Allied Engineering Files For ₹400 Cr IPO, To Fund Smart Meter Manufacturing Expansion

New Delhi: Allied Engineering Works, a leading smart energy meter manufacturer, has filed draft papers with SEBI to raise funds through an Initial Public Offering (IPO). The offering includes a fresh issue of shares worth Rs 400 crore and an Offer for Sale (OFS) of 75 lakh equity shares by promoter Ashutosh Goel, according to the Draft Red Herring Prospectus (DRHP) filed on Saturday.

Use of IPO Proceeds

The company plans to use the IPO proceeds mainly to expand its production infrastructure. Around Rs 116.75 crore will be spent on building smart gas meters, smart water meters, and IoT solutions at its Kundli facility, while Rs 99.71 crore will be allocated for smart electricity meter production at its Rai facility.

Additionally, Rs 120 crore will go towards meeting future working capital requirements. A portion of the raised capital will also be used for general corporate purposes.

The company may also raise up to Rs 80 crore through a pre-IPO placement. If this happens, the fresh issue size will be adjusted accordingly.

Strong Industry Presence

Allied Engineering Works is a technology-driven company focused on smart metering infrastructure. It supports Indian utilities in improving power distribution systems and energy efficiency. As of March 31, 2025, the firm had supplied 2.92 million smart meters to one utility and 13 Advanced Metering Infrastructure Service Providers (AMISPs). These meters have been deployed across six states, including Andhra Pradesh, Gujarat, Maharashtra, Haryana, Punjab, and Uttar Pradesh, covering about 10% of the total smart meter installations in India, according to a Crisil report.

Industry Peers and Advisors

The company competes with players like Genus Power, HPL Electric, Secure Meters, Avon Meters, and Capital Power Systems.

Axis Capital and IIFL Capital Services are acting as merchant bankers to manage the IPO process.

(With PTI Inputs)