Atomberg's IPO filing decoded: the DRHP, page by page

Atomberg Technologies Limited designs and sells energy-saving home and kitchen appliances in India under the Atomberg brand, and it also makes motors and controllers for other companies (PDF pages 231 and 232). Its home appliances are fans and smart locks; its kitchen appliances are mixer grinders, water purifiers and cold-pressed juicers (PDF page 232). The company was founded in 2012 at IIT Bombay (PDF page 232) and incorporated on 17 April 2012 (PDF page 3). Its registered office is in Vikhroli, Mumbai (PDF page 1) and its factories are in and around Pune (PDF page 32). The founders, Manoj Kumar Meena and Sibabrata Das, are the two promoters, the people the filing names as controlling the company (PDF page 1).

• Filing: a Draft Red Herring Prospectus (DRHP) dated 20 August 2026 (PDF page 1).
• Fresh issue: new shares worth up to ₹450 crore (₹4,500 million), so that money goes to the company (PDF page 1).
• Offer for sale: up to 7,65,41,851 existing shares (76,541,851), sold by seven investors, so that money goes to them, not to Atomberg (PDF pages 1 and 150).
• Sellers (PDF page 1): A91 Emerging Fund I LLP (3,76,99,277 shares), V-Sciences Investments, Jungle Ventures IV (shown as JV4), two Inflexor funds, Steadview Capital Mauritius and Survam Partners. The two promoters are not on the list.
• Total offer size, share count and price: blank in the filing. Price band and all dates are empty brackets (PDF pages 1 and 2).
• Pre-IPO placement: the company may raise up to ₹90 crore privately before filing the next document. If it does, the fresh issue shrinks by that amount, and the placement cannot exceed 20% of the fresh issue (PDF pages 12 and 150).
• Route: Regulation 6(2) of SEBI's ICDR (issue of capital) rules, used because the company does not meet the tests in Regulation 6(1)(a) and 6(1)(b) (PDF page 1). Proposed listing: BSE and NSE (PDF page 2).

The figures are restated (past accounts redone on one basis) and consolidated, for the years ended 31 March 2026, 2025 and 2024, called FY26, FY25 and FY24 (FY26 means April 2025 to March 2026). StopDown converts the filing's ₹ million to ₹ crore. Figures are on PDF page 83 unless noted.

• FY26: revenue from operations ₹1,293.77 crore, total income ₹1,324.03 crore, loss after tax ₹148.88 crore. The loss includes an exceptional item (a one-off charge) of ₹12.91 crore; before it the loss was ₹135.97 crore.
• FY25: revenue ₹959.51 crore, total income ₹1,000.65 crore, loss ₹117.41 crore.
• FY24: revenue ₹796.98 crore, total income ₹825.93 crore, loss ₹199.08 crore.
• Growth: revenue rose 34.84% in FY26 and 20.39% in FY25, the filing's own figures (PDF page 163).
• Mix: fans and smart locks (home appliances) were 89.08% of FY26 revenue, against 97.61% in FY25 and 99.32% in FY24 (PDF page 30).
• Adjusted EBITDA (the filing's own operating profit measure) was a loss of ₹37.12 crore in FY26, ₹51.35 crore in FY25 and ₹152.07 crore in FY24 (PDF page 164).
• Research and development spend was ₹86.79 crore in FY26, 6.71% of revenue (PDF page 164); it was 6.85% in FY25.

These objects are for the fresh issue only; the company gets nothing from the offer for sale (PDF page 150). The amounts come out of the net proceeds, the fresh issue after offer expenses (PDF pages 150 and 151).

