Atomberg Technologies has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO), marking a major step toward the public markets for the consumer appliance company. The proposed issue comprises a fresh issue of equity shares worth up to Rs 450 crore and an offer for sale (OFS) of up to 7.65 crore shares by existing shareholders.
The IPO will give Atomberg access to fresh capital for debt repayment, brand building and research and development, while allowing several early and institutional investors to partially monetise their holdings. A91 Partners is set to sell the largest number of shares in the OFS, followed by Temasek-backed V-Sciences Investments and Jungle Ventures’ JV4 vehicle. The proposed issue comes after Atomberg reported strong revenue growth in FY26, although profitability weakened during the year.
Atomberg Files DRHP For Rs 450 Crore Fresh Issue
The proposed IPO combines primary fundraising by Atomberg with a secondary sale by existing shareholders. The fresh issue will bring new capital into the company, while proceeds from the OFS will go to the selling shareholders.
The company has proposed a fresh issue of up to Rs 450 crore. Separately, existing shareholders are looking to sell up to 7,65,42,051 equity shares with a face value of Rs 10 each.
Atomberg IPO At A Glance
| IPO Parameter | Details |
|---|---|
| Fresh issue | Up to Rs 450 crore |
| Offer for sale | Up to 7.65 crore shares |
| Face value | Rs 10 per share |
| IPO structure | Fresh issue + OFS |
| Company | Atomberg Technologies Ltd |
| Industry | Consumer appliances |
| Founded | 2012 |
| Founders | Manoj Meena and Sibabrata Das |
| Proposed use of fresh funds | Debt repayment, marketing, R&D and general corporate purposes |
| IPO status | DRHP filed with SEBI |
The final issue size, price band and number of shares offered may be determined later in consultation with the company’s book-running lead managers and subject to regulatory approvals.
A91, Temasek And Jungle Ventures Among Investors Selling
The OFS is one of the most significant parts of the proposed transaction because several institutional investors are looking to sell portions of their existing holdings.
A91 Partners will sell approximately 3.77 crore shares, making it the largest seller in the proposed OFS. Temasek-backed V-Sciences Investments is set to sell about 1.22 crore shares, while Jungle Ventures, through JV4, will offer approximately 99.46 lakh shares.
Inflexor’s investment vehicles are also expected to sell 87.9 lakh shares. Steadview Capital Mauritius and Survam Partners will sell approximately 45.38 lakh and 33.18 lakh shares, respectively.
Proposed Shareholder Sales
| Selling Shareholder | Shares Offered |
|---|---|
| A91 Partners | 3.77 crore |
| V-Sciences Investments, Temasek-backed | 1.22 crore |
| Jungle Ventures through JV4 | 99.46 lakh |
| Inflexor funds | 87.90 lakh |
| Steadview Capital Mauritius | 45.38 lakh |
| Survam Partners | 33.18 lakh |
| Total OFS | Up to 7.65 crore |
The proposed exits are partial rather than complete exits, meaning the participating investors are expected to retain exposure to Atomberg after the IPO.
A91 Partners Is Atomberg’s Largest Shareholder
A91 Partners is currently Atomberg’s largest shareholder, holding a 21.02% stake as of the DRHP date.
Co-founder Manoj Kumar Meena holds 17.73%, while Temasek-backed V-Sciences Investments owns 11.8%. Jungle Ventures holds 10.03%, and co-founder Sibabrata Das owns 10.02%.
Other major institutional shareholders include Steadview Capital, Jonsong Investments and Inflexor Ventures.
Atomberg Shareholding Structure
| Shareholder | Stake |
|---|---|
| A91 Partners | 21.02% |
| Manoj Kumar Meena | 17.73% |
| V-Sciences Investments | 11.80% |
| Jungle Ventures | 10.03% |
| Sibabrata Das | 10.02% |
| Steadview Capital | 7.00% |
| Jonsong Investments | 6.98% |
| Inflexor Ventures | 6.08% |
| Others | Balance |
The ownership structure highlights the substantial institutional backing Atomberg has accumulated during its private-market journey.
