmastco Ltd hit the capital market with a public offer on February 15 for raising a total of ₹56.21 crore. The four-day subscription period for the IPO closed on Tuesday, February 20.

The Atmastco IPO price was fixed at ₹77 per share, with a face value of ₹10 each. The IPO lot size was 1,600 equity shares amounting to a minimum investment of ₹1,23,200 for retail investors.

The public issue of 73.05 lakh shares comprises a fresh issue of up to 54.8 lakh equity shares aggregating up to ₹42.20 crore and an offer for sale of 18.26 lakh equity shares. Promoters look to raise ₹14.05 crore through the offer for sale.

Promoter Subramaniam Swaminathan Iyer, who holds 43.62% of equity stake, will be divesting 10,95,360 equity shares aggregating ₹8.43 crore. Venkataraman Ganesan, who holds 22.4% stake, is offloading 7,30,240 equity shares aggregating to ₹5.62 crore through the OFS route. Another stakeholder, Apex Steel andTechnology India Private Limited, which owns 25.56% shares, is not participating in the OFS.

The company will utilise the IPO proceeds to meet the working capital requirements, for prepayment and repayment of all or a portion of certain secured and unsecured loan availed by the company and general corporate purposes.

Atmastco Ltd shares will be listed on NSE SME platform NSE Emerge. The Atmastco IPO listing is expected on February 23.

Affinity Global Capital Market Private Limited is the book running lead manager. Cameo Corporate Services Limited is the IPO registrar of the Atmastco IPO.

About Atmastco Ltd

The Chhattisgarh-based company provides multi-disciplinary services and project management solutions. The company is in the business of providing engineering, procurement and construction (EPC) services in the ferrous and non- ferrous sector. The company bagged orders worth ₹65 crore in the last three years in verticals like metal, oil and gas, air pollution control, lime and associated processing.

The company is involved in manufacturing and supply of precision equipment and heavy fabrication structures for various industrial uses. It has more than two decades of experience in executing projects involving manufacturing and fabrication work of heavy structures.

The company has also made a foray into the defence sector by incorporating a separate wholly owned subsidiary namely Atmastco Defence Systems. The company produces bulletproof jackets and helmets and full body protectors for female troops and related activities for paramilitary forces.

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