Atmastco limited set to launch Small and Medium Enterprise Initial public offering in February 2024

Bhilai (Chhattisgarh) [India], February 7 : Atmastco Limited, a prominent Engineering, Procurement, and Construction (EPC) company, has announced the opening of its Initial Public Offering (IPO) for subscription in February this year.
According to a press release, the company, headquartered in Bhilai, Chhattisgarh, will offer 73,05,600 equity shares, including 54,80,000 equity shares as a fresh issue and 18,25,600 equity shares through an Offer for Sale (OFS).
Atmastco Limited will be listed on the NSE EMERGE.
The proceeds from the IPO will be directed towards fulfilling Working Capital requirements and repayment of loans, aimed at enhancing technological solutions in the Engineering, Procurement and Construction (EPC) sector.
This move is anticipated to improve efficiency in existing and new contracts. Additionally, the profits generated from the EPC sector will be channeled towards the production of defence systems until September 2024, through its subsidiary Atmastco Defence Systems Private Limited.
With a substantial order book exceeding Rs 700 crores and ongoing projects worth over Rs 720 crores, Atmastco Limited has demonstrated consistent profitability over the last three financial years.
The company witnessed a remarkable 156 per cent increase in revenue in FY 2022-23 compared to the previous financial year.
Subramaniam Swaminathan Iyer, Chairman and Managing Director of Atmastco Limited, expressed pride in the company's legacy since its inception in 1988.
Iyer 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."
He highlighted Atmastco's significant contributions to the industry, including over 90 completed contracts and a robust order book. He emphasized the company's commitment to excellence and scale, positioning it as a leader in installed capacity within the industry.
Referring to the company's Environmental, Social, and Governance (ESG) initiatives, Subramaniam Swaminathan underscored Atmastco's focus on using solar energy to meet a significant portion of its power requirements.
He also highlighted the company's efforts to transform the Environmental Release Category (ERC) environment by leveraging technology.
Swaminathan Vijay Chander Iyer, Director of Atmastco Defence Systems Private Limited, highlighted the company's partnership with the Defence Research and Development Organisation (DRDO) through a technology transfer licensing agreement.
Chander Iyer said, "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."
He emphasized the commitment to enhancing technological capabilities in defence materials, aiming to contribute to national security.
Vijay Chander Iyer further elaborated on the establishment of Atmastco Defence Systems Private Limited in 2020, focusing on manufacturing world-class bulletproof jackets, helmets, and full-body protectors for the military.
He 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."
He emphasized the company's dedication to providing top-notch protection, including specialized gear for female defence personnel.
Atmastco Limited counts the Ministry of Railways and major companies in the energy and steel sectors among its valued customers.
Affinity Global Capital Market Private Limited serves as the lead manager of the IPO, while Cameo Corporate Services Limited will act as the registrar for the issue.
The Draft Prospectus (DP) has already received approval from the National Stock Exchange, with the company gearing up to launch the IPO imminently.