Atmastco
Fixed Price issueSME₹56.25 Cr issue
+18.18%
Listing gain over issue price
Issue size
₹56.25 Cr
1 lot at cut-off
₹1,23,200
Lot size
1,600shares
Open
15 Feb 2024
Close
20 Feb 2024
Allotment
21 Feb 2024
Listing
23 Feb 2024
Listing performance
Issue price
₹77
Listed at
₹91
Listing-day close
₹95.55
Latest price
₹97.25
Close on 23 Oct 2026
Listing gain
+18.18%
Return since issue
+26.30%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 15 Feb 2024 – 20 Feb 2024
- Listing date
- 23 Feb 2024
- Face value
- ₹10 per share
- Issue price
- ₹77 per share
- Lot size
- 1,600 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹56.25 Cr
- Market cap at offer price
- ₹190 Cr
- Promoter holding
- 97.39% → 68.43% pre-issue → post-issue
- ISIN
- INE05DH01017
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Affinity Global Capital Market Pvt.Ltd.
- Registered office
- 157-158, Light Industrial Area, Nandini Road, Opp, Karuna Hospital, Durg, Chhattisgarh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 3,66,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹77
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,23,200 |
| S-HNI (min) | 2 | 3,200 | ₹2,46,400 |
| S-HNI (max) | 8 | 12,800 | ₹9,85,600 |
| B-HNI (min) | 9 | 14,400 | ₹11,08,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹77 per share
Valuation and performance
Valuation at offer price
₹77 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.64 | 6.10 |
| P/E (×) | 11.60 | 12.62 |
| Price to book (×) | 0.13 | — |
| Market cap | — | ₹190 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 23.15%
- ROCE
- 29.91%
- Debt / equity
- 0.48
- PAT margin
- 5.28%
- NAV per share
- ₹37.27
- Price to book
- 0.13
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Atmastco
Atmastco Limited, incorporated in 1994 and converted to a public company in 2016, is an engineering services company providing end-to-end solutions through multi-disciplinary services and project management. The company operates three primary business verticals: EPC services in ferrous and non-ferrous sectors (entered in 2020 with ₹65 crore business acquired in 3 years), steel fabrication with design and manufacturing capabilities for industrial use, and defence manufacturing through its wholly-owned subsidiary Atmastco Defence Systems Private Limited (licensed to manufacture bullet proof jackets and ballistic helmets). The company generates revenue through fixed-price and lump-sum turnkey contracts, fabrication work, and EPS (Engineering, Procurement, Supply) project services.
Company Analysis
from RHPAtmastco Limited is an ISO-certified engineering services company engaged in EPC (Engineering, Procurement, and Construction) contracts, steel fabrication, and defence manufacturing across ferrous and non-ferrous sectors.
Atmastco Limited, incorporated in 1994 and converted to a public company in 2016, is an engineering services company providing end-to-end solutions through multi-disciplinary services and project management. The company operates three primary business verticals: EPC services in ferrous and non-ferrous sectors (entered in 2020 with ₹65 crore business acquired in 3 years), steel fabrication with design and manufacturing capabilities for industrial use, and defence manufacturing through its wholly-owned subsidiary Atmastco Defence Systems Private Limited (licensed to manufacture bullet proof jackets and ballistic helmets). The company generates revenue through fixed-price and lump-sum turnkey contracts, fabrication work, and EPS (Engineering, Procurement, Supply) project services.
Engineering, Procurement and Construction (EPC)Steel fabricationDefence manufacturingMetal processing (ferrous and non-ferrous)Oil & GasAir Pollution ControlPower and EnergyRailwaysCementWater TreatmentRefineries
Objects of the Issue
- To meet working capital expenses ₹1,17,763.00 Thousands p.25
- To make prepayment or repayment of all or a portion of certain secured and unsecured loans availed by the Company ₹1,04,068.00 Thousands p.25
- General Corporate Purpose ₹1,32,615.40 Thousands p.25
- To meet Offer Expenses ₹67,513.60 Thousands p.25
- Funding incremental working capital requirements of the Company ₹1,17,763.00 Thousands p.100
- Prepayment and repayment of all or a portion of certain secured and unsecured loans availed by the company ₹1,04,068.00 Thousands p.100
- General corporate purposes ₹1,32,615.40 Thousands p.100
- To meet the Offer related expenses ₹67,513.60 Thousands p.100
- Repayment of borrowings p.293
- Funding capex / working capital and general corporate purposes p.293
Issue Structure
- Total Issue
- ₹5,62,531.20 Thousands
- Fresh Issue
- ₹4,21,960.00 Thousands (54,80,000 equity shares of ₹10 face value at ₹77 per share)
- Offer for Sale
- ₹1,40,571.20 Thousands (18,25,600 equity shares of ₹10 face value at ₹77 per share)
- Price Band
- ₹77 per equity share
- Lot Size
- 1,600 Equity Shares (as Bid Lot)
- Face Value
- ₹10 per Equity Share
Business Model
Revenue is earned through: (1) EPC contracts in metal, oil & gas, air pollution control, and lime processing sectors; (2) Steel fabrication and heavy structure manufacturing for industrial clients; (3) Engineering, Procurement and Supply (EPS) project services; (4) Defence manufacturing through subsidiary (not yet in production). The company recognizes revenue upon contract execution based on accounting standards, with order book of ₹74,27,611 thousands across 14 ongoing projects as of the prospectus date.
