Allied Engineering Works files for IPO with SEBI; eyes ₹400 crore fresh issue
Published on 06/07/2025 02:59 PM
Allied Engineering Works files for IPO with SEBI; eyes ₹400 crore fresh issueFunds raised through the fresh issue will partly go towards capital expenditure for setting up manufacturing units. The company is also considering a pre-IPO placement of up to ₹80 crore. If this takes place, the size of the fresh issue will be adjusted accordingly.By CNBCTV18.com July 6, 2025, 2:59:37 PM IST (Published)2 Min ReadSmart energy meter manufacturer Allied Engineering Works has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
The IPO will consist of a fresh issue of shares worth ₹400 crore and an offer-for-sale of 75 lakh shares by promoter Ashutosh Goel.
Funds raised through the fresh issue will partly go towards capital expenditure for setting up manufacturing units. This includes ₹116.75 crore for producing smart gas meters, smart water meters, and IoT solutions at the Kundli facility, and ₹99.71 crore for smart electricity meters at the Rai facility.
An additional ₹120 crore will be set aside for future working capital needs. A portion of the proceeds will also be used for general corporate purposes.
The company is also considering a pre-IPO placement of up to ₹80 crore. If this takes place, the size of the fresh issue will be adjusted accordingly.
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Allied Engineering Works offers technology-led solutions aimed at supporting utility providers in adopting smart metering infrastructure and improving distribution efficiency.
As of March 31, 2025, the company has supplied 2.92 million smart energy meters to one utility and 13 Advanced Metering Infrastructure Service Providers (AMISPs) across six states — Andhra Pradesh, Gujarat, Maharashtra, Haryana, Punjab, and Uttar Pradesh. This accounts for around 10% of India’s total installed smart energy meters, as per a report by Crisil.
The company’s competitors include Genus Power Infrastructures, HPL Electric and Power, Secure Meters, Avon Meters, and Capital Power Systems.
Axis Capital and IIFL Capital Services will manage the IPO as merchant bankers.
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