Associated Power Structures Ltd. IPO Details
Associated Power Structures was incorporated on May 21, 1996. The company is an integrated manufacturing and EPC player specialising in designing and producing lattice structures for power transmission, wind energy, and telecom sectors. It executes turnkey power and substation projects up to 800kV, including specialised foundation works, and also designs and manufactures solar module mounting structures
| Bidding Dates |
|---|
| To Be Announced |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| - | - | - | - | 7.1 M | - | - | ₹4,000.0 M | DRHP DOC |
Associated Power Structures issue details
Associated Power Structures has 7.1 M shares on offer
Associated Power Structures IPO issue size is ₹ 4,000.0 M
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
Associated Power Structures IMPORTANT IPO DATES
| Issue Open Date | - |
| Issue close Date | - |
| Allotment Date | - |
| Refund Date | - |
| Demat Account Credit Date | - |
| Listing Date | - |
| Listing on Exchange(s) | NSE and BSE |
Associated Power Structures NUMBER OF SHARES ON OFFER
Associated Power Structures FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 1,216.9 | 63.3 | -3.6 | -46.9 | 9.7% |
| FY24 | 619.8 | 14.5 | 22.4 | 12.8 | 7.1% |
| FY23 | 416.8 | 5.3 | 20.9 | 17.6 | 8.0% |
Associated Power Structures INFORMATION ON IPO ISSUE
About Associated Power Structures
Associated Power Structures was incorporated on May 21, 1996. The company is an integrated manufacturing and EPC player specialising in designing and producing lattice structures for power transmission, wind energy, and telecom sectors. It executes turnkey power and substation projects up to 800kV, including specialised foundation works, and also designs and manufactures solar module mounting structures
Object of the Issue
- Repayment/prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company
- General corporate purposes
Associated Power Structures - PROMOTERS
| Name |
|---|
| Ajay Mukund Patel |
| Parag Kothari |
| Satish Desai |
Associated Power Structures - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Satish Desai | Chairman & Managing Director |
| Parag Kothari | Managing Director |
| Ajay Mukund Patel | Joint Managing Director |
| Bhadresh Bhupendrabhai Chauhan | Non-Executive, Independent Director |
| Sonal Jayantilal Kotak | Non-Executive, Independent Director |
| Deepak Ranjit Asher | Non-Executive Independent Director |
Associated Power Structures Book Running Lead Manager
IIFL Capital Services Limited
aps.ipo@iiflcap.com
Indorient Financial Services Limited
compliance-ifsl@indorient.in
Associated Power Structures Registrar to the Offer
MUFG Intime India Private Limited
associatedpower.ipo@in.mpms.mufg.com
Associated Power Structures Strengths
Integrated manufacturing & EPC player
The company is an integrated manufacturing and EPC firm specialising in lattice structures for power transmission, renewable and solar energy, and telecommunications, along with the installation of transmission lines, substations, and specialised foundations. It began with lattice towers and expanded into renewable energy and turnkey EPC projects, leveraging its core expertise
Customised design & manufacturing solutions
The company provides integrated design-led manufacturing solutions, offering engineering, design, and manufacturing services to ensure reliable, safe, and high-performance products. Its in-house design team of 11 uses advanced software and surveying tools to deliver customised solutions for power transmission, substations, wind and solar structures, and telecommunications, while continuously updating their skills through professional development
Project execution capabilities
The company is among India’s fastest-growing integrated manufacturing and EPC firms, with revenue rising from Rs 416.8 crore in FY23 to Rs 1,216.9 crore in FY25 (CAGR 70.87%). It is one of the few Indian players capable of manufacturing customised lattice towers up to 800kV, substations up to 400kV, specialised pile and well foundations, and wind turbine structures, providing competitive advantages in efficiency, timely delivery, and cost
Associated Power Structures Risks
Operational risks
The company’s projects face various execution and operational risks, including engineering challenges, labor or material shortages, regulatory delays, cost overruns, and unforeseen events, which may adversely affect business, financial performance, and cash flows
Dependent on third party logistics providers
The company depends on third-party logistics providers for transporting raw materials, products, and equipment. Delays, disruptions, cost increases, or transit damages may impact supply chains, project timelines, costs, and customer relationships
Quality
The company manufactures and installs customized lattice structures and must meet strict customer specifications and quality standards. Failure to comply could lead to order cancellations, penalties, or liability claims, affecting reputation, operations, and financial performance
IPO FAQs
The promoters of the company are Ajay Mukund Patel, Parag Kothari and Satish Desai.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.