Two new listings

A fantastic listing from Atlanta Electrical; as against the IPO price of Rs.754, it got listed on the BSE at Rs.858.10 and rose to an intraday high at Rs.863.

The IPO did very well, overall subscribing 70.63x, with QIBs portion highest at 194.92x, HNIs at 54.20x and Retail at 10.42x.

Atlanta Electricals is a 30 year old manufacturer of power, auto and inverter duty transformers, of up to 200 Mega Volt-Amp (MVA) capacity and with 220 kilovolts (kV) voltage, having 3 plants in Anand, Gujarat and Bengaluru, Karnataka. It enjoys 12% market share in 5–200 MVA/220kV segment. 

In our IPO Analysis, we had concluded - We review Atlanta Electrical IPO as ‘apply’ for company’s huge capacity addition and pricing, leaving money on the table for the prospective investors.

Another new listing was Ganesh Consumer. As against the IPO price of Rs.322, it got listed on the BSE at Rs.295.

Ganesh Consumer is a Kolkata based manufacturer of packaged staples like atta, besan, spices, being the 3rd largest brand for packaged whole wheat flour and largest in sattu and wheat-based derivatives (maida, sooji, dalia) in East India. Sold under the ‘Ganesh’ brand, 77% of Rs. 850 cr revenue is B2C sales while ~85% is generated from West Bengal alone, implying a regional play.

In our IPO Analysis, we had concluded - Avoid Ganesh Consumer IPO as it is solely to facilitate exit of 9 year old investor. Instead, focus on the flood of opportunities in the current primary market.