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Chandigarh, July 9, 2025 — Allied Engineering Works Limited, a prominent technology-driven smart metering solutions provider, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking the first formal step towards launching its Initial Public Offering (IPO).
The IPO will comprise a fresh issue of equity shares worth ₹400 crore and an Offer for Sale (OFS) of up to 7.5 million equity shares with a face value of ₹5 each by existing shareholders. The proceeds from the fresh issue are expected to be used for business expansion, working capital requirements, R&D investments, and general corporate purposes.
A Leader in India’s Smart Metering Landscape
According to a CRISIL report cited in the DRHP, Allied Engineering Works Limited is among the top five energy meter solutions providers in India based on its manufacturing capacity, which stands at an impressive 7.29 million energy meters per annum as of March 31, 2025.
The company has rapidly emerged as a frontrunner in the smart metering domain, posting a remarkable revenue CAGR of 109.76% from FY2023 to FY2025, making it the fastest-growing comprehensive smart energy meter solutions provider in India during this period.
The company offers a complete portfolio of smart metering products, including:
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Single-phase and three-phase consumer smart meters
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Low and high-voltage current transformer meters (LTCT and HTCT)
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Distribution Transformer (DT) meters
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Feeder and boundary meters
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Static energy meters
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Wires and cables
This diverse range enables the company to serve various stakeholders in the utility sector—from Advanced Metering Infrastructure Service Providers (AMISPs) to state and private utility companies—enhancing its market reach and scalability.
Smart Infrastructure, Smarter Future
As India embarks on a massive smart metering rollout under the Revamped Distribution Sector Scheme (RDSS), companies like Allied Engineering are set to play a critical role in supporting utilities to reduce Aggregate Technical and Commercial (AT&C) losses, improve billing efficiency, and enable real-time monitoring of power consumption.
With the government’s ambitious target to install over 250 million smart meters across the country in the coming years, the market opportunity is immense. Allied Engineering’s capability to provide end-to-end smart metering solutions, including data communication infrastructure and analytics platforms, positions it well to capture this demand.
The company’s integrated solutions enable utilities to:
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Monitor electricity usage in real-time
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Detect power theft and line losses
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Improve grid efficiency
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Reduce human error through automated readings
Manufacturing Excellence and Strategic Edge
Allied Engineering’s manufacturing units are equipped with cutting-edge automated machinery that ensures scalability and high-quality output. Its design and development teams are focused on enhancing product performance, especially for remote data access, low-power operation, and tamper detection.
What distinguishes Allied Engineering is its ability to deliver large-scale orders, particularly for high-value three-phase and DT meters, due to its robust production capability and strategic alignment with both AMISPs and direct utility contracts.
This dual-channel approach allows the company to:
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Tap into large-scale tenders issued by discoms
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Leverage the AMISP network for bulk procurement projects
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Mitigate dependency on any one client segment
Financial Performance and Growth Outlook
Although specific financial details were not disclosed in the DRHP summary, the exponential CAGR signals robust demand and strong order inflows, especially in a sector that has seen major capital investments under the government’s digital and energy transition agendas.
Market analysts expect smart metering firms to benefit from both policy tailwinds and increased private sector participation, making companies like Allied Engineering attractive for long-term investors.
IPO Details and Book Runners
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Fresh Issue Size: ₹400 crore
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Offer for Sale: 7,500,000 equity shares
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Face Value: ₹5 per share
Axis Capital Limited and IIFL Capital Services Limited have been appointed as the Book Running Lead Managers (BRLMs) to the IPO.
The equity shares are proposed to be listed on BSE and NSE, subject to necessary approvals.
Conclusion: An Investor Opportunity in a Digitising India
As India continues its push toward digitalisation and energy efficiency, the need for integrated smart metering solutions will only intensify. Allied Engineering Works Limited, with its technological capabilities, manufacturing scale, and execution track record, is well-positioned to capitalise on this transformation.
Investors looking for exposure to the power-tech infrastructure and smart grid domains may find this IPO offering a compelling opportunity—both in terms of industry potential and the company’s growth story.
Stay tuned for further details, including price bands, opening dates, and subscription schedules, as the IPO advances toward launch.
#AlliedEngineeringIPO #SmartEnergy #PowerInfrastructure #IndiaElectrification #MeteringSolutions #IPOWatch #RenewableIndia #MakeInIndia #DigitalIndia #UtilitiesTech
