Associated Power Structures IPO
Associated Power Structures IPO — date, issue size, SEBI status & DRHP details 2025
Associated Power Structures filed its draft red herring prospectus (DRHP) with SEBI on 9 Oct 2025 for an IPO of a fresh issue of up to ₹400 crore and an offer for sale of up to 71,42,860 shares. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Associated Power Structures makes lattice towers for power transmission, wind and telecom, and runs turnkey transmission line projects from Vadodara, Gujarat. Revenue from operations grew from Rs 416.80 crore in FY2023 to Rs 1,216.91 crore in FY2025.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Associated Power Structures IPO stands
From draft to listing. Today is 11 November 2026.
- DRHP filed 09 Oct 2025
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 9 Oct 2025 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Associated Power Structures IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Fresh issue and offer for sale |
|---|---|
| Fresh issue | Up to ₹400 Cr |
| Offer for sale | Up to 71,42,860 shares |
| Total issue size | Depends on the price band |
| Pre-IPO placement | Up to ₹80 Cr (reduces the fresh issue) |
| Face value | ₹2 per share |
| Employee reservation | Up to 5% of the post-offer paid-up equity share capital |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | IIFL Capital Services Limited, Indorient Financial Services Limited |
| Registrar | MUFG Intime India Private Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Ajay Mukund Patel | Promoter | Up to 14,28,572 shares | Nil |
| Parag Kothari | Promoter | Up to 28,57,144 shares | Nil |
| Satish Desai | Promoter | Up to 28,57,144 shares | Nil |
All three selling shareholders are promoters and the weighted average cost of acquisition of their shares is Nil, as certified by the statutory auditors.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations grew from Rs 416.80 crore in FY2023 to Rs 1,216.91 crore in FY2025, which the company calls 2.92x.
- 02The order book stood at Rs 3,667.98 crore on 31 March 2025 against Rs 496.99 crore two years earlier, and the order book to sales ratio was 3.01 times in FY2025.
- 03EBITDA margin rose from 7.96% in FY2023 to 9.69% in FY2025, and PAT margin rose from 1.27% to 5.20% in the same period.
- 04Working capital days fell from 221 in FY2023 to 114 in FY2025.
- 05Capacity utilisation across the two plants rose from 36.51% in FY2023 to 65.25% in FY2025, on 108,000 MTPA of installed capacity.
- 06ROE was 20.67% and ROCE was 22.20% in FY2025, against 2.13% and 10.33% in FY2023.
- 07Interest service coverage improved from 1.26 times in FY2023 to 3.66 times in FY2025.
Risks · 10
- 01The top 10 customers gave 95.97% of FY2025 revenue and the largest customer alone gave 34.04%, so losing one account would hurt.
- 02Operating cash flow was negative at Rs -3.57 crore in FY2025 while profit after tax was Rs 63.29 crore, because receivables and inventory grew.
- 03Total borrowings rose from Rs 80.53 crore in FY2023 to Rs 198.89 crore in FY2025, and gross debt was Rs 433.39 crore on 31 July 2025.
- 04Government authorities and government-owned entities gave 48.41% of FY2025 revenue, so policy and payment delays matter.
- 0562.88% of FY2025 revenue came from contracts won through competitive bidding, which can push the company to bid at thin margins.
- 06The top 10 suppliers gave 70.94% of raw material purchases in FY2025 and 90.78% in FY2024.
- 07Both manufacturing plants are in Gujarat, so a local disruption can stop production.
- 08Of the Rs 400 crore fresh issue, Rs 320 crore repays debt and the balance goes to general corporate purposes, which the company has not specified, so no money goes to new capacity.
- 09The promoters are also the sellers in the offer for sale of up to 71,42,860 shares, and their weighted average cost of acquisition is Nil.
- 10Litigation against the company includes 16 tax proceedings and 1 criminal proceeding, with an aggregate amount involved of Rs 20.92 crore.
Associated Power Structures financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Revenue from Operations | 1216.91 | 619.77 | 416.80 |
| Total Income | 1226.64 | 628.09 | 425.95 |
| EBITDA | 117.97 | 43.97 | 33.19 |
| Profit After Tax | 63.29 | 14.47 | 5.27 |
| Net Worth | 339.54 | 272.77 | 250.37 |
| Total Borrowing | 198.89 | 122.96 | 80.53 |
| Total Assets | 834.15 | 569.35 | 473.72 |
Key ratios (FY25)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
₹320 crore of the fresh issue is earmarked to named objects; offer for sale proceeds go to the selling shareholders, not the company.
