Atomberg Technologies, the Mumbai-based consumer electronics company best known for its energy-efficient smart fans, has taken decisive steps toward a public market debut, appointing merchant bankers for a proposed large-ticket IPO while simultaneously exploring a small secondary capital transaction aimed at shareholder realignment.
Founded in 2012 by IIT Bombay graduates Manoj Meena and Sibabrata Das, Atomberg is now positioning itself to capitalise on India’s buoyant primary markets, even as it fine-tunes its cap table ahead of listing.
Atomberg Finalized Merchant Bankers for IPO
According to reports, Atomberg has appointed Avendus Capital and IIFL Capital as lead bankers for its public offer. The company is in advanced discussions to finalise a third banker, choosing between Axis Capital and ICICI Securities.
Atomberg IPO size is expected to be in excess of INR 2,000 crore (~USD 200–220 million), with a structure comprising both a fresh issue of shares and an offer-for-sale (OFS) by existing investors. Market participants estimate that total dilution could be around 10%, implying a potential post-money valuation of roughly INR 20,000 crore (~USD 2.2 billion), subject to market conditions and final pricing.
Atomberg IPO date is expected to fall between March and April 2026. Ahead of the public issue, Atomberg is likely to file its Draft Red Herring Prospectus (DRHP) with SEBI under the confidential filing route as early as January 2026.
Atomberg IPO: A Parallel Move with INR 40 Cr Secondary Sale
Running alongside the IPO process, Atomberg is also in talks to raise INR 40 crore (~USD 4.8 million) via a secondary transaction, led by Forj Capital, with participation from White Whale Partners, select angel investors, and high-profile investor Tanmay Bhatt.
Report emphasise that this transaction is not a price-discovery round, but rather a cap-table optimisation exercise.
A key driver is early investor A91 Partners, which plans to dilute its holding to below 20% to avoid being classified as a promoter entity ahead of listing. Atomberg’s founders—Meena and Das—are also expected to sell shares worth around INR 12 crore, while some former employees will monetise a portion of their ESOPs.
Management has clarified that the secondary sale is strategic, aimed at onboarding smaller-ticket investors and ensuring regulatory and governance flexibility prior to the IPO.
Business Overview and Financial Snapshot
Atomberg began as a B2B supplier of BLDC motor technology before entering the consumer market in 2016. Today, it sells BLDC-based ceiling and pedestal fans, mixer grinders, water purifiers, and other home appliances through its own website, major ecommerce platforms such as Amazon and Flipkart, and offline retail channels.
The company has demonstrated strong topline growth, consistently exceeding 30% annually. For FY24, Atomberg reported revenues of INR 848–865 crore, up from INR 645 crore in FY23. However, profitability remains elusive, with net losses widening to approximately INR 203 crore in FY24, reflecting continued investments in brand-building, distribution, and category expansion.
Funding History and Investor Base
To date, Atomberg has raised around USD 150 million from a blue-chip investor roster that includes Temasek Holdings, Steadview Capital, Jungle Ventures, A91 Partners, Inflexor Ventures, and Trifecta Capital. Its last major funding round in 2023 saw the company raise USD 86 million, valuing it at around USD 450 million, with Avendus Capital advising on the transaction.
Atomberg IPO Market Context
Atomberg IPO ambitions come amid sustained strength in India’s equity capital markets. Companies have raised over INR 1.76 lakh crore via IPOs in 2025. A growing cohort of new-age and consumer-tech firms—including Lenskart, Groww, Meesho, Pine Labs, Urban Company, and others—have listed recently.
If successful, Atomberg would join this expanding universe of venture-backed Indian brands transitioning to public markets, offering investors exposure to the fast-growing premium home appliances segment.
For now, the appointment of merchant bankers and the ongoing secondary sale signal that Atomberg has firmly entered the IPO readiness phase—with 2026 shaping up to be a pivotal year in its corporate journey.
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