How Much Capital Will Atomberg Actually Use For Growth?
The Rs 450 crore fresh issue is not being allocated to a single business objective. Atomberg has outlined several uses for the capital, including debt reduction, marketing and research and development.
The largest allocation is for brand awareness and performance marketing, at Rs 150 crore. Another Rs 100 crore has been earmarked for research and development, while Rs 90 crore will be used to repay or prepay certain borrowings.
Proposed Use Of Fresh Issue Proceeds
| Use Of Funds | Amount |
|---|---|
| Brand awareness and performance marketing | Rs 150 crore |
| Research and development | Rs 100 crore |
| Repayment/prepayment of borrowings | Rs 90 crore |
| General corporate purposes | Balance |
| Fresh issue | Up to Rs 450 crore |
The marketing allocation indicates that Atomberg intends to invest heavily in strengthening its consumer brand. Meanwhile, the Rs 100 crore R&D allocation could support new products, technology development and improvements across its appliance portfolio.
The debt repayment component is comparatively smaller than the marketing and R&D allocations, suggesting that the IPO is primarily intended to support expansion rather than simply repair the balance sheet.
Atomberg’s Revenue Grows 34.8% In FY26
Atomberg’s financial performance provides important context for the proposed IPO.
The company reported revenue from operations of Rs 1,293.77 crore in FY26, up 34.8% from Rs 959.51 crore in FY25. The growth indicates that Atomberg continued to expand its sales despite operating in a highly competitive consumer appliance market.
However, the company’s adjusted EBITDA declined during the same period. Adjusted EBITDA fell to Rs 37.12 crore in FY26 from Rs 51.35 crore in FY25.
Atomberg also reported a restated loss of Rs 148.88 crore in FY26.
Atomberg Financial Snapshot
| Financial Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Revenue from operations | Rs 959.51 crore | Rs 1,293.77 crore | +34.8% |
| Adjusted EBITDA | Rs 51.35 crore | Rs 37.12 crore | Declined |
| Restated profit/loss | — | Rs 148.88 crore loss | Loss reported |
The combination of strong revenue growth and weaker operating profitability is an important consideration for prospective public-market investors.
Atomberg will need to demonstrate that it can continue growing while improving operating leverage and controlling the costs associated with marketing, product development and expansion.
From Smart Fans To A Broader Appliance Business
Atomberg was founded in 2012 by Manoj Meena, with Sibabrata Das joining as co-founder in 2013. The company initially built its reputation around energy-efficient BLDC ceiling fans before expanding into a broader consumer appliance portfolio.
Its current products include ceiling fans, mixer grinders, water purifiers, juicers and smart locks. The company also has a subsidiary, Atomberg Innovations, which supplies motors and controllers to companies including Voltas, Godrej and Blue Star.
Atomberg’s Business Portfolio
| Category | Products / Business |
|---|---|
| Fans | BLDC and smart ceiling fans |
| Kitchen appliances | Mixer grinders and juicers |
| Water appliances | Water purifiers |
| Smart home | Smart locks |
| Components | Motors and electronic controllers |
| B2B | Components supplied to other appliance companies |
This diversification has allowed Atomberg to evolve from a smart-fan company into a broader consumer appliance platform.
Manufacturing And Distribution Expansion
Atomberg has increasingly combined its direct-to-consumer presence with offline retail and online marketplaces. This gives the company multiple routes to reach consumers and reduces its dependence on any single sales channel.
Its expansion into categories such as mixer grinders and water purifiers also increases the potential size of its addressable market.
However, expanding across categories can increase operational complexity. Each new product line requires investments in product development, manufacturing, inventory, distribution, customer service and after-sales support.
The proposed Rs 100 crore R&D allocation could therefore become important as Atomberg seeks to expand its product portfolio while maintaining its technology-focused positioning.
Earlier Funding Built The Base For The IPO
Atomberg has attracted significant institutional funding before moving toward a public listing.
