Delhi-based smart energy meter manufacturer Allied Engineering Works has decided to tap capital markets to fund its expansion of manufacturing facilities. It has filed preliminary papers with the SEBI to raise funds via initial public offering (IPO).
The IPO will comprise of fresh issuance of shares worth Rs 400 crore, and an offer-for-sale of 75 lakh shares by promoter Ashutosh Goel.
The company may consider fund raising up to Rs 80 crore in pre-IPO round.
Incorporated in 1986, Allied Engineering Works manufactures smart energy meters, including consumer smart meters, distribution transformer, feeder, and boundary smart meters, as well as advanced automation and IoT solutions.
By March 2025, it has supplied 2.92 million smart energy meters to one utility and 13 AMISPs for installation across six states, including Andhra Pradesh, Gujarat, Maharashtra, Haryana, Punjab and Uttar Pradesh, representing approximately 10 percent of the total smart energy meters installed in India.
According to the Crisil report, in India, the smart energy meter market that valued at Rs 7,500 crore in FY25 is projected to reach to the value of Rs 29,500-30,000 crore by FY30.
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The company that competes with listed peers like Genus Power Infrastructures, and HPL Electric & Power plans to set up two manufacturing facilities - one is for for production of smart gas meters, smart water meters, and IoT solutions, and second for establishing tool room, injection moulding and smart electricity meters in Haryana - the fresh issue proceeds of Rs 216.5 crore.
Further, Rs 120 crore will be utilised for future working capital requirements, and the remainder for general corporate purposes.
The smart energy meter solutions provider had confirmed orders for the supply of 5.79 million smart energy meters, amounting to Rs 1,853.6 crore as of March 2025.
Allied Engineering Works has recorded consistent revenue growth and profitability in the past years. Revenue during FY23-FY25 grew at a CAGR of 109.76 percent to Rs 717 crore, up from Rs 163 crore and profit increased at a CAGR of 1,074.4 percent to Rs 140.26 crore in the fiscal 2025, up from Rs 1 crore in FY23.
Axis Capital, and IIFL Capital Services are appointed as merchant bankers to handle the Allied Engineering Works IPO.
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