The initial public offering will comprise a fresh issue of 54,80,000 Equity Shares and an Offer for Sale (OFS) of 18,25,600, with a fixed price of ₹ 77 per Equity Share.
Mumbai, February 12, 2024: Atmastco Limited (ATMASTCO), the leading SME in the Engineering, Procurement, and Construction (EPC) sector 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 will open on Thursday, February 15, 2024, for subscription and closes on Tuesday20, 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 offered under Offer for Sale (OFS). The Company will be listed in NSE EMERGE. 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.
The Bhilai (Chhattisgarh) headquartered company, ATMASTCO has more than three decades of experience in the EPC sector and is a consistent profit-making organisation. While the Company has made a profit after tax (PAT) of ₹12 crore in 2022-23, an increase of over 271% against PAT of ₹ 3.23 crore for 2021-22, the turnover of the company saw an increase of 156% in 2022-23 compared to the figures for 2021-22. 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 got a license 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.
The key promoters of the company are Mr. Subramaniam Swaminathan Iyer, Mr. Venkataraman Ganesan, Ms. Jayasudha Iyer and Apex Steel & Technology (India) Private Limited. In order to maintain the legacy, the management team has diligently designated a successor, Mr. Vijay Chander Iyer. Notably, Mr. Iyer is the son of the promoter, Mr. Swaminathan Iyer and Mrs. Jayasudha Iyer. This strategic succession planning is aimed at ensuring the company’s continued success and seamless transition of leadership. Further, Mr. Arunkumar Sowrirajan, the Chief Executive Officer of the company, is a fusion of technical expertise and strategic leadership who is presently looking after the operational and marketing functions of the Company and playing a vital role in formulating business strategies and effective implementation of the same.
While Affinity Global Capital Market Private Limited is the Lead Manager 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. |
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