Allied Engineering Works Files for ₹400 Crore IPO, Plans to Use Proceeds for Capital Expenditure and Working Capital Requirements

Allied Engineering Works, a smart energy meter manufacturer, has filed for an IPO to raise ₹400 crore via fresh issuance of shares. The funds will be used to finance capital expenditure for manufacturing facilities and future working capital requirements. The company has supplied 2.92 million smart energy meters to utilities across six states, representing about 10% of India's total smart energy meters installed. The IPO will be managed by Axis Capital and IIFL Capital Services.