The IPO was subscribed 1.36 times on the first day of bidding today, with retail investors subscriptions touching 2.44 times.
Mumbai, February 15, 2024: The Initial Public Offer (IPO) of Atmastco Limited (ATMASTCO), the leading SME in the Engineering, Procurement and Construction (EPC) sector was subscribed 100 per cent on the first day of bidding on Thursday. Atmastco Limited IPO has been subscribed record 1.34 times on the first day of bidding today. The public issue received an overwhelming response as investors placed 99,12,000 bids against the total issue size of 73,05,600 shares.
The issue was subscribed the most by retail investors with 2.44 times subscription, with the total bids received for 84,52,800 shares against 34,69,600 shares on offer. The portion set aside for non-institutional investors was subscribed 0.42 times, receiving bids for 14,59,200 shares against 34,69,600 shares on offer. The IPO had a fresh issue of up to Rs 54,80,000 equity shares aggregating to approx. Rs. 42.20 Crores and an offer for sale of up to 18,25,600 equity shares aggregating to Rs. 14.06 Crores.
The company has fixed the price of ₹ 77 per equity share for its Initial Public Offer (“IPO” or “Offer”) at SME Platform of NSE Emerge. The IPO opened on Thursday, February 15, 2024, for subscription and will close on Tuesday 20, 2024. Investors can apply for a minimum of 1,600 Equity Shares and in multiples of 1,600 Equity Shares thereafter.
The issue is a combination of Fresh Issue and Offer for Sale (OFS). In the IPO of 73,05,600 equity shares, 54, 80,000 shares are Fresh Issue and the remaining 18,25,600 shares are being offered under Offer for Sale (OFS). The Company will be listed in NSE EMERGE.
The Bhilai (Chhattisgarh) headquartered company, ATMASTCO has more than three decades of experience in the EPC sector and is a consistent profit-making organisation. Presently, the Company has ongoing projects of more than ₹ 720 crore. It boasts of a clientele from the Ministry of Railways to giants in the steel and power sector.
A fully owned subsidiary of the Company has obtained a licence to manufacture bulletproof helmets and other protective gear for the armed forces. The Company will be only the third company in India licensed to manufacture and supply such protective gear to the armed forces, strengthening the Atmanirbhar Bharat initiative in Defence production in the country.
Mr Subramaniam Swaminathan Iyer, Chairman and Managing Director, “We are very grateful for the overwhelming support we have received. It underlines the trust that our stakeholders have placed in Atmastco Limited. This resounding success motivates us to remain committed to delivering substantial value to our shareholders and positioning ourselves for sustainable growth and further success.”
The key promoters of the company are Mr Subramaniam Swaminathan Iyer, Chairman and Managing Director, Mr Venkataraman Ganesan, Director and CFO, Ms Jayasudha Iyer, Director, and Mr. Vijay Chander Iyer, Director, Atmastco Defence Systems Private Ltd. The proceeds of the Fresh Issue will be primarily used for funding the working capital requirements of the company. Some amount will be used for repayment of loans and also for general corporate purposes.
Affinity Global Capital Market Private Limited is the Lead Manager to the Offer, Comfort Securities Limited is the underwriter to the offer, Cameo Corporate Services Limited is the Registrar of the issue.
Notes for Reference:
Issue size of the IPO based on the fixed price band
| Price Per Equity Share | Premium Per Equity Share | Fresh | OFS |
| Rs 77 per equity share | Rs 67 per equity share | Rs 42.20 crore approx. | Rs 14.06 crore approx. |
