Bookbuilding IPO | ₹[.] Cr | Listing at BSE, NSE |
Associated Power Structures Ltd. has withdrawn its Initial Public Offer (IPO) documents filed with SEBI on January 30, 2026.
Associated Power Structures Ltd. IPO was a Book Build Issue consisting of fresh issue of ₹400.00 crores and an offer for sale (OFS) of upto 0.71 crore equity shares.
The equity shares were proposed to be listed on NSE and BSE. IIFL Capital Services Ltd. was the book running lead manager and MUFG Intime India Pvt.Ltd. was the registrar of the issue.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Fresh Issue | [.] shares (agg. up to ₹400 Cr) |
| Offer for Sale | 71,42,860 shares of ₹2 (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 5,00,00,000 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Sat, Sep 27, 2025 |
| Offer document withdrawn | Fri, Jan 30, 2026 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 1996, Associated Power Structures Ltd. is an integrated manufacturing and engineering, procurement, and construction (EPC) company. The company is engaged in the design and manufacture of lattice structures for power transmission and distribution, wind energy, solar energy, and telecommunication sectors.
Its operations are organized into three business verticals:
The company executes turnkey projects involving the supply, installation, erection, and commissioning of transmission towers, distribution lines, and substation structures, with demonstrated capability to handle projects up to 800kV in transmission and 400kV in substations.
As of July 31, 2025, Associated Power Structures Ltd. has executed 117 power transmission and distribution projects, including 10,461.74 CKM of transmission lines, and completed 80 projects covering 6,283.90 CKM. The company has also undertaken projects in challenging environments, including Rwanda and the Democratic Republic of Congo.
Associated Power Structures Ltd. operates two integrated manufacturing facilities at Manglej and Bamangam in Vadodara, Gujarat. Its customer base spans government and private sector clients, including Suzlon Energy Limited and LS Cable & System Limited.
As of July 31, 2025, the company employed 791 permanent staff.
Associated Power Structures Ltd.'s revenue increased by 95% and profit after tax (PAT) rose by 337% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 834.15 | 569.35 | 473.72 |
| Total Income | 1,226.64 | 628.09 | 425.95 |
| Profit After Tax | 63.29 | 14.47 | 5.27 |
| EBITDA | 117.97 | 43.97 | 33.19 |
| NET Worth | 339.54 | 272.77 | 250.37 |
| Total Borrowing | 198.89 | 122.96 | 80.53 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment/prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company; and | 320.00 |
| 2 | General corporate purposes |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 20.67% |
| ROCE | 22.20% |
| Debt/Equity | 0.40 |
| RoNW | 20.67% |
| PAT Margin | 5.20% |
| EBITDA Margin | 9.69% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 12.66 | |
| Promoter Holding | 100% |
Lead Manager Reports
Associated Power Structures IPO is a main-board IPO of 0 equity shares of the face value of ₹2 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Associated Power Structures IPO open and close dates are not available as of now.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Associated Power Structures IPO using UPI as a payment gateway. Zerodha customers can apply in Associated Power Structures IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Associated Power Structures IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Associated Power Structures IPO dates are not announced. Please check back again after some time.
Associated Power Structures IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Associated Power Structures IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Associated Power Structures IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Associated Power Structures IPO allotment status.
The Associated Power Structures IPO listing date is not yet announced. The tentative date of listing is .