• Repaying or prepaying some borrowings: ₹90 crore (₹900 million), all planned for FY27 (PDF page 151).
• Brand awareness and performance marketing: ₹150 crore (₹1,500 million), half in FY27 and half in FY28 (PDF page 151).
• Research and development: ₹100 crore (₹1,000 million), half in each of FY27 and FY28 (PDF page 151).
• General corporate purposes: blank, capped at 25% of gross proceeds (PDF page 151).
• StopDown's arithmetic: the three named objects add up to ₹340 crore of the ₹450 crore fresh issue, before offer expenses. The filing flags that part of the debt to be repaid is owed to ICICI Bank, an affiliate of one of the lead managers (risk factor 25, PDF page 46).

Percentages are on a fully diluted basis (preference shares and convertible debentures counted as converted) from the table dated 19 August 2026 (PDF pages 132 and 133).

• Promoters: Manoj Kumar Meena 17.73% and Sibabrata Das 10.02%, together 27.75%; no one in the promoter group holds shares (PDF pages 133 and 139).
• Largest investors: A91 Emerging Fund I 21.02%, V-Sciences Investments 11.80%, JV4 10.03%, Steadview Capital Mauritius 7.00% and Jongsong Investments 6.98%; five more investors hold 1% or more (PDF page 133).
• Who sells: seven investors, not the promoters. StopDown's arithmetic: A91 offers about 34.6% of its stake and Survam about 48.5%; all the offered shares together are about 14.75% of the fully diluted pre-offer capital.
• Pledges: some promoter holdings are pledged to lenders for personal borrowings, including 71,44,800 bonus preference shares of Mr Meena (1.38% of pre-offer capital) (PDF page 139).

The filing lists 95 risk factors (PDF pages 30 to 77). These five are in StopDown's words.

• Risk factor 1: home appliances brought in 89.08% of FY26 revenue, so a shift away from BLDC (energy-saving motor) fans or smart locks would hurt (PDF page 30).
• Risk factor 6: the company has made a loss in each of the last three years and had negative cash flow in some periods (PDF pages 33 and 34).
• Risk factor 7: it broke lender conditions in FY25 (current ratio 1.19 against a minimum of 1.33) and FY26 (a debt measure of 2.87 against limits of 1.50 and 2.50); lenders waived or noted the breaches (PDF pages 34 and 35).
• Risk factor 15: auditors' reports for all three years carried qualifications, including cash losses, and in FY24 a former employee's vendor payments of ₹2.01 crore without proper papers (PDF page 40).
• Risk factor 31: legal cases. Against the company are two Tamil Nadu tax show cause notices dated 28 July 2026 for FY23 and FY24 with a proposed demand of ₹376.75 crore, which the company disputes in replies of 14 August 2026 (PDF pages 50 and 420). The filing lists no criminal case against the company or the promoters (PDF pages 420 and 422).

After filing a DRHP, the company waits for SEBI's observations, which clear it to proceed. It then files a Red Herring Prospectus (RHP) with the price band, which must reach the Registrar of Companies at least three working days before the issue opens (PDF page 14). Typically the price band is announced a few days before opening, anchor investors (large institutions) bid one working day before the public (PDF page 2), and bidding stays open for about three working days. Shares are listed within three working days of closing under the filing's timetable (PDF page 448). As of November 2026 an IPO generally has to open within 12 months of SEBI's observations, though SEBI has extended some deadlines this year.

Where Atomberg stands on 14 November 2026: The Economic Times and Entrackr reported on 30 October 2026 that SEBI cleared the IPO. A search on 14 November 2026 found no report of an RHP, price band or opening date. The DRHP itself states no price band or date. The linked guides explain each step. This is not investment advice.

• The filing: Atomberg Technologies Limited, Draft Red Herring Prospectus dated 20 August 2026, read from the PDF copy kept by StopDown (the download address was not recorded). Page numbers in this piece are PDF page positions, counting the cover as page 1. They run four higher than the number printed on each page: PDF page 80 prints 76, PDF page 150 prints 146 and PDF page 231 prints 227. Page numbers quoted inside the filing's own text follow the printed numbering.
• The Economic Times, 30 October 2026: economictimes.indiatimes.com
• Entrackr, 30 October 2026: entrackr.com