Atomberg Technologies has received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offering (IPO). The company’s IPO comprises a fresh issue of shares worth up to Rs 450 crore and an offer-for-sale (OFS) of 7.65 crore equity shares.
The company plans to use fresh proceeds of Rs 150 crore for brand awareness and performance marketing, Rs 100 crore for investments in research and development and Rs 90 crore to repay or prepay certain borrowings. The remaining proceeds will be used for general corporate purposes. ICICI Securities, Avendus Capital and IIFL Capital Services are the book-running lead managers to the issue.
Atomberg Technologies develops technology-led consumer appliances such as mixer grinders, water purifiers and cold-pressed juicers under the Atomberg brand.