Headquartered in Bhilai, Chhattisgarh, Atmatsco is offering 73.05 lakh shares, of which 54.80 lakh will be a fresh issue and 18.256 lakh shares through an offer-for-sale (OFS). The stock will be listed on NSE Emerge. The issue size is ₹60 crore.

The proceeds from the IPO will be used for working capital requirements and repayment of loans in order to become a provider of technology solutions in the EPC sector to improve efficiency on existing and new contracts.

The profit so generated from the EPC sector will be utilised towards the production of defence systems till September 2024 through its subsidiary Atmastco Defence Systems.

With ongoing projects worth over ₹720 crore, the company has become consistently profitable over the last three financial years. It recorded a remarkable 156 per cent increase in revenue in FY22-23 as compared to the previous financial year.

The company has an annual capacity of over 24,000 tonnes and workforce of about 250 employees,

Subramaniam Swaminathan, Chairman and Managing Director said that about 75–80 per cent of the company’s main power requirement is met through solar energy.

Swaminathan Vijay Chander Iyer, Director, Atmastco Defence Systems, said the company has partnered with the Defence Research and Development Organisation (DRDO) through a technology transfer licencing agreement.