The proposed IPO is a combination of fresh issuance of shares worth Rs 400 crore, and an offer-for-sale of 75 lakh shares by promoter Ashutosh Goel, according to the draft red herring prospectus (DRHP) filed on Saturday.
Proceeds from the fresh issue will be used for part financing the capital expenditure required to set up manufacturing facilities. This includes Rs 116.75 crore for the production of smart gas meters, smart water meters, and IoT (Internet of Things) solutions at the Kundli facility, and Rs 99.71 crore for the production of smart electricity meters at the Rai facility.
Additionally, Rs 120 crore will be allocated towards meeting the company’s future working capital requirements and a portion of the proceeds will also be used for general corporate purposes.
Also, the city-based company considers raising up to Rs 80 crore in a pre-IPO round. If such fund-raising is undertaken, then fresh issue size will be reduced.
Allied Engineering Works is a technology-driven solutions provider, focused on meeting the evolving needs of utilities in implementing smart metering infrastructure across India and enhancing the efficiency of utility distribution systems. 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) for installation across six states, including Andhra Pradesh, Gujarat, Maharashtra, Haryana, Punjab and Uttar Pradesh, representing about 10 per cent of the total smart energy meters installed in India, according to a Crisil report. Allied Engineering Works’ competes with companies include Genus Power Infrastructures, HPL Electric and Power, Secure Meters, Avon Meters and Capital Power Systems.
Axis Capital and IIFL Capital Services have been roped in as merchant bankers to manage the IPO.
