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SEBI Greenlights Atomberg’s ₹450 Cr IPO

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SEBI Greenlights Atomberg’s ₹450 Cr IPO

Markets regulator Securities and Exchange Board of India (SEBI) has cleared the ₹450 Cr IPO of consumer appliances company Atomberg today. 

In its update, the SEBI informed that it had issued its observation letter to Atomberg on October 30, over a couple months after the company filed its draft IPO papers. In SEBI parlance, the issuance of the final observation marks the regulator’s formal clearance to a company to proceed with its public offering.

As per its DRHP, Atomberg’s proposed IPO could comprise a fresh issue of equity shares worth up to ₹450 Cr and an offer for sale (OFS) component of up to 7.65 Cr equity shares.

The company plans to use ₹90 Cr from the fresh issue proceeds to repay or prepay certain borrowings, ₹150 Cr towards brand awareness and performance marketing, and ₹100 Cr towards research and development (R&D). The remaining proceeds will be used for general corporate purposes.

Meanwhile, its investors like A91 partners, Temasek Holdings, Inflexor Ventures, among others, intend to dilute their stake in the appliance manufacturer via the IPO.

Founded in 2012 by Manoj Meena, who was joined by Sibabrata Das as cofounder in 2013, Atomberg builds consumer appliances such as ceiling fans, mixer grinders, water purifiers and cold-pressed juicers. It also manufactures proprietary components, including motors and controllers, for enterprise customers such as Voltas, Godrej and Blue Star through its subsidiary, Atomberg Innovations.



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