Vadodara, October 8, 2025: Associated Power Structures, a Vadodara-based engineering and infrastructure firm, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO).
The IPO comprises a fresh issue and an offer for sale of equity shares by the promoters Ajay Mukund Patel, Parag Kothari, and Satish Desai. Proceeds from the fresh issue will be utilised for prepayment or repayment of certain outstanding borrowings and general corporate purposes.
The issue will follow the book-building process under SEBI ICDR Regulations, with 50% reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and 35% for Retail Individual Investors (RIIs). The company may also consider a pre-IPO placement, which, if completed, will reduce the size of the fresh issue.
Financials:
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Revenue from operations rose to INR 1,216 crore in FY25 from Rs 619 crore in FY24.
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Net profit increased to INR 63.2 crore in FY25, up from Rs 14.4 crore in FY24 and Rs 5 crore in FY23.
Order Book and Projects:
As of July 31, 2025, the company’s order book stood at INR 3,790 crore, including Rs 979.6 crore for towers and lattice structures and Rs 2,810.4 crore for EPC projects. It has 37 ongoing projects, involving the construction of 4,177.84 CKM transmission lines, and the supply, design, engineering, and construction of over 154,295 MT lattice structures along with seven substations.
IIFL Capital Services and Indorient Financial Services Limited are the book-running lead managers, while MUFG Intime India Private Limited is the registrar. The equity shares are proposed to be listed on the National Stock Exchange of India Limited (NSE) and BSE Limited.
