Smart energy meter manufacturer Allied Engineering Works has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO consists of a fresh issue of shares worth Rs 400 crore and an offer-for-sale (OFS) 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 support the company’s expansion plans, including capital expenditure for new manufacturing facilities. Of this, Rs 116.75 crore will be used to produce smart gas meters, smart water meters and IoT-based solutions at its Kundli facility, while Rs 99.71 crore will go towards manufacturing smart electricity meters at its Rai facility.
The company also plans to allocate Rs 120 crore towards future working capital needs, with the remaining funds earmarked for general corporate purposes. Allied Engineering Works is also considering a pre-IPO placement of up to Rs 80 crore. If undertaken, the size of the fresh issue will be adjusted accordingly.
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.
(With inputs from PTI)