In 2023, the company raised $86 million in a Series C round led by Temasek and Steadview Capital, with participation from Trifecta Capital, Jungle Ventures and Inflexor Ventures. That round included both primary and secondary transactions, with A91 Partners reducing part of its stake.
The company’s funding history illustrates the transition from venture-backed growth to public-market financing.
Atomberg’s Key Funding And IPO Milestones
| Period | Development |
|---|---|
| 2012 | Atomberg founded |
| 2013 | Sibabrata Das joins as co-founder |
| 2023 | $86 million Series C funding round |
| 2026 | Company converted into a public entity |
| August 2026 | Shareholders approved IPO plans |
| August 2026 | DRHP filed with SEBI |
| Proposed IPO | Rs 450 crore fresh issue + OFS |
Atomberg converted from a private company into a public company in July 2026 as part of preparations for a potential listing. Earlier reports had indicated that the company was considering a much larger overall IPO of Rs 1,500 crore-Rs 2,000 crore, although the DRHP now proposes a fresh issue of up to Rs 450 crore alongside the OFS.
IPO Gives Early Investors A Liquidity Opportunity
The OFS component provides existing shareholders with a route to monetise part of their investments after several years of private-market ownership.
A91’s proposed sale is particularly notable because the firm is Atomberg’s largest shareholder. Temasek-backed V-Sciences and Jungle Ventures are also among the investors selling shares while retaining exposure to the company.
This structure is common in startup IPOs, where early investors may sell a portion of their holdings while continuing to participate in the company’s future growth.
For Atomberg, the fresh issue remains the more important component from a business-development perspective because those proceeds will be available to the company.
Key Numbers To Watch In The Atomberg IPO
| Metric | Number |
|---|---|
| Fresh issue | Up to Rs 450 crore |
| OFS | Up to 7.65 crore shares |
| Marketing allocation | Rs 150 crore |
| R&D allocation | Rs 100 crore |
| Debt repayment | Rs 90 crore |
| FY26 revenue | Rs 1,293.77 crore |
| FY25 revenue | Rs 959.51 crore |
| FY26 revenue growth | 34.8% |
| FY26 adjusted EBITDA | Rs 37.12 crore |
| FY25 adjusted EBITDA | Rs 51.35 crore |
| FY26 restated loss | Rs 148.88 crore |
| Largest shareholder | A91 Partners |
| A91 stake | 21.02% |
These figures provide a snapshot of the scale of the proposed transaction and Atomberg’s financial position ahead of the listing.
The Bigger Picture
Atomberg’s DRHP filing represents another step in the maturation of India’s consumer technology and D2C ecosystem. The company has moved from a focused smart-fan business into a broader appliance platform and is now seeking public-market capital to fund the next stage of growth. The proposed allocation toward marketing and R&D suggests that Atomberg intends to compete through brand strength and product innovation rather than relying only on distribution expansion.
At the same time, the proposed investor exits demonstrate the liquidity opportunity that India’s IPO market is creating for venture and growth investors. A91, Temasek-backed V-Sciences and Jungle Ventures can monetise portions of their holdings while Atomberg itself raises fresh capital. The company’s ability to sustain its 34.8% revenue growth while improving EBITDA performance will likely remain a key focus as it moves closer to listing.
Looking Ahead
Atomberg’s immediate priorities will include completing the regulatory process, determining the final IPO structure and price band, and preparing investors for the company’s public-market story. The Rs 450 crore fresh issue gives the company significant capital for brand building, R&D and debt reduction, while the OFS provides liquidity to existing shareholders. The eventual size of the issue and valuation will determine how the market assesses the company’s growth prospects.
For Atomberg, the bigger challenge will be converting revenue growth into stronger and more consistent profitability. Its expansion beyond fans, investment in new products and growing distribution network create opportunities for further scale, but they also require continued spending. The IPO will therefore serve not only as a fundraise and liquidity event but also as a test of whether India’s consumer-appliance startups can translate rapid private-market growth into sustainable public-market businesses.
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