Temasek-Backed Atomberg Eyes $200 Million IPO in India

Atomberg Technologies has started early discussions for an Initial Public Offering (IPO) that may raise about $200 mlilion, roughly ₹1,790 Crore, as per the news reports. The company is speaking with investment banks and is expected to select advisers soon.  

The issue is likely to include a fresh sale of shares as well as an offer for sale by existing investors. A listing next year is being considered, though nothing has been finalised. 

Business History and Product Line 

The startup was set up in 2012 by IIT Bombay alumni Manoj Meena and Sibabrata Das. Atomberg began by supplying BLDC fans to businesses before moving into the consumer market in 2016.  

It now sells ceiling fans, pedestal fans, mixer grinders, water purifiers and a few other small appliances. Fans continue to form the bulk of its revenue due to their lower power use compared to induction-motor models. 

Manufacturing and Sales Network 

Atomberg designs and manufactures its products in India. Its products are sold through offline retail stores, major online marketplaces, and the company’s own website.  

The brand has expanded its retail presence across large cities and has built an online customer base. For FY25, Atomberg has said its revenue crossed ₹1,000 crore. 

Capital Raised and Investor Support 

The company has raised more than $126 million so far from investors including Temasek, Steadview Capital, Jungle Ventures and A91 Partners.  

In 2023, Atomberg secured $86 million through a mix of primary and secondary share sales involving Temasek, Steadview, Jungle Ventures and Inflexor Ventures, as noted by Avendus Capital. Another funding round is currently underway.  

Read More: Upcoming IPOs This Week (Dec 1- Dec 5): 3 Mainboard IPO, Including Meesho IPO and 11 SME Set to Open! 

Conclusion 

Atomberg’s potential listing remains at an early stage, and more information is expected once advisers are appointed and the company firms up its plans. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.