Atomberg hires bankers for Rs 2,000-crore IPO: Report

Smart appliances maker Atomberg has begun formal preparations for an initial public offering (IPO) and has appointed investment bankers for a listing that could raise over Rs 2,000 crore, according to a Moneycontrol report.

The Mumbai-based company has finalised Avendus Capital and IIFL Capital as lead bankers for the proposed IPO and is in discussions with Axis Capital and ICICI Securities to appoint a third banker. While Avendus and IIFL are confirmed, the company is expected to choose one between Axis Capital and ICICI Securities as the final book-running lead manager.

The IPO is expected to comprise a mix of a fresh issue of shares and an offer-for-sale (OFS) by existing shareholders. Investors and other stakeholders typically dilute around 10 percent of total equity in such offerings. If Atomberg raises around Rs 2,000 crore, it would imply a valuation of about Rs 20,000 crore, or roughly $2.2 billion. The structure and valuation, however, remain subject to change as discussions are still underway and final pricing is determined at a later stage.

The company is likely to file its draft red herring prospectus under the confidential route in January and is targeting a listing around March or April 2026, the report noted.

Founded in 2012 by Manoj Meena and Sibabrata (Shibam) Das, Atomberg designs and manufactures smart fans, mixer grinders, water purifiers and other household appliances. The company has raised more than $150 million, or around Rs 1,700 crore, from investors including Temasek, A91 Partners, Steadview Capital and Jungle Ventures. Atomberg was last valued at about $450 million after raising $86 million in 2023.

The company has reported consistent growth of over 30% in recent years. It closed FY24 with revenue of Rs 865 crore and a loss of Rs 203 crore, according to data from Tracxn.