Allied Engineering Works IPO: ₹400 Cr Growth Play

Allied Engineering Works IPO is fully book build issue and total IPO size is ₹400.00 crores. The entire share offering is a fresh issue worth ₹400.00 crores.

The dates for the Allied Engineering Works IPO have not been announced yet. The allotment process is expected to be finalized by [.].

The Allied Engineering Works IPO is scheduled to list on BSE, NSE, with a listing date of [.]. The price band for the Allied Engineering Works IPO has not been announced yet.

Registrar for this IPO is Kfin Technologies Limited and lead managers for Allied Engineering Works IPO are Axis Capital Limited, Iifl Capital Services Limited.

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IPO Schedule

IPO Open Date	-
IPO Close Date	-
IPO Allotment Date	-
Refund Initiation	-
Share credit in Demat	-
Listing Date	-

Key Details

Price Band	TBA
Lot Size	TBA
Face Value	₹5 Per Equity Share
Total Issue Size	7,500,000 Shares + ₹400 Crores
Fresh Issue	₹400.00 Crores
OFS Issue	7,500,000 Shares
Issue Type	Fresh Issue and Offer for Sale
Listing At	BSE, NSE

Share Reservation

Investor Category	Shares Offered
QIB	50%
Retail	35%
NII/HNI	15%

About Allied Engineering Works Limited Company

Allied Engineering Works Limited (AEW) is a technology-driven solutions provider focused on smart metering infrastructure and enhancing utility distribution efficiency in India. AEW manufactures a comprehensive range of smart energy meters and automation/IoT solutions, positioning itself as a one-stop shop for smart energy metering needs.

As of March 31, 2025, AEW ranks among the top five energy meter solutions providers in India, with an installed manufacturing capacity of 7.29 million meters per annum and is the fastest-growing comprehensive smart energy meter solutions provider in India, achieving a CAGR of 109.76% from Fiscal 2023 to Fiscal 2025. The company has supplied 2.92 million smart energy meters, including 0.26 million DT meters.

Key financial parameters for FY25 include revenue from operations of ₹717.11 crore, with a year-on-year growth of 105.78%. The EBITDA margin stands at 28.87%, and the PAT margin is 19.56%. ROCE is reported at 71.47%, and ROE at 65.69%. The company is also developing smart gas and water meters and an IIOT automation stack, NEMORA, for utilities and substations.

Allied Engineering Works Limited Financial Details

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	548.98	269.18	148.23
Revenue
Profit After Tax
Net Worth	213.52	73.25	25.79
Reserves and Surplus	158.52	67.75	20.29
Total Borrowing	66.91	28.14	30.40

₹ In Crore

Key Performance Indicator

Basic EPS (in ₹)	Return on Net Worth (RoNW)	Net Asset Value (NAV)	Debt-Equity Ratio	Return on Equity (ROE)	Return on Capital Employed (ROCE)
12.75	65.69	19.41

Offer Objectives

The offer comprises a Fresh Issue of equity shares aggregating up to ₹40 crore and an Offer for Sale (OFS) of up to 75,00,000 equity shares. The company will not receive any proceeds from the OFS.

Objects of the Fresh Issue: The net proceeds from the Fresh Issue will be utilized for:

(1) Part-financing capital expenditure: Setting up manufacturing facilities for smart gas meters, smart water meters, IoT solutions (Kundli Facility) and tool room, injection moulding & smart electricity meters (Rai Facility). Allocated amount for Kundli facility is ₹11.67 crore and Rai facility is ₹9.97 crore.

(2) Funding future working capital requirements: ₹12 crore is assigned for this purpose.

(3) General corporate purposes: Amount for general corporate purposes will not exceed 25% of the gross proceeds.

The company may consider a Pre-IPO placement of equity shares aggregating up to ₹8 crore and is capped at 20% of the fresh issue size. Also, up to 33,00,000 options may be granted under the ESOS Scheme

Major shareholders holding more than 1% of pre-offer equity include Ashutosh Goel (68.76%), Bimla Devi Goel (3.41%), AEW Infratech Private Limited (19.75%), RP Goel Family Trust (4.67%), and Vipul Gupta Family Trust (3.41%). As of the date of the Draft Red Herring Prospectus, directors, key managerial personnel and senior management held equity shares in the company, with Ashutosh Goel holding 68.76% pre-offer.