Allied Engineering Works has filed preliminary papers with the markets regulator Securities and Exchange Board of India (SEBI) to garner funds through an initial public offering (IPO). The proposed IPO is a combination of fresh issuance of shares worth Rs 400 crore, and an offer-for-sale of 75 lakh shares by promoter Ashutosh Goel.

Proceeds from the fresh issue will be used for part financing the capital expenditure required to set up manufacturing facilities. This includes Rs 116.75 crore for the production of smart gas meters, smart water meters, and IoT (Internet of Things) solutions at the Kundli facility, and Rs 99.71 crore for the production of smart electricity meters at the Rai facility. Additionally, Rs 120 crore will be allocated towards meeting the company's future working capital requirements and a portion of the proceeds will also be used for general corporate purposes. Axis Capital and IIFL Capital Services have been roped in as merchant bankers to manage the IPO. 

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.