Atmastco Limited to open its SME IPO in February 2024
7th, February 2024: ATMATSCO LIMITED, a leading Engineering, Procurement and Construction (EPC) company, is pleased to announce the opening of its Initial Public Offering (IPO) for subscription in February this year. Headquartered in Bhilai, Chhattisgarh, the company 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). ATMATSCO LIMITED will be listed on the NSE EMERGE.
The proceeds from the IPO will 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. 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.
With ongoing projects worth over Rs. 720 crores, the company 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 the company are Mr Subramaniam Swaminathan Iyer, Mr Venkataraman Ganesan and Ms Jayasudha Iyer, who have more than three decades of experience
Mr Subramaniam Swaminathan, Chairman and Managing Director, said, “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 Rs 700 crore. 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. Our commitment to excellence and scale makes us one of the country’s leaders in installed capacity.”
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.”
Mr. Swaminathan Vijay Chander Iyer, Director of a wholly owned subsidiary of Atmastco Defence Systems Private Limited, commented: “We are honoured to partner with the Defence Research and Development Organisation (DRDO) through a technology transfer licencing agreement. This partnership is an indication of our commitment to enhancing technological capabilities in the field of defence materials. In this journey, we are ready to harness innovation and drive progress to ensure that our production fits seamlessly into our common goals of improving national security.”
Mr. Vijay Chander Iyer further said, “In 2020, we established Atmastco Defence Systems Private Limited to manufacture world-class bulletproof jackets, helmets and full body protectors for the military, including specialised protection gears for women defence personnel. We aim to provide the best possible protection for our defenders.”
ATMATSCO LIMITED 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.