Business Segments
Forayed into business of providing engineering, procurement and construction services in ferrous and non-ferrous sector; serves Metal (ferrous & non-ferrous), Oil & Gas, Air Pollution Control, Lime & associated processing verticals.
Engaged in design, manufacturing and supply of precision equipments and heavy fabrication structures for various industrial use; undertakes designing, engineering, fabrication and erection work per client specifications and customizations.
Incorporated Atmastco Defence Systems Private Limited on July 22, 2020 to manufacture bullet proof jackets & helmets and paramilitary forces equipment, especially for military application and full body protector for female troops.
Manufacturing and fabrication of heavy structures for various industrial applications
Providing integrated EPC/turnkey projects in ferrous and non-ferrous sectors
Manufacture of bullet proof jackets, helmets for military application, full body protector for female troops and related defense products
Engineering, Procurement and Construction services including design, procurement of materials and equipment, construction, mechanical, electrical and plumbing works, commissioning and start-up for ferrous and non-ferrous sector projects
Design, manufacturing and supply of precision equipment and heavy fabrication structures including ceiling girders, railway girders, columns, bracings, bolted structures, equipment and pressure ducts, box columns, pre-engineered buildings for industrial use across power, energy, steel plants, cement, railways and infrastructure sectors
Manufacture of bullet-proof jackets, ballistic helmets and full body protector for female troops for military and paramilitary forces under licensing agreements with DRDO and affiliated defence organisations. Not yet in production.
Trading in steel, iron, chemical alloys, metals, grinding wheels, welding electrodes, abrasives, industrial helmets for industrial use
Design, manufacturing and supply of precision equipments and heavy fabrication structures for various industrial use including ceiling girders, railway girders, columns, bracings, bolted structures, equipment and pressure ducts, box columns used in power plants, energy, steel plants, cement plants, railway bridges, water treatment plants, refineries, fertilizer plants and pre-engineered buildings
Providing engineering, procurement and construction services in ferrous and non-ferrous sectors with expertise in metal, oil & gas, air pollution control, lime and associated processing. Execution of turnkey projects involving manufacturing, fabrication work and heavy structures.
Manufacture of bullet proof jackets & helmets and paramilitary forces equipment, especially for military application and full body protector for female troops and related activities through subsidiary Atmastco Defence Systems Private Limited
Trading of steel, iron, chemical alloys, metals, grinding wheels, welding electrodes, abrasives, and industrial helmets used extensively for industrial applications
Fabrication of all types of steel and technological structures; quality management systems for fabrication
Trading of various grades of steel plates, structural, tools and equipment
Manufacture and supply of heavy fabricated components, machine components, bridge girders, ducts, shells, tanks and vessels
SWOT Analysis
Strengths
- • ISO certified with multi-disciplinary engineering capabilities(p.23)
- • Defense sector business expansion opportunity with government licensing(p.23)
- • Established long-standing customer relationships(p.35)
- • Strong order book with significant project pipeline(p.36)
- • Experienced management with long-standing business relationships(p.104)
- • Integrated EPC and manufacturing capabilities across ferrous and non-ferrous domains(p.110)
- • Diversified revenue streams from manufacturing and services(p.110)
- • Growing profitability and cash generation capability(p.59)
- • Strategic expansion into defence sector through subsidiary(p.110)
- • Over two decades of industry experience with established track record(p.116)
- • Diversified business across EPC, fabrication, trading, and defence sectors(p.116)
- • Established distribution network and long-term stable customer relationships(p.116)
- • Integrated in-house manufacturing with 100% internal fabrication for EPC projects(p.143)
- • Strong order book of ₹7,427.6 crore as of January 31, 2024(p.142)
- • Defence sector licensing from DRDO for bullet-proof jackets and helmets(p.142)
