business · 2026-08-22
Atomberg Files for ₹450 Cr+ IPO
Photo: CommandProMC / Wikimedia (CC BY-SA 4.0)
Atomberg's revenue grew 34.8% but its net loss still widened to ₹149 Cr, because only its fan business turns a profit while two newer bets keep bleeding money.
How big could Atomberg's IPO actually get?
The DRHP itself confirms only ₹450 Cr as fresh shares plus an OFS of 7.65 Cr shares from investors, whose rupee value isn't fixed until pricing. But Inc42 had earlier reported Atomberg targeting a much bigger ₹1,500-2,000 Cr IPO overall, with the fresh issue meant to be just 25-35% of that total, meaning the OFS could be several times the ₹450 Cr fresh portion.
Could the ₹450 Cr fresh issue shrink further before listing?
Yes. Atomberg may first raise up to ₹90 Cr from select investors in a pre-IPO placement. Any amount raised there gets subtracted from the ₹450 Cr fresh issue rather than added on top, so the public fresh issue could end up as low as ₹360 Cr, depending on how much of that placement actually goes through.
Who is cashing out through the OFS and how much do they hold?
A91 Partners, the largest shareholder at 21.02%, is selling the most shares (3.77 Cr) via the OFS. Temasek-backed V-Sciences (11.8% stake) is selling 1.22 Cr shares, Jungle Ventures (10.03%) 99.46 lakh, plus Inflexor and Steadview. Co-founders Manoj Meena (17.73%) and Sibabrata Das (10.02%) are selling nothing.
Why is a loss-making company like Atomberg even allowed to IPO?
Atomberg doesn't meet SEBI's usual profitability and net-worth bar for a mainboard listing, so it is using Regulation 6(2) of the SEBI ICDR rules, a route built for companies that fail those thresholds. The tradeoff: at least 75% of the offer must go to institutional buyers, and if that isn't hit, the entire IPO is cancelled and money refunded, the same path several other loss-making new-age firms have used to list.
Which early backers are cashing out via this IPO?
Seven investors are selling in the OFS. A91 Partners is the biggest seller, offloading up to 3.77 Cr shares. Temasek's V-Sciences Investments sells 1.22 Cr shares, Jungle Ventures' JV4 sells 99.46 lakh shares, Inflexor's two funds sell a combined 87.9 lakh shares, Steadview Capital Mauritius sells 45.38 lakh, and Survam Partners sells 33.18 lakh. Founders Meena and Das are selling nothing.
How did A91 Partners build such a large stake to sell?
A91 Partners is one of Atomberg's oldest backers. By its 2023 Series C round, A91 already held around 49% of the company and used that round to trim its stake by 15-20%, selling secondary shares alongside the Gogri family and other early angels, while still remaining a major shareholder.
When did Temasek and Steadview first invest, and at what valuation?
Temasek and Steadview led Atomberg's $86 million Series C round in May 2023, which valued the company at roughly $400-450 million, more than double what it had commanded a year earlier. Trifecta Capital joined as a new investor, alongside existing backers Jungle Ventures and Inflexor Ventures.
How has Atomberg's total funding grown over time?
Atomberg has raised about $126.5 million to date, per the IPO filing, up from $45 million before its 2023 Series C and over $150 million cumulatively by late 2025 including a Temasek-led round. Jungle Ventures first led a $20 million round in December 2021 at a $150 million valuation, before valuations roughly tripled within two years.
Can the Voltas tie-up fix Atomberg's loss-making factory?
Not soon. The Voltas joint venture is only a signed term sheet, not a running plant, with most investment likely landing in FY28-29 and commercial output starting after an 18-month runway targeting 2.8 million units. Meanwhile Atomberg's proprietary components arm, which would house this venture, already lost ₹37.4 Cr in FY26, nearly double the prior year's loss.
Why is a 50:50 JV harder than just selling to Voltas?
Atomberg already supplies motors and controllers to Voltas, Godrej and Blue Star, but compressors are a bigger bet: Voltas' 2022 attempt to build one with a Chinese partner, Highly International, collapsed in 2023 after government approvals under border-security rules never came through, leaving Voltas without a compressor partner for three years before turning to Atomberg.
What's the actual size of the opportunity this chases?
India sold around 15 million room ACs in FY25 and could reach 28 million by 2030, with only about 10% of households currently owning one. China supplied 73.7% of a key compressor import category worth $217.5 million, so scaling local compressor output taps both import substitution and a market industry estimates expect to nearly double.
What would prove this JV is actually working?
Watch whether Voltas' 2.8 million-unit initial target and 18-month production runway hold, since its first compressor JV with Highly International died at the regulatory-approval stage before ever manufacturing anything. Also watch Atomberg's components segment loss, currently ₹37.4 Cr and rising, since JV investment is expected mostly in FY28-29, meaning years of continued losses before any payoff shows up.
Source: inc42.com