Mumbai-based consumer appliance company Atomberg Technologies Ltd. has moved a significant step closer to its public market debut after submitting its draft red herring prospectus (DRHP) to SEBI for an initial public offering. The planned public offer comprises a fresh issue of equity shares worth up to ₹450 crore alongside an offer for sale (OFS) of up to 76.54 million equity shares by existing investors. The company also plans to raise up to ₹90 crore through a pre-IPO placement before filing its Red Herring Prospectus (RHP), having received approval to issue up to 9 crore equity shares to certain investors for an aggregate amount of up to ₹90 crore. In the event of a pre-IPO placement, the size of the offer would be reduced from the fresh issue portion to the extent of equity shares issued under the pre-IPO placement subject to the offer satisfying the minimum offer size requirements under the SCRR and applicable laws. Of the net issue, 75% will be reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and 10% for retail investors. The offer is being managed by ICICI Securities, Avendus Capital and IIFL Capital Services as book-running lead managers, with MUFG Intime India serving as the registrar.
A91 Partners is set to realise a significant portion of its investment in consumer appliances maker Atomberg Technologies as the company prepares to go public, with the investor having sold shares worth nearly ₹445 crore, according to the latest DRHP. The fund, which first backed Atomberg in 2019, has put about ₹143 crore into the company across primary and secondary transactions. Of this, ₹118 crore went into the company as primary capital, while ₹25 crore was deployed to acquire shares from existing shareholders. Despite these substantial sales, A91 remains the largest shareholder in the company with a 21.02% holding, as per the DRHP. The company's public-market filing reveals that existing shareholders have collectively undertaken secondary sales worth about ₹683 crore since 2019. Parampara Early Stage Opportunities Fund has sold shares worth roughly ₹116 crore, making it the second-largest seller after A91, while Atomberg's founders, Manoj Meena and Sibabrata Das, have also monetised portions of their holdings. These secondary transactions have allowed early investors and shareholders to realise returns ahead of the public listing, while bringing in new investors without increasing Atomberg's share capital. Among the investors paring their stakes through the offer for sale are A91 Emerging Fund I LLP, V-Sciences Investments, Jungle Ventures IV and Inflexor Opportunities Fund 1. Inflexor Opportunities Fund I and Inflexor Technology Fund will together sell 87.9 lakh shares, while Steadview Capital Mauritius and Survam Partners will sell 45.38 lakh and 33.18 lakh shares, respectively.
A significant concern for prospective investors is the ₹190 crore liability owed to founders Manoj Kumar Meena and Sibabrata Das towards deferred bonuses awarded in earlier financial years. According to Moneycontrol, this liability is equivalent to 88% of the company's total cash and bank deposits of ₹215.87 crore. The deferred founder bonus comprises ₹59.57 crore awarded in FY23 and another ₹132.89 crore in FY24, taking the cumulative founder bonus to ₹192.46 crore. The DRHP does not disclose the performance criteria or milestones used to determine bonuses of this magnitude, nor does it explain why the awards were structured as deferred bonuses. More critically, the offer document does not specify a payment date, instalment schedule, or settlement trigger, stating only that the management bonus was "structured as a deferred bonus payable in future periods." The DRHP also does not state if IPO proceeds will be used to pay the founder bonuses, though a person familiar with the matter told Moneycontrol that the management bonus represents a historical remuneration liability that has already been recognised in financial statements.
Founded by Manoj Meena in 2012 and joined by Sibabrata Das as co-founder in 2013, Atomberg has established itself as a dominant player in India's premium consumer appliance market. The company makes consumer appliances including fans, mixer grinders, water purifiers and cold-pressed juicers, while also manufacturing proprietary components such as motors and controllers for enterprise customers including Voltas, Godrej, and Blue Star through its subsidiary, Atomberg Innovations. According to Redseer, Atomberg claims the highest market share in India's premium fan segment, defined as fans with an average selling price above ₹3,500, with the company having a 46.08% share by cumulative sales value in the premium fans segment in FY26. The company's revenue from operations increased to ₹1,294 crore in FY26, representing a 62% growth over two years from ₹797 crore in fiscal 2024. However, the restated loss after tax widened to ₹148.9 crore in FY26, compared with ₹117.4 crore in FY25, attributed partly to one-time exceptional charges for new labour-code compliance costs and cost-cutting initiatives. A91 Partners is currently Atomberg's largest shareholder with a 21.02% stake, followed by co-founder Manoj Kumar Meena with 17.73%, while V-Sciences Investments and Jungle Ventures hold 11.8% and 10.03% respectively, and co-founder Sibabrata Das owns 10.02%. The founders hold a combined 27.75% of Atomberg on a fully diluted basis, with the active ESOP schemes showing no outstanding options or fresh grants to either founder.
According to the latest DRHP, Atomberg operates three business segments with mixed profitability results. The Home Appliances segment (fans and smart locks) posted a segment profit of ₹135.3 crore in FY26, while the Kitchen Appliances segment (mixer grinders and water purifiers) and Proprietary Components segment lost a combined ₹80.7 crore. The company's revenue from operations increased to ₹1,294 crore in FY26, from ₹959.51 crore in FY25 and ₹796.98 crore in FY24, representing a 34.84% growth. However, the restated loss after tax widened to ₹148.9 crore in FY26, compared with ₹117.4 crore in FY25, attributed partly to one-time exceptional charges for new labour-code compliance costs and cost-cutting initiatives. The company's R&D spend reached ₹86.79 crore in FY26, equivalent to 6.71% of revenue from operations, with 254 engineers in its R&D team. According to the latest reports, revenue from online channels increased to ₹456.45 crore in FY26 from ₹234.51 crore in FY24, while offline revenue rose to ₹820.11 crore from ₹562.47 crore. The company operates via 626 distributors and direct dealers, nearly 47,000 retail touchpoints and a service network covering over 18,000 pin codes across India, as of March 31, 2026. Tier 2 and smaller cities accounted for 49.57% of its offline consumer appliance revenue in FY26, ahead of metropolitan cities at 30.91% and Tier 1 cities at 19.52**.