- • Experienced promoters with over three decades of industry expertise(p.138)
- • Strategic location in Bhilai with uninterrupted power supply and skilled workforce(p.143)
- • Over 35 years of experience in steel trading and structural fabrication(p.183)
- • ISO 9001:2015 certification and quality recognitions(p.175)
- • Defence sector licensing and industrial licenses(p.181)
- • ZED certification for zero defect and zero effect(p.175)
- • Experienced leadership with technical expertise(p.183)
- • Diversified revenue streams from EPC services and manufacturing(p.271)
- • Strong management with decades of industry experience(p.272)
- • Recognized by Indian Railways as approved vendor(p.272)
- • ISO certifications for quality and safety(p.271)
- • Established track record in design, manufacturing and project execution(p.272)
- • Improving profitability and operational efficiency(p.274)
Weaknesses
- • High dependence on few key customers for revenues(p.35)
- • High dependence on top 10 suppliers for raw materials(p.35)
- • Significant unsecured loans repayable on demand(p.40)
- • Delayed statutory filings with ROC(p.40)
- • Delayed GST and EPF payments to government(p.49)
- • No ownership of primary manufacturing facility land(p.45)
- • Ongoing tax disputes and contingent liabilities(p.27)
- • High financial leverage and debt burden(p.58)
- • Significant working capital requirements(p.102)
- • High inventory holding levels(p.110)
- • Dependence on concentrated customer base(p.51)
- • Limited experience as a publicly listed company(p.54)
- • High employee benefit and wage pressure costs(p.52)
- • Dependence on a few major customers and projects for revenue generation(p.155)
- • Wholly-owned defence subsidiary has not commenced production(p.154)
- • High debt-to-equity ratio of 0.48 as of March 31, 2023(p.144)
- • Low capacity utilization at Unit I (64.5%) and Unit II (64.26%) in FY 2023(p.156)
- • Fragmented and highly competitive Indian metal fabrication market(p.135)
- • Dependence on few large customers(p.222)
- • Outstanding TDS liability(p.222)
- • Inventory verification limitations(p.222)
- • Defence subsidiary has not commenced production(p.183)
- • Outstanding trade receivables and payables with pending reconciliation(p.222)
- • Significant dependence on few customers(p.272)
- • High debt burden relative to equity(p.274)
- • Incomplete MSME confirmations creating disclosure gaps(p.253)
- • Outstanding tax demands with pending appeals(p.257)
- • Substantial contingent liabilities from bank guarantees(p.257)
- • Audit qualifications regarding asset verifications(p.246)
- • High debt burden and leveraged capital structure(p.294)
- • Significant outstanding litigation from major contract dispute(p.301)
- • Criminal proceedings against a director for workplace safety violations(p.303)
- • Promoter tax litigation with disputed additions of substantial amounts(p.305)
Opportunities
- • Growing global EPC market expansion(p.24)
- • Strong structural steel fabrication market growth(p.24)
- • India's defense sector self-reliance push and reform(p.23)
- • Wholly owned defense subsidiary positioned for growth(p.23)
- • Expansion of EPC and infrastructure services in India(p.110)
- • Growing defence and security manufacturing market(p.110)
- • Improved profitability through margin enhancement(p.110)
- • Liquidity enhancement and brand building through listing(p.100)
- • Access to capital markets for growth financing(p.53)
- • Growing Indian EPC and metal fabrication market (CAGR 6.38% to 2028)(p.133)
- • India's defense budget growing at 4%+ CAGR through 2028 with focus on indigenous manufacturing(p.136)
- • Expanding infrastructure development and government capex initiatives in India(p.136)
- • Strategy to expand into international markets and geographical diversification(p.144)
- • Opportunity to expand product portfolio and become comprehensive solutions provider(p.144)
- • Growing demand for pre-engineered buildings and advanced fabrication technologies(p.135)
- • Expansion into defence and protective equipment manufacturing(p.181)
- • Entry into EPC services for ferrous and non-ferrous sectors(p.175)
- • Government and defence procurement opportunities(p.180)
- • Large scale infrastructure projects for power and steel sectors(p.175)
- • Growth in EPC services segment showing strong expansion(p.271)
- • Expansion into Defence sector through wholly-owned subsidiary(p.271)
- • Revenue growth trajectory with 158% increase in FY 2022-23(p.282)
