Atmastco Ltd set to launch Small and Medium Enterprise Initial public offering in February 2024. | Mint – Mint

Atmastco Limited has announced launch Small and Medium Enterprise Initial public offering in February 2024.

Atmastco is an Engineering, Procurement and Construction (EPC) company, Headquartered in Bhilai, Chhattisgarh.

Atmastco has presence in steel, power and infrastructure and steel building solutions.

Atmastco Limited is offering 73,05,600 equity shares, comprising 54,80,000 equity shares as a fresh issue and 18,25,600 equity shares through an Offer for Sale (OFS). Atmastco Ltd will be listed on the NSE EMERGE.

The proceeds from the IPO as per the Atmastco Limited are to be used for Working Capital requirements and repayment of loans in order to become a provider of technology solutions in the EPC sector to improve efficiency on existing and new contracts.

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The profit so generated from the EPC sector will be utilised towards the production of defence systems until September 2024 through its subsidiary Atmastco Defence Systems Private Limited.

Atmastco has an order book exceeding Rs. 700 crores.

With ongoing projects worth over Rs. 720 crores, Atmastco said that has become consistently profitable over the last three financial years. The company recorded a remarkable 156% increase in revenue in FY 2022-23 as compared to the previous financial year.

The key promoters of Atmastco are Subramaniam Swaminathan Iyer, Venkataraman Ganesan and Jayasudha Iyer.

Subramaniam Swaminathan, Chairman and Managing Director, of Atmastco said that “I am proud of our company’s legacy since 1988, marked by more than 90 completed contracts and a flourishing order book of more than 700 crore”.

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With a pan-India presence, an annual capacity of more than 24,000 tonnes and a dedicated workforce of more than 250 employees, we are a mainstay in our industry, added Swaminathan . Swaminathan also said that “our commitment to excellence and scale makes us one of the country’s leaders in installed capacity.”

Atmastco Ltd boasts valued customers including the Ministry of Railways and major companies in the energy and steel sectors.

The lead manager of the issue is Affinity Global Capital Market Private Limited, while Cameo Corporate Services Limited will act as registrar for the issue. The Draft Prospectus (DP) has already been approved by the National Stock Exchange and the Company is planning to open the issue anytime soon.

Referring to the company’s ESG initiatives, Mr Subramaniam Swaminathan added, “About 75–80% of the company’s main power requirement is met through solar energy. The company is transforming the ERC environment by improving the technology and focusing on the ERC tech platform.”

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