About Associated Power Structures
The company says it can handle transmission and distribution projects up to 800kV and substation projects up to 400kV. It also does pile type and well type foundations, which it describes as a capability few Indian companies have. In renewable energy it makes wind turbine lattice towers and solar module mounting structures.
It has two manufacturing facilities in Gujarat, at Bamangam and Manglej. Their total installed production and galvanizing capacity is 108,000 MTPA. Capacity utilisation rose from 36.51% in FY2023 to 65.25% in FY2025. The company has bought industrial land of 29,211.92 square metres at GIDC, Por, Ramangamdi, Vadodara, near the Bamangam plant, for a proposed new facility.
In FY2025, the Power Transmission and Distribution vertical gave 62.18% of revenue from operations and the Renewable Energy vertical gave 36.99%. Government authorities and government-owned entities gave 48.41% of revenue. The top 10 customers gave 95.97%, and the named ones include Suzlon Energy Limited, Gujarat Industries Power Company Limited and LS Cable & System Limited.
The order book was Rs 3,667.98 crore on 31 March 2025 and Rs 3,790.07 crore on 31 July 2025, spread over 39 ongoing projects. Of the July 2025 figure, Rs 979.63 crore is for supply of towers and lattice structures and Rs 2,810.44 crore is for EPC. The company was incorporated in 1996 and became a public limited company in January 2025. The promoters are Ajay Mukund Patel, Parag Kothari and Satish Desai.
The industry
The industry report by CRISIL says India's peak power demand will rise from 250 GW in FY2025 to 335 GW in FY2030. Demand for supply and installation of power transmission and distribution towers and lines is expected to rise from Rs 5,700-6,100 crore in FY2025 to Rs 9,800-10,200 crore in FY2030. The wind tower market, at Rs 900-1,000 crore in FY2025, is expected to reach Rs 1,800-2,000 crore in FY2030, a CAGR of 20-21%. Solar capacity additions of 170-180 GW are expected over FY2025 to FY2030.
Customer concentration: Top 5 customers gave 84.79% of FY2025 revenue (68.72% in FY2024), and the largest customer gave 34.04%.
Promoters & management
The three promoters hold 93.00% and four promoter group members hold 7.00% of the pre-offer capital, so promoters and promoter group together hold 100.00%.
| Name | Role |
|---|---|
| Satish Desai | Chairman and Managing Director |
| Parag Kothari | Managing Director |
| Ajay Mukund Patel | Joint Managing Director |
| Pranav Pradipbhai Shah | Chief Financial Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Indorient Financial Services
6 issues handled (2 mainboard, 4 SME)Best listing: eMudhra (+5.5%). Weakest: Digilogic Systems (-20.0%).
IIFL Capital Services Limited
117 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: Rategain Travel Technologies (-15.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Associated Power Structures IPO: frequently asked
When will the Associated Power Structures IPO open?
The Associated Power Structures IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Associated Power Structures IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹2 per share.
How big is the Associated Power Structures IPO?
Associated Power Structures filed its draft red herring prospectus (DRHP) with SEBI on 9 Oct 2025 for an IPO of a fresh issue of up to ₹400 crore and an offer for sale of up to 71,42,860 shares. The final size in rupees depends on the price band.
Has SEBI approved the Associated Power Structures IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Associated Power Structures IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Associated Power Structures IPO GMP once the RHP and price band are out.
What will Associated Power Structures do with the IPO money?
As per the DRHP: Repayment or prepayment of certain outstanding borrowings of the company (₹320 crore); General corporate purposes.
Who are the lead managers of the Associated Power Structures IPO?
The book running lead managers are IIFL Capital Services Limited, Indorient Financial Services Limited. MUFG Intime India Private Limited is the registrar.
What does Associated Power Structures make?
It makes lattice towers for power transmission, wind turbines and telecom, plus solar mounting structures, and runs turnkey transmission line and substation projects.
How big is the order book of Associated Power Structures?
The order book was Rs 3,790.07 crore on 31 July 2025, across 39 ongoing projects.
Who are the promoters of Associated Power Structures?
Ajay Mukund Patel, Parag Kothari and Satish Desai. Together they hold 93.00% before the offer.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Associated Power Structures files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