- • Strategic positioning across diverse industrial sectors(p.272)
- • Planned IPO to strengthen financial position(p.286)
Threats
- • Revenue highly sensitive to loss of significant customers(p.35)
- • Raw material price volatility and supply disruptions(p.35)
- • Intense competitive pressure on pricing and margins(p.43)
- • Fixed-price contract risks with cost escalation potential(p.38)
- • Industry cyclicality and downturn risks in key sectors(p.42)
- • Regulatory approval delays and permitting challenges(p.38)
- • Labor-intensive operations vulnerable to strikes and wage inflation(p.39)
- • Dependence on obtaining new contracts in competitive tender process(p.45)
- • Construction site hazards and operational risks(p.48)
- • Defense industry infrastructure and capital challenges(p.49)
- • Economic slowdown and reduced demand in India(p.51)
- • Global financial instability and market volatility(p.52)
- • Regulatory and compliance risks(p.50)
- • Competition law violations and market regulation risks(p.52)
- • Political instability and civil unrest in India(p.50)
- • Currency and commodity price volatility(p.51)
- • Infrastructure and logistics constraints(p.51)
- • Post-IPO share price volatility and illiquidity risks(p.53)
- • Highly fragmented and intensely competitive fabrication and EPC industry(p.159)
- • Global economic slowdown and weak growth projections for 2023-2024(p.125)
- • Volatility in steel prices and raw material input costs(p.141)
- • Exposure to cyclicality and downturn in core industrial sectors (power, steel, cement)(p.138)
- • Dependence on skilled workforce availability in competitive labor market(p.159)
- • Stringent environmental and safety regulations applicable to manufacturing and EPC operations(p.156)
- • Risk of construction delays and cost overruns in projects(p.42)
- • Dependence on steel commodity prices and availability(p.179)
- • Regulatory changes in defence procurement(p.181)
- • Competition from established defence contractors(p.181)
- • Volatility in raw material costs impacting profitability(p.282)
- • General economic and business conditions in operating markets(p.275)
- • Foreign exchange and inflation risks(p.275)
- • Regulatory and policy changes affecting operations(p.275)
- • Geopolitical uncertainties impacting business(p.275)
- • Industry cyclicality and project-dependent revenue(p.277)
- • Risk of enforcement and execution of arbitral award against counterparty(p.302)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Subramaniam Swaminathan Iyer | Promoter and Selling Shareholder | 43.62% | — |
| Venkataraman Ganesan | Promoter and Selling Shareholder | 22.40% | — |
| Jayasudha Iyer | Promoter | 1.98% | — |
| Apex Steel & Technology (India) Private Limited | Corporate Promoter | 25.56% | — |
| Subramaniam Swaminathan Iyer | Promoter | 43.62% | 29.53% |
| G. Venkataraman | Promoter | 22.40% | 14.49% |
| Jayasudha Iyer | Promoter | 1.98% | 1.55% |
| Apex Steel & Technology India Private Limited | Promoter | 25.56% | 19.90% |
| Subramaniam Swaminathan Iyer | Promoter and Managing Director | — | — |
| Venkataraman Ganesan | Promoter | — | — |
| Jayasudha Iyer | Promoter | — | — |
| Subramaniam Swaminathan Iyer | Promoter | 43.62% | — |
| Venkataraman Ganesan | Promoter | 22.40% | — |
| Jayasudha Iyer | Promoter | 1.99% | — |
| Apex Steel & Technology India Private Limited | Corporate Promoter | 27.47% | — |
| S. Swaminathan (Subramaniam Swaminathan Iyer) | Promoter | 43.62% | — |
| G. Venkatraman (Venkataraman Ganesan) | Promoter | 22.40% | — |
| Jayasudha Iyer | Promoter | 1.98% | — |
| Apex Steel and Technology India Private Limited | Promoter Group | 27.47% | — |
| Subramaniam Swaminathan Iyer | Promoter/Promoter Group | — | — |
| Venkatraman Ganesan | Promoter/Promoter Group | — | — |
| Subramaniam Swaminathan Iyer | Selling Shareholder/Promoter | — | — |
| Venkataraman Ganesan | Selling Shareholder/Promoter | — | — |
Leadership
Subramaniam Swaminathan Iyer · Managing Director
Venkataraman Ganesan · Chief Financial Officer (CFO) and Director
Varsha Sahbani · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Atmastco IPO FAQs
What is the lot size of Atmastco IPO?
The minimum lot size of Atmastco IPO is 1,600 shares. One lot costs ₹1,23,200 at the cut-off price.
When does Atmastco IPO open and close?
Atmastco IPO opened for subscription on 15 Feb 2024 and closed on 20 Feb 2024.
What is the listing date of Atmastco IPO?
Atmastco IPO listed on 23 Feb 2024.